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FINANCIAL NEWS
Abu Dhabi’s Senaat posts 7% rise in H1 assets
18 Oct 2012
(MENAFN) Abu Dhabi’s General Holding’s Corp (Senaat) chairman, Hussain al Nowais, stated that the company’s assets under management rose by 7 percent in the January-June period from the end of 2011, reaching USD6.91 billion, reported Arabian Business.
Al Nowais said that in the period, the company’s investments reached USD409 million.
He added that the state-owned investment firm’s net profit jumped 22 percent from a year ago, at USD256.4 million, whereas revenues grew 12 percent to USD 1.74 billion.
Since its establishment in 2004, Senaat has invested USD3.53 billion with an average annual amount of USD680 million over the last five years.
It is worth noting that Senaat has 8 firms in the industrial sector, including Emirates Steel, National Petroleum Construction Co, Dubai Cables, Arkan Industrial Materials, Agthia Group and aluminum extrusion producer Talex.
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