Abu Dhabi-based industrial conglomerate General Holding Corporation (GHC) reported a 14 per cent increase in profits for 2011 as it announced AED5.8bn ($1.58bn) of investments in three industries.

GHC reported profits of AED1.5bn in 2011, compared with AED 1.3bn in 2010, while income rose 16 per cent to AED11.5bn.

GHC forms part of Abu Dhabi’s Vision 2030 strategy to diversify its oil-focused economy through growth in its industrial sector. Hussain al-Nowais, the company’s chairman, annonced several new investments including that AED3bn would be invested in Emirates Steel, AED2bn in pipes for oil and gas, and AED800m in aluminium extrusion capacity.

The majority of the GHC’s profits came from Emirates Steel and the engineering, procurement and construction firm National Petroleum Construction Company (NPCC).

“NPCC … continues to increase its business in the Asian market, executing a number of large projects awarded over the last two years in India worth a total of more than AED1.4bn,” says Suhail Al-Ameri chief executive officer of GHC.

Earlier this year, Emirates Steel appointed BNP Paribas to advise on the debt raising for a 1.4 million tonne-a-year flat steel project.