Abu Dhabi groups plans to list shares of two business units
Abu Dhabis industrial holding company Senaat plans to invest AED5bn ($1.36bn) over the next two years to develop downstream metals projects, according to the companys chairman.
Senaat is looking into projects to produce pipes for the oil and gas industries, and aluminium extrusion and foil plants.
Downstream aluminium projects are able to use raw materials from the recently expanded Emirates Global Aluminium (EGA) smelter in Abu Dhabi.
The company is also planned initial public offerings (IPO) for two of its business units in 2015 and 2016 respectively, chairman Hussain al-Nowais told Abu Dhabi-based newspaper The National.
Senaat already has listed food company Agthia Group and materials maker Arkan Building Materials on the Abu Dhabi Securities Exchange.
The holding company also owns Emirates Steel, oil projects contractor National Petroleum Construction Company (NPCC) and cable manufacturer Ducab.
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