Senaat has played an important role in consolidating and expanding the UAE’s industrial footprint. As part of its Economic Vision 2030 strategy, Abu Dhabi is aiming to cut the emirate’s reliance on oil to 36 per cent of gross domestic product by 2030 from about 53 per cent today.
The growth of local industries such as steel, aluminium, building materials and packaging manufacturing can generate jobs for the emirate’s growing population, which is expected to increase to 3.1 million by 2030 from an estimated 2.1 million in 2011. With Talex and further Emirates Steel expansions, Senaat is bringing new product lines to the UAE’s industrial portfolio.
Senaat’s future challenges include a large exposure to the regional construction market, which has slowed since the collapse of the regional real estate market in 2009-10.
However, its subsidiary NPCC could stand to benefit from the series of Abu Dhabi oil and gas projects in the tendering stage, having already won a joint bid with France’s Technip for an $800m offshore package on the Upper Zakum field.
General Holding Corporation (Senaat) Profile