16 May 2013
The first fluid catalytic cracking (FCC) catalysts manufacturing facility in the Middle East will be built in Abu Dhabi.
An agreement to this effect was has been signed by Abu Dhabi-based Al-Dahra Agriculture with US company WR Grace & Co. (GRA).
This joint venture, a first for Al-Dahra Agriculture, is a step toward economy diversification, a much sought direction in the recent years.
The investment, with a capital valued at over $ 200 million, is expected to not only fulfill the domestic needs of the UAE but also that of Saudi Arabia, Oman, and the rest of the Middle East.
Khadim Al-Darei, Al-Dahra's vice chairman, said the partnership will benefit the UAE in general and the petroleum sector in particular.
This facility, built in Abu Dhabi's Free Zone, Kizad, which once up and running at 100 percent will attract investments, adding value to UAE-- US investments, stimulating exports, and creating more jobs.
"We take our partnerships seriously as they're very important to us. There is a common culture and a common bond that was clear over the past year as we defined this joint venture," said Fred Festa, chairman and CEO of WR Grace.
The press conference, which was held at Emirates Palace, was followed by a briefing on the projected activities of the facility in the presence of UAE Energy Minister Suhail Mohammed Al-Mazrouei.
The US Ambassador to the UAE, Michael Corbin, expressed his pleasure witnessing the steps taken for the joint venture and underlined its importance.
The first fluid catalytic cracking (FCC) catalysts manufacturing facility in the Middle East will be built in Abu Dhabi.
An agreement to this effect was has been signed by Abu Dhabi-based Al-Dahra Agriculture with US company WR Grace & Co. (GRA).
This joint venture, a first for Al-Dahra Agriculture, is a step toward economy diversification, a much sought direction in the recent years.
The investment, with a capital valued at over $ 200 million, is expected to not only fulfill the domestic needs of the UAE but also that of Saudi Arabia, Oman, and the rest of the Middle East.
Khadim Al-Darei, Al-Dahra's vice chairman, said the partnership will benefit the UAE in general and the petroleum sector in particular.
This facility, built in Abu Dhabi's Free Zone, Kizad, which once up and running at 100 percent will attract investments, adding value to UAE-- US investments, stimulating exports, and creating more jobs.
"We take our partnerships seriously as they're very important to us. There is a common culture and a common bond that was clear over the past year as we defined this joint venture," said Fred Festa, chairman and CEO of WR Grace.
The press conference, which was held at Emirates Palace, was followed by a briefing on the projected activities of the facility in the presence of UAE Energy Minister Suhail Mohammed Al-Mazrouei.
The US Ambassador to the UAE, Michael Corbin, expressed his pleasure witnessing the steps taken for the joint venture and underlined its importance.
© Arab News 2013
