Mubadala Investment Company’s Sanad Group plans to expand its business beyond the aerospace sector and has appointed a new chief executive to lead the next phase of growth.
Sanad will focus on providing technology-driven and integrated industrial services as part of its new strategy that is in line with the UAE's industrial sector growth strategy, Operation 300bn, it said on Tuesday.
Operation 300bn seeks to double the manufacturing sector's contribution to the economy by 2031.
Sanad currently provides financing, leasing and maintenance services to the global aerospace, energy and industrial sectors.
“Sanad stands on the cusp of a major transformation underpinned by the Fourth Industrial Revolution,” said Badr Al Olama, executive director of UAE clusters at Mubadala and chairman of Sanad.
“Building on our track record of more than three decades of experience in the commercial aviation sector, Sanad is ready to take the next step forward and become the source-to-go, one-stop shop for the broader industrial services sector.”
Last year, the Arab world’s second-largest economy announced plans to increase the manufacturing sector's contribution to the country's economic output to Dh300 billion ($87.4bn), from the current Dh133bn, over the next decade, as well as boost local production and create light and heavy industries.
The UAE is diversifying its economy and expanding its industrial base to reduce its reliance on imports of industrial inputs and cut its dependence on global supply chains amid the Covid-19 pandemic that disrupted world trade since 2020.
Sanad deputy group chief executive Mansoor Janahi was appointed to take over as new group chief executive and supervise the growth stage under the new strategy, the company said.
Mr Janahi began his career with Mubadala in 2008.
“In line with its new strategy, Sanad will continue leveraging synergies with international partners; we will develop new and innovative service concepts that combine both our industrial and financial knowledge,” Mr Al Janahi said.
“Ultimately, our vision for the future is to develop profitable and sustainable industrial service offerings to address the ever-changing needs of clients across multiple sectors.”
Mr Janahi replaced Troy Lambeth and his appointment was effective from February 1.
Mr Lambeth will be supporting a number of strategic initiatives within the Sanad Group and Mubadala’s UAE Investments platform, according to the company.
He was appointed in 2020 and he led the merger of three units — Sanad Aerotech, Sanad Powertech and Sanad Capital.
“He successfully brought all the subsidiaries together creating a one-company-one-team culture which will underpin Sanad’s positioning for this next phase of growth,” Sanad said.