Senaat, Spain’s Tubacex form joint venture, to buy Nobu group

ABU DHABI / WAM

Senaat, one of the largest industrial investment holding companies in the UAE, has announced that it has agreed the terms of a joint venture with Spanish manufacturer Tubacex, a global leader in the manufacture of stainless steel and high-alloyed tubular products (tubes and accessories).
Senaat’s 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 specialised provider of precision manufacturing and repair services catering to premium tubular solutions needs.
CEO of Senaat Jamal Salem Al Dhaheri said, “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. As the country’s 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.”
Nobu provides repair, manufacturing services for high precision machining tubular components supplying to a blue chip customer base which includes Baker Hughes, Emerson, Halliburton among others.