Abu Dhabi, 11 November 2020 – ADQ, one of the region’s largest holding companies and Abu Dhabi National Oil Company (ADNOC) announced TA’ZIZ as the name of the new joint venture (JV) established by both companies, which will drive the development of industrial projects within the planned Ruwais Derivatives Park and act as a catalyst for the UAE’s economic diversification and technology-led growth.
TA’ZIZ, which in Arabic means advancement, strengthening, or creating a foundation, describes the ambition of ADNOC and ADQ as they kickstart the development of industrial growth in Ruwais. In addition, it aligns with ADNOC’s drive to stretch the value from every barrel refined, shipped and sold, also targeting self-sufficiency with domestic production. In July 2020, ADNOC and ADQ announced their intention to establish the JV with incorporation in Abu Dhabi Global Market.
Leadership appointments to the joint venture from With both companies have also announced. Potential investment projects selected for a first phase will amount to more than USD 5 billion (AED 18 billion) at the Ruwais Derivatives Park.
H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, said: “TA’ZIZ combines the strengths of ADNOC and ADQ to create a unique platform that will act as a key driver and catalyst for the UAE’s industrial development and economic diversification. 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 creation of TA’ZIZ embodies the strategy and aspirations of both joint venture partners, not only in contributing to and diversifying the key industrial component of the UAE’s future economy, but also in forging local collaborations needed to achieve such important developmental milestones. 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,” added H.E Mohamed Hassan Al Suwaidi, CEO of ADQ.
The Chairman of the TA’ZIZ Board of Directors is Mr. Khaled Salmeen (ADNOC), with Mr. Ahmed Jasim Al Zaabi (ADNOC), Mr. Omar Suwaina Al Suwaidi (ADNOC), Mr. Nabeel Qadir (ADQ), and Mr. Hamad Al Hammadi (ADQ) being appointed as Board members. Mr. Khaleefa Yousef Al Mheiri (ADNOC) is appointed as Acting Chief Executive Officer.
TA’ZIZ will explore potential projects to manufacture a number of chemicals at a global scale, with opportunities for additional investors and partners to participate. Total investment in these projects could be in excess of USD 3 billion (AED 11 billion), with most of the chemicals produced in the UAE for the first time.
ADNOC and ADQ will create and an industrial ecosystem, including a new port, utilities, infrastructure, feedstock supply and shared services at a total cost of well over USD 2 billion (AED 7 billion). These facilities will be made available to new investors under a “plug and play” concept, meaning that new projects can be plugged into the existing park infrastructure, lowering the cost of investment and further enhancing the Ruwais Derivatives Park’s competitiveness. These developments will enhance the efficiency of logistics across the new identified projects, supporting the oil and gas services sector and associated industries.
Contracts have been awarded for the first stages of development for the park site, and work is already underway. This includes geotechnical and topographical surveys, a marine bathymetric survey and health, safety and environment impact assessments. Once completed in late 2020, these surveys will enable civil engineering works to prepare the park site for construction and dredging for an entirely new port facility. Several design and engineering contracts will be awarded early 2021 for the design of the chemical plants as well as the required ecosystem.
The Ruwais Derivatives Park enjoys strong synergies with ADNOC’s integrated downstream assets for feedstocks and services, as well as advantaged maritime, land and air logistics and transport links. The park site is adjacent to the Ruwais Industrial Complex and enjoys a favorable location at the crossroads of east-west trade flows and routes to the UAE’s target markets, with a third of the world’s population accessible within four hours by plane. The city of Ruwais is today well-positioned to further grow and flourish with the influx of families that seek to build careers and lives in what has become a dynamic, highly attractive residential community.
News Source: www.taziz.com
For More Information, You can visit the website: www.taziz.com
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