1. finance
2. bank

भारत का राजदत
ू ावास, अबू धाबी
Embassy of India, Abu Dhabi
ECONOMIC AND COMMERCIAL REPORT: MARCH, 2015
OVERVIEW
Exports and re-exports of Dubai Chamber of Commerce and Industry (DCCI) members to GCC
countries rose from Dhs17 billion in 1998 to more than 10
times this value in the past 15 years to reach Dhs180
Inside the issue
billion in 2014. The Governor of the UAE Central Bank
stated that the UAE has no intention to de-peg the UAE
•
Exports and re-exports of
Dirham from the US Dollar because the US currency
DCCI members to GCC up 10-fold
ensures economic stability and their investments are
in 15 years
basically in US Dollar. The UAE National Council for
Tourism and Antiquities has launched a road show in India
•
Abu Dhabi-based Senaat
comprising tourism representatives from national airline
plans to spend Dh5bn developing
companies, travel and tourism groups and hotels to
downstream industries.
promote tourism to India and to provide them with
special offers tailored to meet the Indian market needs.
•
UAE has no plan to de-peg
China is now Dubai’s biggest non-oil trade partner,
Dirham from US Dollar
government figures show. Trade with China totalled
Dh175 billion in 2014, up from Dh135.7bn the previous
•
Indian firm opens Dhs187m
year. India was among the top source market for Dubai
facility in HFZA
whose infrastructure development initiatives and the
services industries remained the major drivers of capital
•
UAE Road Show to promote
into emirate in 2014. Etisalat and China Unicom (Hong
tourism to India
Kong) Operations Limited, a wholly-owned subsidiary of
China Unicom (Hong Kong) Limited announced an
•
China replaces India as
agreement whereby China Unicom Hong Kong will join
Dubai’s biggest non-oil trade
Etisalat’s SmartHub to expand its regional reach. Abu
partner
Dhabi National Energy Company, known as Taqa, said its
•
India among source markets
huge gas storage project at Bergermeer in the
for capital into Dubai
Netherlands, had reached a milestone and would start
filling tanks with customers’ gas.
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INSIDE THE NATION
Exports and re-exports of DCCI
members to GCC up 10-fold in 15 years
Exports and re-exports of Dubai
Chamber of Commerce and Industry
(DCCI) members to GCC countries rose
from Dhs17 billion in 1998 to more than
10 times this value in the past 15 years
to reach Dhs180 billion in 2014,
according to a report issued by the DCCI
on the occasion of its 50th anniversary
celebrations reflecting the contribution
of Dubai’s business community to
economic growth in the region.
Dubai realty market on solid track
Omega Real Estate, one of the fastest
growing real-estate companies owned
by The H Holding Enterprise, says the
Dubai real estate market looks
promising and stable, driven by renewed
confidence among investors. Basing its
assumption on a recent report of Dubai
Land Department (DLD), Omega
confirmed that property prices in Dubai
have continued their recovery, albeit at
a slower pace. The report revealed that
Indians were the largest investors in the
market in terms of number of buyers
and transactions made in 2014.
UAE has no plan to de-peg Dirham from
US Dollar
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Mr. Mubarak Rashed Al Mansoori, the
Governor of the UAE Central Bank
stated that the UAE has no intention to
de-peg the UAE Dirham from the US
Dollar because the US currency ensures
economic stability and their investments
are basically in US Dollar.
Abu Dhabi-based Senaat plans to spend
Dh5bn
developing
downstream
industries
Senaat, the state-owned industrial
holding company, plans to invest Dh5
billion over the next two years to
develop downstream industries and is
considering an initial public offering of
one of its units this year, chairman Mr.
Hussain Al Nowais said. Abu Dhabibased Senaat, which has invested more
than Dh16bn developing the metals
sector over the last five years, will
finance the projects through 30 per cent
equity and 70 per cent debt.
Dragon Oil gets buyout approach from
ENOC
Dubai-based Dragon Oil has received an
offer from Emirates National Oil
Company (Enoc) for the 46 per cent of
the company that it does not already
own, according to statements made by
both companies via the London and Irish
stock exchanges, where Dragon is listed.
Dragon Oil has struggled to diversify
away from its main asset, the Cheleken
project in Turkmenistan, and had to
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abandon a £492 million (Dh2.6 billion)
bid it made to acquire Petroceltic,
another exploration and development
company with a wider spread of assets,
when the collapse in oil prices changed
the economics of the offer. In its trading
statement in January, Dragon said it
plans to spend US$500m to $600m in
the coming year on capital expenditure,
down from $677m last year.
Abu Dhabi foreign trade accounts for
65.5% of GDP
The foreign trade of the Emirate of Abu
Dhabi constitutes about 65.4% of the
GDP of the Emirate, that is Dhs953.24
billion, according to preliminary
estimates of the year 2013, where the
value increased to Dhs623.16 billion, a
growth rate of 3.75% compared to 2012.
The economic report of the Emirate of
Abu Dhabi 2014, issued by the Studies
Division in the Department of Economic
Development in Abu Dhabi stated that
the figures and statistics highlight the
distinguished status of the foreign trade
in Abu Dhabi’s economy which enhances
the process of economic development,
noting that the value of commodity
exports of the Emirate of Abu Dhabi
(including oil exports) amounted to
about Dhs522.9 billion during 2013,
which reflects an increase by 8.57%
compared to 2012. 93.8% of this value,
that is Dhs490.46 billion, resulted from
oil exports that have increased by 8.6%
compared to 2012.
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Aster DM Healthcare closes in on initial
public offering
Aster DM Healthcare, which operates
hospitals and pharmacies across the
region, is finalising an initial public
offering. India is among the locations
under consideration for the share sale,
which is planned for its next financial
year that starts in April, according to the
chairman Dr Azad Moopen. The fastexpanding healthcare operator which
owns Dubai’s Medcare Hospital and the
Aster pharmacy chain, will follow other
groups such as NMC Health and Al Noor
Hospitals Group, which have already
gone public. With a rapidly expanding
population,
the
introduction
of
mandatory health insurance schemes
and a high incidence of chronic illness,
healthcare groups are investing billions
of dollars in new hospitals and clinics
across the region.
UAE drafting
ownership
FDI
law
for
100%
The UAE government is in an advanced
phase to drafting a new federal Law of
Foreign Direct Investment (FDI) that
allows 100 per cent foreign ownership in
some activities and sectors outside free
zones, Economy Minister Sultan Al
Mansoori said. As part of the progress
witnessed by the UAE, foreign direct
investments play an important role in
economic achievements said the
minister while addressing participants
during this year’s fifth edition of the
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Annual Investment Meeting (AIM) at the
Dubai World Trade Centre.
DIFC highlights Dubai’s status as global
investment hub at ME Investment
summit
Dubai International Financial Centre
Authority
(DIFC
Authority)
has
highlighted that the Dubai model has
been to create a business friendly
economy, supported by robust, worldclass regulatory and legal frameworks.
As a result, Dubai has organically
emerged as a leading regional trade and
finance hub with minimal government
control and private sector regulation
backed by state-of-the art infrastructure
and a world-class business environment.
UAE Islamic banking to be worth $263b
The UAE is en route to achieve $263
billion of Sharia-compliant assets by
2019, according to EY’s World Islamic
Banking Competitiveness, WIBC, report.
The industry was estimated to be worth
$127 billion in 2014, thus making it the
third largest Islamic banking market by
value, after the Saudi Arabian and
Malaysian markets.
Fujairah aims to become market leader
The strategically located Port of Fujairah
has been adding storage capacity in an
attempt to overtake Singapore as the
world’s top bunkerage centre. With
Emirates LNG earlier this year receiving
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commercial
proposals
for
the
construction of a $2bn-$3bn liquefied
natural gas (LNG) regasification and
storage facility in Fujairah, the UAE port
is set to burnish its credentials as one of
the world’s top three bunkerage hubs
alongside Singapore and Rotterdam.
BILATERAL RELATIONS
Trade Promotional Activities.
The Embassy disseminated information
on the Buyer Seller Meets/Reverse BSMs
being organized by Export Promotion
Councils/Trade Bodies in India and
facilitated participation of interested
companies in these events.
Important Meetings of Ambassador.
During the month under report,
Ambassador held meetings with several
prominent UAE dignitaries which,
interalia, include H.E. Dr. Amal Al
Qubaisi, Director General of Abu Dhabi
Education Council. Also met Country
Director of Tebodin Middle East, CEO of
Mahindra Emirates Vehicle Armoring,
Joint Secretary - Commissioner Customs.
Ambassador attended the Analysis of
Indian Union Budget Talk 2015 hosted
by ICAI, Abu Dhabi. Opening Ceremony
of the Global Forum for innovations in
Agriculture at ADNEC, award dinner
hosted by Youth Business Int’l &
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Bharatiya Yuva Shakti Trust, contract
signing ceremony of Springdale School in
Abu Dhabi, Opening session of the
Annual Global Education & Skills Forum
in Dubai. Also he attended the inaugural
ceremony of Int’l Conference on Vitamin
D Deficiency, Annual Investment
Meeting – 2015 in Dubai with Kerala
Chief Minister and 20th Annual
Conference, The Middle East – Shifting
roles, interest & alliances.
UAE Exchange FLASH remit integrates
with IMPS of India through YES Bank
UAE Exchange , the leading global
remittance, foreign exchange and
payment solutions brand, has tied up
with YES BANK, one of the India's largest
private sector banks, to integrate UAE
Exchange FLASHremit, an instant
account credit facility, with IMPS
(Immediate Payment Service) for real
time bank transfers to any bank in India.
IMPS is a network of banks in India,
launched by National Payments
Corporation of India (NPCI). With UAE
Exchange FLASHremit's integration into
IMPS through YES Bank, customers of
UAE Exchange can enjoy real-time credit
into any bank in India 24*7*365 days.
Remitters
would
also
receive
confirmation of credit status by SMS.
Indian firm opens Dhs187m facility in
HFZA
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Visen
Industries,
the
largest
manufacturer of polymer emulsions for
paints and coatings, textiles and
adhesives in India will commence its
commercial production from Hamriyah
Free Zone (HFZ) from the first week of
April.
Mr. Vijay S Nair, managing
director of Visen Polymers stated that
their plant in Hamriyah Free Zone
Authority is their first one in the Middle
East and seek to meet the increasing
demand of this growing market by
taking advantage of the facilities
provided by HFZA, Visen Polymers at
Hamriyah Free Zone has a capacity of
120,000 metric tonnes per annum and is
the single largest polymer emulsion
plant in the region. The $51 million
(Dhs187 million) plant has a total land
area of about 78,000 sq. meters.
Visit of Kerala delegation
A 3- member delegation from Kerala led
by Mr. Ommen Chandy, Hon’ble Chief
Minister visited Dubai from 29th March
– 2 April, 2015 to participate in Annual
Investment Meet (AIM) 2015 organized
by UAE Ministry of economy. In addition
to participating in AIM 2015 as one of
the chief speakers in one of the panel
discussions, the Hon’ble Minister had
meetings with Ruler of Dubai HH Shaikh
Mohammed bin Rashid Al Maktoum,
Minister of Economy HE Sultan bin
Saeed Al Mansouri and Dr Mohammad
Al Zarooni, Director General of Dubai
Airport Free Zone. The minister also
attended the Board of Directors meeting
in TECOM for Smart City Kochi.
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Visit of Telangana delegation
A delegation from Telangana led by Mr.
Jupalli Krishna Rao, Hon'ble Minister for
Industries, Handloom, Textile visited
Dubai from 29th March to 1st April, 2015
to participate in Annual Investment
Meet (AIM) 2015 organized by UAE
Ministry of economy. During the visit
the Minister had meetings with TECOM
Smart City Authority and also one to
one meetings with investors including
Lulu Group, Pure Gold, Varkey Group,
SRM Group among others. A dinner
networking event was also held to
showcase the opportunities in the new
formed state of telegana, which was
attended
by
many
prominent
businessmen and media.
UAE, India to boost business ties
Mr. Saeed Mohammed Al Tayer, MD
and CEO of Dubai Electricity and Water
Authority (Dewa) received a delegation
from the Indian Electrical and
Electronics Manufacturers’ Association
(IEEMA), and representatives of top
Indian companies in these areas on
March 12, 2015. Al Tayer welcomed the
delegation, emphasising the importance
of enhancing collaboration between
Dewa and Indian electricity and
electronics companies. He invited the
delegation to take part in the Water,
Energy, Technology, and Environment
Exhibition (Wetex) 2015.
Indian Register of Shipping sets up
advisory committee in UAE
Indian Register of Shipping has set up a
senior level advisory committee in the
UAE to strengthen and deepen its
business links in the region. The
committee will meet on a half yearly
basis in order to give high level strategic
advice to Indian Register of Shipping
(IRS) on how the organisation can
deepen and strengthen its business links
and activities in the UAE.
UAE Road Show to promote tourism to
India
The UAE National Council for Tourism
and Antiquities has launched a road
show in India comprising tourism
representatives from national airline
companies, travel and tourism groups
and hotels to promote tourism to India
and to provide them with special offers
tailored to meet the Indian market
needs. Mr. Mohammed Khamis bin
Hareb Al Muhairi, Director-General of
the National Council for Tourism and
Antiquities, said that the Indian market
is one of the major markets contributing
to the tourism industry in the world, and
the UAE in particular, due to the
geographical proximity and the ancient
cultural ties between India and the Gulf.
Dubai Parks and Resorts announces
deal with Wizcraft
Dubai Parks and Resorts, which is set to
be the region’s largest multi-themed
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leisure and entertainment destination
when it opens in October 2016, has
signed an agreement with Wizcraft
International Entertainment, India’s
leading
entertainment
company.
Wizcraft will work with the Dubai Parks
and Resorts (DPR) entertainment team
to create a world-class Bollywood show
for the Rajmahal Theatre. Situated in
Bollywood ParksTM Dubai, the Rajmahal
Theatre reflects the beauty and wonder
of India’s culture and architectural
heritage.
HFZA holds seminars for SMEs in Indian
cities
Joining the SME World, an India-based
monthly magazine, dedicated to the
SMEs sector, Hamriyah Free Zone
Authority (HFZA) organised seminars on
the Challenges of Growth for SMEs in
Bangalore and Ahmedabad. A large
number of entrepreneurs participated in
the seminars. The seminars were
supported by National Small Industries
Corporation,
Ministry
of
SMEs,
Government of India, as Knowledge
Partner besides a number of industry
associations, Chambers of Commerce
and private sector organisations. The
seminar discussed the fast emerging
business ecosystem across the world visa-vis the challenges the growth of the
sector is encountering. Industry leaders
spoke on topics ranging from capital
markets for SMEs to marketing
endeavours to technology.
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China replaces India as Dubai’s biggest
non-oil trade partner
China is now Dubai’s biggest non-oil
trade partner, government figures show.
Trade with China totalled Dh175 billion
in 2014, up from Dh135.7bn the
previous year. That represents an
increase of 29 per cent – enough to push
India off the top spot as Dubai’s major
non-oil trade partner. Non-oil trade
between Dubai and India totalled
Dh109bn last year. The United States
accounted for Dh83bn of trade, while
Saudi Arabia was the UAE’s largest Gulf
trade partner, with a total trade value of
Dh52bn.
Taj opens second Dubai hotel as Indians
flock to UAE
India’s oldest hotel operator has added
a second property in Dubai as the
emirate attracts rising numbers of
tourists from the subcontinent. The Taj
Group opened the 296-room luxury
hotel in Dubai Downtown – 14 years
after opening its first property in Deira.
It comes as the number of Indian
passengers passing through Dubai
International Airport rises steadily. In
February, 809,129 passengers from India
passed through the airport, representing
the largest group of passengers by
nationality.
India among source markets for capital
into Dubai
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India was among the top source market
for
Dubai
whose
infrastructure
development initiatives and the services
industries remained the major drivers of
capital into emirate in 2014. The emirate
witnessed USD 7.8 billion (28.6 billion
dirhams) in foreign direct investment
(FDI). Estimates by Dubai Investment
Development Agency (Dubai FDI), an
agency of the Department of Economic
Development (DED), shows that the
United States, the UK, India and other
European countries, such as France and
Germany were major source markets.
Out of a total of 41 source countries, the
top ones - US, UK, India, Netherlands,
Germany and Italy - generated a total of
23.9 billion dirhams throughout the year
across 141 projects. In terms of
investment, these countries represented
almost 84 per cent of the total FDI for
the whole year and 59 per cent of the
total in terms of the number of projects.
Trade Enquiries.
During the month of March, there were
a total of 35 trade enquiries received in
the Embassy, Abu Dhabi.
Trade Disputes.
No trade dispute has been received
during the month.
MARKET WATCH
MHI receives order from UAE’s EIAST
Mitsubishi Heavy Industries (MHl) has
received an order from the Emirates
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Institution for Advanced Science and
Technology (EIAST), an organisation
established by the Dubai Government in
the UAE, for launch services for the
KhalifaSat observation satellite. The
KhalifaSat satellite will be launched in
Japanese fiscal year 2017 on MHI’s H-IIA
launch vehicle together with GOSAT -2,
a satellite tasked with observation of
greenhouse gases, which Ministry of
Environment, the Japan Aerospace
Exploration Agency’s (JAXA) and
National Institute of Environmental
Studies are jointly developing.
UAE-France bilateral trade crosses $8
billion in 2014
France is one of the UAE’s top strategic
partners. Both countries enjoy strong
relations, particularly in the field of
trade, culture and defence. UAE-France
bilateral trade is estimated to have
crossed $8 billion in 2014. Dubai, being
the commercial centre of the country,
has contributed majorly in enhancing
the trade flow between the two sides.
Dubai-France bilateral trade records 100
per cent jump in the last four years.
Lebanon-based BankMed opens office
in Dubai
The
Beirut-headquartered
lender
BankMed has opened an office in the
Dubai International Financial Centre
(DIFC) as it expands in the region to
drum up business from the Lebanese
diaspora. The bank, which also has
operations in Turkey and Iraq, joins an
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increasing number of emerging market
banks at the DIFC including Chinese and
Indian financial institutions.
SAIF Zone highlights its role as trade
hub in Portugal
Sharjah Airport International Free Zone
(SAIF Zone) show-cased its role as a
trade hub and gave an overview of the
business opportunities in Sharjah which
was held at AEP Auditorium in Porto.
The road show, organized by the SAIF
Zone with the participation of Sharjah
Investment & Development Authority
(Shurooq), provided an excellent chance
for investors to know the ongoing
business opportunities available in the
region and ways to gain connectivity in
the regional market.
Etisalat joins hands with tech firms at
MWC in Barcelona
Etisalat,
the
UAE’s
leading
telecommunications
operator,
has
announced its partnerships with leading
technology players at the Mobile World
Congress (MWC) in Barcelona, Spain.
Etisalat is taking its collaboration with
Intel to a new level by joining hands to
set up a cloud computing platform,
leveraging Intel’s technology leadership
and expertise in cloud technology.
Dubai and South Korean sovereign
wealth funds in landmark cooperation
deal
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Investment Corporation of Dubai (ICD),
the government investment group, has
struck a landmark deal with the
sovereign wealth fund of South Korea to
cooperate on financial opportunities
around the world. The deal – signed in
Dubai – involves ICD and Korea
Investment Corporation (KIC) developing
a
platform
that
“facilitates
communication between the two
organisations, while empowering them
to
jointly
explore
investment
opportunities in the UAE, South Korea
and other countries”, ICD said.
DCCI explores investment opportunities
in Kenya
Dr Amina C Mohamed, Cabinet
Secretary, Ministry of Foreign Affairs
and International Trade, Republic of
Kenya, called upon UAE businesses to
venture into the Kenyan market and
benefit from the existing and unfolding
opportunities offered by the country to
foreign investors. UAE businesses were
called during the Country Focus Briefing
to
examine
Kenyan
business
opportunities as part of its strategy to
reach out to emerging markets.
China Unicom, Etisalat in deal to
expand services
Etisalat and China Unicom (Hong Kong)
Operations Limited, a wholly-owned
subsidiary of China Unicom (Hong Kong)
Limited announced an agreement
whereby China Unicom Hong Kong will
join Etisalat’s SmartHub to expand its
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regional reach. China Unicom Hong Kong
will expand its advanced data network
capabilities through Etisalat’s Smarthub,
to provide advanced high speed data
services, including IPLC/IEPL, MPLS-VPN,
IP Transit, and one-stop connectivity
solutions for carriers and enterprise
customers in the Middle East and Africa.
Dubai Investments in Saudi Arabia tieup
Dubai Investments, a diversified
company, has formed a joint venture
with the Saudi-Lebanese firm Red House
to manage and develop a property
project in Saudi Arabia. This will be the
company's first foray outside the UAE.
The developer of the Dubai Investments
Park will have a 50 per cent stake in a
joint venture to develop the Riyadh
Investment Park mixed-use project in
the Saudi capital.
Casio’s new G-factory store opened in
Dubai
One
of
the
world’s
leading
manufacturers of consumer electronics
products and business equipment
solutions, Casio opened a new G-Factory
store, with latest-generation design in
the UAE. The complex is part of Casio’s
strategic expansion plan for the region,
which is intended to further widen the
Casio footprint and retail presence
across the Middle East.
Mubadala Petroleum is helping Morocco
to evaluate its oil and gas sector as the
North African country works towards
making its first commercial hydrocarbon
find. The Abu Dhabi company sealed an
agreement with Morocco’s Office
National des Hydrocarbures et des
Mines (ONHYM) to study the potential
of hydrocarbon reserves in an area
spanning over 3,000 square kilometres
off of its Mediterranean coast.
According to the US energy information
administration, Morocco, which is a net
hydrocarbon importer, has no proven oil
reserves and negligible natural gas at
0.05 trillion cubic feet. In comparison
Egypt has more than 77 trillion cubic
feet of proven gas reserves.
Mansouri and Princess Astrid discuss
trade relations
UAE Economy Minister Sultan Bin Saeed
Al Mansouri received Princess Astrid,
the representative of the King of
Belgium on 28/3/15, who led a business
delegation to the UAE. Mansouri and
Princess discussed ways of boosting
bilateral cooperation, particularly in
commercial, industrial, agricultural,
tourism and SMEs fields. Mansouri
praised UAE’s progressive ties with
Belgium
and
emphasised
the
importance of exchanging visits by
business delegations in the two
countries to explore opportunities for
joint investments.
Mubadala Petroleum on board with oil
and gas exploration in Morocco
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Arabtec wins Dh1bn Saudi Aramco
housing contract
The UAE’s largest listed contractor
reported on 23/3/15 that it had won a
Dh1.04 billion contract from Saudi
Aramco to build 380 villas in Al Dhahran,
eastern Saudi Arabia, where the national
oil company’s staff compound is located.
Arabtec said that the contract had been
awarded to its Saudi Arabtec
Construction subsidiary, which will
spend 28 months building a total of
166,200 square metres of new homes
on a 454,500 sq metres plot.
UAE, Netherlands ministers discuss
business cooperation
H.E. Mr. Suhail Bin Mohammed Faraj
Faris Al Mazrouei, Minister of Energy,
and Lilianne Ploumen, Netherlands
Minister for Foreign Trade and
Development Cooperation, on 31/3/15
discussed ways to promote bilateral
cooperation between the two countries
through exchange of expertise. At a
meeting, Al Mazrouei highlighted UAE’s
keenness
to
further
enhance
cooperation, exchange of expertise and
learn about the new technologies
especially in the oil and gas sector and
renewable energy industries to serve
the interests of the two countries.
Taqa hails Bergermeer gas project
milestone ahead of annual results
Abu Dhabi National Energy Company,
known as Taqa, said its huge gas storage
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project at Bergermeer in the
Netherlands, had reached a milestone
and would start filling tanks with
customers’ gas. The project is a key
plank for Taqa –in its strategy to focus
more on steady cash-earning projects
and move away from riskier upstream
investments, where it lost heavily in
recent years. The total project
investment was about €850 million
(Dh3.35 billion). Taqa holds a 60 per
cent stake in Gas Storage Bergermeer
and is the operator. It will also act as the
marketing agent for all storage capacity
that is available for third parties. EBN, a
Netherlands state-owned company,
which operates independently, holds a
40 per cent stake.
Dubai, Ethiopia to boost bilateral ties
As part of its efforts to attract foreign
investments to Dubai and to promote
Dubai as a global business centre, the
Dubai Chamber of Commerce and
Industry (DCCI) organised a strong
Ethiopian Government and business
leaders’
delegation
through
its
Representative Office in Addis Ababa in
co-operation with the Addis Ababa
Chamber of Commerce and Sectorial
Association.
Frontrunner emerges for gas terminal
contract
South Korea’s Samsung C&T has
emerged as the frontrunner to win the
largest package on the $2bn-$3bn
liquefied natural gas (LNG) project in
Fujairah. Abu Dhabi’s state-owned
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Emirates LNG received commercial
engineering,
procurement
and
construction (EPC) bids on the two
packages of the LNG regasification and
storage facility earlier in 2015.
Abu Dhabi and Japan to build steel pipe
plant
Abu Dhabi’s industrial holdings group
Senaat has formed a joint venture with
two Japanese steel groups to build a
AED1.1bn ($299m) steel pipes plant at
Khalifa Industrial Zone Abu Dhabi (Kizad)
in the UAE. Al-Gharbia Pipe Company, a
joint venture of state-owned Senaat, JFE
Steel Corporation and Marubeni-Itochu
Steel, is expected to start operations in
2018. The company will construct largediameter, high-quality sour grade steel
pipes for the construction and energy
sectors.
J.B. Singh
Attaché (E&C)
For further information on UAE
economic indicators, bilateral trade
figures, nature of trade enquiries
handled,
and
scheduled
exhibitions/seminars in UAE please see
the annexure site.
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