General Holding Corp. PJSC, the Abu Dhabi government-owned holding company, plans to invest 5.8 billion dirhams ($1.6 billion) in the next three to four years as it helps expand the sheikhdom’s industrial sector.
The company plans to spend 3 billion dirhams expanding Emirates Steel Industries PJSC, which operates the largest steel plant in the United Arab Emirates, Hussain al Nowais, the company’s chairman, told reporters in Abu Dhabi. It also plans to invest 800 million dirhams in a plant that will process aluminum produced by Emirates Aluminium Co., an Abu Dhabi-based smelter, and 2 billion dirhams with an unidentified joint- venture partner to produce so-called seamless pipes used by the oil and gas industry, al-Nowais said.
“At the moment, the industrial sector represents less than 15 percent of Abu Dhabi’s economy,” said al-Nowais. “General Holding wants to help Abu Dhabi reach its goal of 25 percent.”
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