General Holding Corporation (GHC), the Abu Dhabi Government's industrial investment arm, plans to create 3,000 jobs and build a US$1 billion (Dh3.67bn) aluminium mill as it accelerates the emirate's industrialisation drive. The midstream aluminium-rolling mill, to be built next to Emirates Aluminium Company (EMAL) in Taweelah, would take aluminium from EMAL to manufacture products including cans, foil and trays for small and medium-size industries.
Aluminium has averaged $2,196 a tonne this year as demand gradually returns after the global financial crisis. GHC, which owns companies spanning industries from metals to petrochemicals, yesterday announced its net profit grew by 61 per cent to Dh1.13bn last year. The company is expecting net profit to grow a further 20 per cent this year after a positive first quarter, he said. "The philosophy of GHC is to create industrial projects to attract global players to Abu Dhabi, whether it is in the chemicals, polymers, aluminium or steel fields," said Hussain al Nowais, the vice chairman of GHC.
National Petroleum Construction Company (NPCC), GHC's petroleum services company, was examining opportunities in Nigeria, Angola and Libya as part of its expansion plans. The company last month finished construction of a $1bn, 26,000-tonne hydrocarbons platform in Qatar. It has already completed projects in Saudi Arabia and India. NPCC, which is 70 per cent owned by GHC and 30 per cent owned by Consolidated Contractors of Greece, also wants to expand its business by acquiring a global engineering company. It was shortlisting a number of potential acquisitions, with an announcement planned this year, Mr al Nowais said.
Emirates Steel Industries, another GHC unit, was aiming to more than double its capacity from 3 million tonnes a year in the fourth quarter of this year to 6.5 million tonnes a year by 2014. It plans to diversify its steel products base to include flat-steel products such as plates and coils as well as the rebar, wire rod and sections it already produces. firstname.lastname@example.org