Abu Dhabi extrusion boost
Abu Dhabi government-owned General Holding Corporation (GHC) plans to invest $1.58bn in the short-term in three industries to boost manufacturing.
The plans include an $217.7M) downstream aluminium extrusion site. GHC has interests in sectors including steel, oil and gas fabrication, cables, food and building materials. It is eyeing new industries such as aluminium and copper.
Hussain Al Nowais, the chairman of GHC, said the investments fitted into the company's overall goal to expand Abu Dhabi's industrial presence.
"The Abu Dhabi 2030 economic vision targets 25% of Abu Dhabi GDP from the industrial sector. Today we are below 15%. We are one of many different players targeted with increasing this to 25%," he said.
Through its subsidiary Abu Dhabi Basic Industries, GHC is a partner in a project to build an aluminium extrusion plant close to the Emirates Aluminium facility in Khalifa Industrial Zone. The plant will process aluminium from Emirates Aluminium and sell the finished products to the open market.