Abu Dhabi – Mubasher: General Holding Corporation (Senaat) on Wednesday announced that it has agreed the terms of a joint venture with Spain-based TUBACEX, a global leader in the manufacture of stainless steel and high-alloyed tubular products (tubes and accessories).
Under the new partnership, both parties signed an agreement to jointly acquire NOBU Group, Abu Dhabi's state-owned industrial investor said in a statement.
“Senaat’s new partnership with TUBACEX is consistent with the company’s strategy of seeking to partner with global organisations to grow the UAE’s manufacturing base,” Jamal Salem Al Dhaheri, CEO of Senaat, said.
NOBU, located in the UAE, Saudi Arabia and Norway, is a specialised provider of precision manufacturing and repair services catering to premium tubular solutions needs.
It also 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.
“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,” Al Dhaheri added.
The CEO pointed out that Senaat eyes boosting its oil and gas product portfolio to take advantage of the massive sector development programmes recently outlined by ADNOC and several other national oil companies (NOCs) in the region.
“These programmes 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,” Al Dhaheri commented.
The value of the acquisition deal and its timeframe weren’t disclosed.
