Abu Dhabi’s Senaat assets rise 7% to Dh25.4bn

Abu Dhabi's state-owned investment firm General Holding Corp (Senaat) invested Dh1.5 billion ($409 million) in the first half of the year, it said on Wednesday, 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 Co, Dubai Cables, Arkan Industrial Materials, Agthia Group and aluminium extrusion producer Talex.

Follow Emirates 24|7 on Google News.