FINANCIAL NEWS

Abu Dhabi’s GHC to invest USD1.6b in emirate’s manufacturing sector

22 Apr 2012

(MENAFN) Abu Dhabi’s General Holding Corporation’s (GHC) chairman, Hussain Al Nowais, said that the company plans to invest USD1.6 billion in the emirate’s industry sector, reported The National.

Al Nowais added that USD816 million would be allocated for expanding the company’s steel production subsidiary, Emirates Steel.

Moreover, another USD544 million would be used to set up seamless pipes’ plant for the oil and gas industry, in addition to an aluminum extrusion plant, with an investment of USD217.74 million.

It is worth noting that GHC, which is the industrial investment arm of Abu Dhabi’s Government, posted a USD408 million profit for 2011, with an increase of 15 percent from 2010’s USD353 million.

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