According to the United Arab Emirates media, Abu Dhabi will joint venture with two Japanese industrial companies, The Senaat steel companies JFE and The Marubeni-Itochu to build the AlGharbia Steel Plant. With a total investment of 1.1 billion dirhams (US $ 300 million), Senaat accounts for 51% of the shares and the other two Japan companies accounts for 49% of the shares. AlGharbia Steel Plant is located in Abu Dhabi caliph industrial zone, which is expected to be finished in 2018. The annual output will be 240,000 tons, of which 40% will be exported to the country around.
As been asked about the current market situation, Senaat Daheri who is the person in charge of the company's operations, said that Steel Plant construction is based on long-term considerations, and has studied the market supplying and demand. In the Middle East, one million tons of steel is imported annually. The vice president Japan JFE Steel, said the production of Gulf oil and gas is still strong, due to the transportation needs of the oil and gas, steel demand will grow steadily.
Senaat, wholly owned by the Abu Dhabi government, whose affiliated companies, including the UAE steel, aluminum Tavira, Arkan, AlFoah so on.