SENAAT enters strategic partnership with Spanish manufacturer TUBACEX
SENAAT (SENAAT or the Group), one of the largest industrial investment holding companies in the UAE, announces that it has agreed the terms of a joint venture with TUBACEX, a global leader in the manufacture of stainless steel and high-alloyed tubular products (tubes and accessories).
SENAATs new partnership with TUBACEX is being cemented with the signing of an agreement to jointly acquire NOBU Group. With three locations in global oil and gas industry hubs UAE, Saudi Arabia and Norway NOBU is a specialized provider of precision manufacturing and repair services catering to premium tubular solutions needs.
NOBU provides repair and manufacturing services for high precision machining tubular components supplying to a blue chip customer base which includes Baker Hughes, Schlumberger, Emerson and Halliburton amongst others. It has a skilled workforce of over 200 people.
H.E. Eng. Jamal Salem Al Dhaheri, CEO of SENAAT, said: SENAATs new partnership with TUBACEX is consistent with the companys strategy of seeking to partner with global organisations to grow the UAEs manufacturing base. As the countrys leading industrial holding company, we have a big responsibility to promote our chosen knowledge-based industrial sectors in line with Abu Dhabi Economic Vision 2030. Our new partnership also fits closely with our existing focus on the oil and gas industry and will add further impetus to our efforts to drive shareholder value, as can already be demonstrated by the acquisition of NOBU.
Oil & gas services is a key business vertical for SENAAT, which is invested in the sector through NPCC, a leading EPC services provider to the upstream Oil & Gas companies and more recently through Al Gharbia, a line pipe manufacturing company developed in partnership with Japanese partners JFE and MISI. SENAAT also provides specialty cables through DUCAB.
Within the oil & gas sector, Oil Country Tubular Goods (OCTG) is a particular focus area for SENAAT, as it is a key component of the oil & gas industry. Certain components have longer lead times, which can sometimes significantly affect the timings of EPC programs. For example, OCTG CRA seamless pipe has longer lead time compared to the supply of drill heads.
H.E. Eng. Jamal Salem Al Dhaheri, CEO of SENAAT, explained: We are keen to expand our oil & gas product portfolio to take advantage of the massive sector development programs recently outlined by ADNOC and several other NOCs in the region. These programs offer significant opportunities to UAE manufacturers, especially in OCTG, where the ability for oil companies to have ready and reliable access to such products is so key to the programs successful implementation.
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About SENAAT
SENAAT is one of the UAEs largest industrial holding companies, managing assets for the Government of Abu Dhabi. SENAAT is fully owned by Abu Dhabi Government and has been mandated to create, acquire and optimise industrial businesses in Abu Dhabi and beyond to maximize shareholder value. It is a key contributor to Abu Dhabis Economic Vision 2030, which aims to diversify the Emirates economy away from its reliance on the hydrocarbon sector by developing a strong industrial capability. SENAAT currently operates in four of the key industrial sectors listed in Abu Dhabi 2030 Metals, Oil & Gas Services, Construction & Building Materials and Food & Beverages Manufacturing. SENAAT contributes to the socio-economic development of Abu Dhabi, in a profitable manner, while developing human capital.
SENAAT, which translates as Industries manages more than AED 27.2 billion of industrial assets and has invested in the non-oil sector an average of AED1.9 billion a year over the last 10 years. SENAAT employs nearly 20,000 people across its portfolio of nine companies and its leadership is made up mainly of Emirates nationals.
Its subsidiary companies benefit from SENAATs unique ability to source innovation, create and grow businesses and provide proactive, strategic input through to commercial productivity. SENAAT aligns itself with its portfolio companies to build world-class companies:
| Emirates Steel is the only integrated steel producer in the UAE and one of the largest integrated steel producers in the GCC.
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| NPCC is a major international contractor providing integrated onshore and offshore oil and gas fabrication, support and Engineering, Procurement and Construction services.
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| Arkan specialises in the manufacturing of building and construction products in the UAE.
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| Ducab is a joint venture between the Abu Dhabi and Dubai governments and is one of the leading manufacturers of high-quality power cables and wires in the Middle East.
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| Agthia is one of the UAEs leading food and beverage groups with assets across the Middle East, North Africa and Turkey.
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| Al Foah is the largest date company in the world. It manages the process of packaging, distributing and marketing dates in Abu Dhabi to 48 different countries.
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| TALEX is a joint venture with Gulf Extrusions, an Al Ghurair Group company, and owns and manages, state-of-the-art Aluminium Extrusion plant based at Kizad.
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| Al Gharbia Pipe Company is a joint venture between SENAAT and two of Japans leading companies in the steel sector, JFE Steel Corporation and Marubeni-Itochu Steel Inc (MISI). It owns and manages the UAEs first sour service capable, welded steel pipe plant based at Kizad with expected capacity of 240,000 tons annually.
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| DAC is a joint venture between SENAAT and its portfolio company Ducab, which is currently constructing a facility to manufacture aluminium alloy rods, wires, and bare overhead conductors, mainly for use in cable-making, utilities, and other manufacturing. |
For further information, please visit our website: www.SENAAT.co
About TUBACEX
TUBACEX is a multinational group with its headquarters in Alava and a global leader in the manufacture of stainless steel and high-alloyed tubular products (tubes and accessories). It also offers a wide range of services from the design of tailored solutions to installation and maintenance operations.
It has production plants in Spain, Austria, Italy, the United States, India and Thailand and worldwide service centers and sales offices in 38 countries.
The main demand segments for the tubes manufactured by TUBACEX are the oil and gas, petrochemical, chemical and power generation industries.
TUBACEX has been listed on the Spanish Stock Market since 1970 and is part of the "IBEX SMALL CAPS" Index.
