Senaat, one of the UAE’s largest industrial holding companies, is planning to invest AED5 billion on further expanding its portfolio of industrial projects over the next two years. Over the past five years, Senaat has invested over AED16 billion developing the metals sector.
The announcement was made by Husain Jasim Al Nowais, Senaat’s Chairman, when he spoke at the Global Financial Markets Forum, the high-profile annual conference organised by the National Bank of Abu Dhabi (NBAD). Al Nowais addressed the 1,300 delegates attending the premier annual financial markets conference in the MENA region and talked them through the UAE’s illustrious industrial journey. Al Nowais shared his views on the country’s diversification efforts and where he sees UAE industry heading in light of recent market developments.
Senaat, as a key contributor to Abu Dhabi’s Economic Vision 2030, is the exclusive Industrial Partner at GFMF. Al Nowais said, "Lately we’ve found ourselves relentlessly pursuing one common goal: diversification. While we owe much of the early stages of our incredible success to oil, our coming together through an event such as GFMF is a testament to how far we’ve come since then.
"It is in fact partnerships such as these, that allow us to come out to the world and demonstrate that we are in fact so much more than just oil-producing nations and that our strength lies in the diversity of our crafts and our cooperation. I congratulate NBAD on having created such a world-class event that is now symbolic of Abu Dhabi." He added, "At Senaat, our commitment to the industrial sector is solid. Our industrial journey has clearly been paved by successes, and sound collaboration with the financial community. But how do we take what is exceptional today and make it the best choice of tomorrow? I believe we need further support from the financial community.
"The industrial sector would welcome banks exploring ways, including the creation of a domestic bond market, to provide longer-term funding that better matches the average life of assets on the balance sheet of industrial players. We, as the industrialists, would like to see local banks establish even deeper relationships with major Export Credit Agencies and be able to act as an intermediary in such deals. We also need to develop the commodities market, specifically Iron Ore, Copper and Grain, as it will help with commodity hedging.
"I am very confident about the future of our country and this is why we are investing AED5 billion in more industrial projects over the next two years. I hope this will inspire others to contribute to the development and diversification of our economy." GFMF, which started today, tackles major challenges and opportunities in today’s world economy from the perspectives of regulators, asset managers, sovereign wealth funds, bankers and politicians and brings together some of the most distinguished decision makers in policy, business, technology and education the world-over. High-profile figures in attendance at this year’s edition of the GFMF include Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Culture, Youth and Community Development, General Colin L. Powell, USA (Ret), who served as National Security Advisor, Chairman of the Joint Chiefs of Staff, and Secretary of State of the USA and Ahmed Al Sayegh, Chairman of Abu Dhabi Global Market, among others.