Abu Dhabi Holding Signs MoU for Development of Downstream Petrochemicals Production |
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July 5, 2009 (Abu Dhabi, United Arab Emirates) - Abu Dhabi Holding (ADH)Abu Dhabi Holding (ADH)
today announced that they have signed a Memorandum of Understanding (MoU) with a European technology partner to assess, in cooperation with Abu Dhabi Basic Industries Corporation (ADBIC)Abu Dhabi Basic Industries Corporation (ADBIC), the establishment of a production plant for non-woven fiber fabrics in Abu Dhabi Polymers Park. Commenting on the new initiative, Otaiba Said Al Otaiba, Chairman of Abu Dhabi Holding, said, "This MoU is in line with ADHADH's strategy to pursue industrial investments, with a focus on downstream petrochemical industries. We are honored to work with ADBICADBIC in the selection of good investment opportunities and toward the development of Abu Dhabi's plastics conversion industry. Abu Dhabi Polymers Park is a unique concept for the Emirate's cluster-based industrial development and we hope to seize other similar opportunities in the future."
Mohammed H. Al Qamzi, Senior Vice President of Abu Dhabi Polymers Park at ADBICADBIC, said, "In line with Abu Dhabi Economic Vision 2030, Abu Dhabi Polymers Park is working very closely with the private sector in Abu Dhabi to create ideal investment opportunities. Our aim is for the Emirate of Abu Dhabi to become a significant player and stakeholder, not only in the local, but also in the global plastics conversion industry. This joint study highlights our continued commitment to serve the global polymer conversion industry. We are very happy to cooperate with ADHADH on this project and are looking forward to supporting more projects in partnership with local investors to contribute to the development of industry."
-Ends-
About Abu Dhabi Holding (ADH)Abu Dhabi Holding (ADH):
Abu Dhabi Holding (ADH)Abu Dhabi Holding (ADH) is a well-established investment & holding company, founded by a large group of Abu Dhabi's prominent and respected local families. With significant investments in projects in a variety of vibrant economic sectors including education, infrastructure, services and industry, its mandate is clear. It is determined to consistently expand and develop its portfolio in order to continue to help build the United Arab Emirates' economy and offer attractive growth and high return to its esteemed shareholders.
Currently, Abu Dhabi Holding is taking definitive steps towards its growth goal. In this capacity, it will identify opportunities to strategically diversify its portfolios as well, as the scope of its investment activities. With its headquarters located in Abu Dhabi, the dynamic capital city of the UAE, Abu Dhabi Holding is well-positioned to take a leading role in the economic and social development of Abu Dhabi, the UAE and the Middle East.
About Abu Dhabi Basic Industries Corporation (ADBIC)Abu Dhabi Basic Industries Corporation (ADBIC):
Abu Dhabi Basic Industries Corporation (ADBIC)Abu Dhabi Basic Industries Corporation (ADBIC) is an industrial development and investment company created to facilitate the expansion of sustainable industry in Abu Dhabi, the capital of the United Arab Emirates. Established in 2007, ADBICADBIC is wholly-owned by the Abu Dhabi Government's General Holding Corporation (GHC) and focuses on the base metals (aluminum, steel and copper), petrochemical and other industrial sectors.
ADBICADBIC acts as a catalyst for building a globally-competitive core of commercially-viable industrial activity through public-private partnerships across the industrial value chain, linking upstream, midstream and downstream sectors. Our current investments include: Emirates Steel Industries, the largest integrated steel plant in the UAE, and Abu Dhabi Polymers Park, the first industrial zone in the UAE dedicated to the plastics conversion industry.
© Press Release 2009
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