Abu Dhabi firm eyes $4bn investments
Abu Dhabi, March 2, 2011
Abu Dhabi government-owned General Holding Corporation (GHC) plans to invest up to 15 billion dirhams ($4 billion) in the metals and petrochemicals sector over five years as part of a diversification push, a top official said on Wednesday.
GHC chief financial officer Mukhtar Safi also said the firm is planning to tap debt markets through a bond issue in 2012 or 2013 to finance its petrochemical investments. He gave no further details.
'We have invested 10 billion dirhams since 2004 and we are looking at investing another 10 to 15 billion dirhams in the coming five years,' Safi told a conference.
Oil-rich Abu Dhabi, capital of the United Arab Emirates and the third largest exporter of oil in the world, is spending billions of dollars investing in industry, tourism and infrastructure to diversify its economy away from oil.
As it sets up more industries, GHC will form partnerships with strategic investors, both local and foreign.
'We have secured some very high-profile foreign partners for joint ventures in metal and petrochemicals. We will execute the projects in the next five to six months,' he said, declining to elaborate.
GHC, an industrial conglomerate, owns nine companies in various sectors such as basic metals, construction material and food products. It has privatised two firms -- Agthia Group and Arkan Building Materials Co -- floating 49 percent of each on the Abu Dhabi stock exchange. - Reuters