Abu Dhabi's state-owned investment firm General Holding Corporation (Senaat) invested Dh1.5 billion  ($409 million) in the first half of the year, it said, and increased its assets under management by 7 per cent from the end of last year to Dh25.4 billion.

Senaat earned a net profit of Dh942 million in the first half, up 22 per cent on the same period last year, the company said in a statement. Revenues totalled Dh6.4 billion, up 12 per cent.

Set up in 2004, Senaat owns eight companies in the industrial sector, two of which are listed on the Abu Dhabi Securities Exchange (ADX).

Senaat did not give a comparative figure for how much it invested in the first half of last year, but since its inception it has invested Dh13 billion with an average annual amount of Dh2.5 billion over the last five years, it said.

"Senaat has developed investment plans and strategies for the future that will ensure it continues to contribute to the diversification of Abu Dhabi's economic base, boosting the role of non-oil industries in the local economy," chairman Hussain al Nowais said in the statement.

Senaat's investments include Emirates Steel, National Petroleum Construction Company, Dubai Cables, Arkan Industrial Materials, Agthia Group and aluminium extrusion producer Talex.

“As we once again demonstrate significant progress in our efforts to expand the capabilities of Abu Dhabi’s industrial sector, our new corporate identity ‘Senaat reflects the company’s vision as we enter the next stage of our journey, as well as the nature of its contribution to the Emirate’s development under the directions of its wise leadership,” Al Nowais said.

“Senaat has successfully improved its financial position and increased its total assets, maintaining its key role in the support and expansion of the Emirate’s industrial sector, in line with the Abu Dhabi Economic Vision 2030."

Suhail Mubarak Al Ameri, CEO of Senaat, said: “The name Senaat is clearly in line with our mandate to promote industrial activities in the Emirate of Abu Dhabi and highlights the role the Company is playing in the diversification of the overall economy from its dependence on the hydrocarbon sector. Senaat is a key contributor to Abu Dhabi’s Economic Vision 2030, which aims to develop a strong industrial base encompassing both basic and downstream industries."

“Senaat is achieving this via its strategy of creating value through technological and management know-how, manufacturing excellence, business partnerships and commitment to job creation with a strong focus on developing UAE nationals.”

“Senaat has brought knowledge capital and intellectual know-how to Abu Dhabi through the development of innovative industrial projects such as Emirates Steel, NPCC, and TALEX,” Al Ameri concluded. – Reuters & TradeArabia News Service