UAE - Mubasher: The Abu Dhabi National Oil Company (ADNOC) and ADQ have established a new joint venture, named TA’ZIZ, to promote the development of industrial projects within the planned Ruwais Derivatives Park and improve Abu Dhabi's chemical sector.
The new joint venture is in line with ADNOC's strategy to raise the value from every barrel refined, shipped, and sold and achieve self-sufficiency with domestic production, according to a press release on Tuesday.
In July 2020, ADNOC and ADQ announced their intention to set up the venture with incorporation in Abu Dhabi Global Market.
Potential investment projects selected for the Ruwais Derivatives Park will amount to over AED 18 billion ($5 billion).
Meanwhile, TA’ZIZ will explore potential projects to manufacture a number of chemicals, most of which will be produced in the UAE for the first time, on a global scale.
The total investments of these projects could reach AED 11 billion ($3 billion).
The UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, Sultan Ahmed Al Jaber, commented: "Our new partnership will strengthen our position as a globally competitive chemicals hub and destination for foreign direct investment, leveraging technology to further grow the UAE’s advanced manufacturing base."
The CEO of ADQ, Mohamed Hassan Al Suwaidi, remarked: "With companies such as Abu Dhabi Ports, Abu Dhabi National Energy Company (TAQA), Etihad Rail, Emirates Steel, DUCAB and Arkan, ADQ has much to bring to this joint venture, and we will fulfil the trust invested in us to ensure the success of TA’ZIZ."
