An Abu Dhabi conglomerate plans to develop a Dh1.1 billion steel plant that will create 370 jobs.
Senaat, the state-owned Abu Dhabi-based holding corporation, said it has entered a joint venture with two Japanese steel makers to build steel pipes for industrial use.
The plan for the new company, Al Gharbia Pipe, comes as the emirate accelerates its push to diversify from crude oil.
JFE Steel and Marubeni-Itochu Steel are joining Senaat in the project to manufacture steel pipes for customers in the energy and construction industries at a plant in the Khalifa Industrial Zone of Abu Dhabi (Kizad).
The company will reduce the country’s reliance on steel pipe imports while exporting 40 per cent of its production, Senaat executives said in Abu Dhabi yesterday.
“In striving to uphold our mandate of championing UAE industry and contributing to the nation’s diversification efforts, Senaat will continue to expand its portfolio through global partnerships with leaders in their respective fields,” said Suhail Al Ameri, the chief executive of Senaat.
“The project not only meets stringent demand at a time where being efficient in the oil and gas and other industries is more important than ever, but it is also symbolic of the strength and the calibre of the relationships that we are able to forge.”
Al Gharbia Pipe is expected to be up and running by 2018 with a production capacity of 240,000 tonnes a year. The Japanese companies will provide the steel plates for manufacturing the pipes, but Senaat said it would be open to taking steel from local producers if they could meet its specifications.
Financing of the company is expected be done this year and the Japanese firms will have a 49 per cent stake in the venture, according to Jamal Al Dhaheri, Senaat’s chief operating officer.
Senaat is aiming to build a steel hub in the emirate to grow the country’s industry. The company’s portfolio of businesses already includes Emirates Steel and Taweelah Aluminum Extrusion Company. Expanding the industrial base has become increasingly urgent after the price of oil, upon which Abu Dhabi relies to drive economic growth, shed about half of its value since June amid an increase in North American energy production.
Senaat said this week that it plans to invest Dh5bn over the next two years to develop refining industries and is considering an initial public offering of one of its units this year, the chairman said.
The company has invested more than Dh16bn developing the metals sector over the past five years, said Hussain Al Nowais.
Still, Takafumi Nishiuma, vice president of JFE Steel, said that despite the recent drop in oil, there was still plenty of demand projected for steel pipes from energy companies in the Arabian Gulf.
“The GCC region is highly competitive in terms of drilling costs and oil and gas reserves capacity,” he said. “With the development and production of oil and gas forecast to remain robust across the region despite recent volatility, the demand for high-quality steel pipelines to transport these resources is expected to expand steadily. We see high opportunities for investment in this market, and particularly in the UAE.”
Senaat, which translates as “industries”, manages more than $6.9bn of industrial assets and employs more than 15,000 people.
mkassem@thenational. ae
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Major honours
ARSENAL
BARCELONA
- La Liga - 2013
- Copa del Rey - 2012
- Fifa Club World Cup - 2011
CHELSEA
- Premier League - 2015, 2017
- FA Cup - 2018
- League Cup - 2015
SPAIN
- World Cup - 2010
- European Championship - 2008, 2012
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Origin
Dan Brown
Doubleday
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY%20PROFILE
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SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
COMPANY%20PROFILE
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Company%20Profile
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Company%20Profile
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The specs
Price, base / as tested Dh1,100,000 (est)
Engine 5.2-litre V10
Gearbox seven-speed dual clutch
Power 630bhp @ 8,000rpm
Torque 600Nm @ 6,500rpm
Fuel economy, combined 15.7L / 100km (est)