UAE - Mubasher: The Abu Dhabi Chemicals Derivatives Company (TA’ZIZ) has entered into investment agreements with eight local investors to acquire up to a 20% stake in a portfolio of chemicals projects worth AED 15 billion ($4 billion).
The UAE-based investors have partnered with Abu Dhabi National Oil Company (ADNOC) and ADQ to invest in chemical projects within the TA’ZIZ Industrial Chemicals Zone in Ruwais in Abu Dhabi, according to a recent press release.
In line with the "Principles of the 50", this step is the first domestic Public-Private Partnership (PPP) in Abu Dhabi’s downstream and petrochemicals sector.
The eight investors include Al Dhafra Co-operative Society, Al Nasser Holdings, Alpha Dhabi Partners Holding, and Buhairan Limited Company.
The UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, Sultan Ahmed Al Jaber, 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."
Meanwhile, the CEO of ADQ, Mohamed Hassan Alsuwaidi, commented: "Through our broad portfolio, we can unlock the investment potential of TA’ZIZ on a global scale, while remaining firmly committed to driving value creation and supporting the sustainable development of Abu Dhabi’s economy."
