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FINANCIAL NEWS
UAE’s Senaat invests USD299.42m in new company
05 Mar 2015
(MENAFN) Abu Dhabi-based government firm Senaat, with help from Japanese steel makers, is set to launch Al Gharbia Pipe Company with an investment of USD299.42 million, Gulf News reported.
According to the chief operations officer of Senaat, the production capacity of the company will be 240,000 tons annually, 40 percent of which will be exported to neighboring countries.
“There is a lot of requirement for sour grade steel pipes in the oil and gas sector. We will be manufacturing high-quality products to supply the local market and export to the GCC and other countries,” the chief officer said.
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