Nov. 8. 2006
Marubeni Corporation and General Holding Corporation (GHC), wholly owned by the government of Abu Dhabi Emirate, UAE (Abu Dhabi) and controlled by Department of Planning and Economy, Abu Dhabi (DOPE), signed the agreement for the establishment of Joint Venture Company (JV) to launch Abu Dhabi General Trading House Project on November 7, 2006.
It is conclusion of Marubeni’s negotiation with DOPE since the basic agreement on May, 2006 with Abu Dhabi to establish a joint venture with the aim of conducting a feasibility study.
The JV will be in charge of the implementation of feasibility studies on the potential business and development of new business opportunities for Abu Dhabi’s industries and services at first stage.
After the completion of feasibility studies and business development in first stage, the JV will expand its business and operations with trade and investment to be “General Trading House like Japanese”.
It will be expected that the JV collaborate with both Higher Corporation for Specialized Economic Zone (HCSEZ) and Industrial City of Abu Dhabi (ICAD) controlled by DOPE as one of the JV’s competitive advantage.
The profile of the JV is the following:
1) Name : Abu Dhabi Trading House<temporary name>
2) Shareholders & ratio: GHC 60% , Marubeni 40%
3) Registration Place: Emirate of Abu Dhabi, UAE
-to intensify business lines in GHC and Abu Dhabi’s industries and services,
- to develop new business opportunities for GHC and Abu Dhabi’s industries and services including invitation of foreign capital to Abu Dhabi
- to invest new business opportunities outside of Abu Dhabi for the contribution and intensification of Abu Dhabi’s trade & service business
5) Target Segments for business plan and feasibility study:
- Petrochemical production
- Steel production
- Construction materials
6) Management of the JV
President & CEO will be appointed by Marubeni and the main role of JV’s management is contributed by Marubeni.
The profile of GHC as Abu Dhabi’s partner of JV is the following:
1) Owner: Abu Dhabi Government 100%
2) Main business lines:
- Production for construction materials
- Production for foods & bottled water
- Steel production
- Cable production
- Engineering for petrochemical plants and construction
- Development of basic industries in Abu Dhabi