Abu Dhabi National Oil Company (Adnoc) and ADQ, one of the region’s largest holding companies, have set up a new joint venture, Ta’Ziz, to drive the development of industrial projects within the planned Ruwais Derivatives Park.
The name 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.
As part of the deal, an industrial ecosystem will be created by Adnoc and ADQ, including a new port, utilities, infrastructure, feedstock supply and shared services at a total cost of over $2 billion.
In July, Adnoc and ADQ announced their intention to establish the JV with incorporation in Abu Dhabi Global Market.
With Adnoc and ADQ working together to drive the next phase of technology-driven industrial growth in Abu Dhabi, the duo has also announced leadership appointments to the joint venture.
Potential investment projects selected for a first phase will amount to more than $5 billion at the Ruwais Derivatives Park.
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," he added.
