Refining & Petrochemicals Middle East
UAE investors to take up to 20% stake in TA’ZIZ chemicals projects
The Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) has signed investment agreements with eight United Arab Emirates -based investors, marking the first domestic Public Private Partnership (PPP) in Abu Dhabi’s downstream and petrochemicals sector.
The agreements comprise commitments by the investors to invest in an up to 20% stake in a portfolio of chemicals projects worth AED15 billion ($4 billion) within the TA’ZIZ Industrial Chemicals Zone, alongside Abu Dhabi National Oil CO.(ADNOC, ADQ, and other global strategic partners in Ruwais, Abu Dhabi.
The signing of the investment agreements was witnessed by Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and Mohamed Hassan Alsuwaidi, Chief Executive Officer of ADQ.
Dr. Sultan Al Jaber, said, “We are delighted to welcome leading Uae-based investors to partner with ADNOC and ADQ to further accelerate the development of TA’ZIZ.
“This equity partnership, the first Public Private Partnership of its kind in Abu Dhabi’s chemicals industry, highlights ADNOC’S continued commitment to deepening our contributions to local industry and pioneering new, innovative means of collaboration with the UAE’S private sector.”
He said, “Through TA’ZIZ, our new domestic partners will have a stake in ongoing activities to enable additional domestic production of critical industrial raw materials, drive economic diversification and further grow the UAE’S advanced manufacturing base, supporting the ambitions outlined in the ‘Principles of the 50’ set out by our wise leadership.”