Abu Dhabi government’s industrial holding company, Senaat intends further investment in the country’s industrial division following its robust first-half outcomes.
The mentioned firm announced a 20% yearly increase in net profit to Dh453 million, recording that its profits before interest, taxes, depreciation and amortization (Ebitda) surpassed Dh1 billion for the first time.
Senaat said it would reinvest profits to further develop its portfolio companies and establish new projects.
The company stated its total portfolio amounts to Dh26.8 billion, which contains investments of more than Dh18 billion in the past decade.
Senaat is also developing two companies, Taweelah Aluminium Extrusion Company and Al Gharbia Pipe Company. In March, the company revealed that it would invest Dh5 billion in the industrial field in the next two years.
Senaat has multiple investment plans and strategic projects in the pipeline which will contribute further to the diversification of Abu Dhabi’s industrial base and increasing the contribution of the non-oil industrial sector in the emirate’s GDP. The company would continue to fund its investments with its profits and the prudent use of debt.
The UAE targets to expand its economy away from oil and gas, which makes up about 30% of the country’s GDP, according to the Ministry of Economy.
The industrial division is half the size of oil and gas in terms of its GDP contribution, but the government proposes to boost the size of the industrial sector by 5 percentage points in the next five years.
The company is hoping that in the next 10 years to lower the oil industry’s contribution to the GDP through economic diversification and the advancement of significant industries, including the services field and the industrial field through their greater contribution to the GDP.
Follow me at twitter : https://twitter.com/AdgecoGroup