The Abu Dhabi National Oil Company (ADNOC) and ADQ, one of the region’s largest holding companies, have launched TA'ZIZ JV to drive 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. 

According to a statement from the oil giant, which holds 60 percent in the JV , TA'ZIZ 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. ADQ has a portfolio of enterprises spanning key sectors of Abu Dhabi’s diversified economy.

Potential investment projects selected for a first phase will amount to more than USD 5 billion (AED 18 billion)  at the Ruwais Derivatives Park, the statement said.

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.

Following a detailed feasibility study, 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, the statement said.

Total investment in these projects could be in excess of $3 billion (AED 11 billion), with most of the chemicals produced in the UAE for the first time.

Both companies have also announced leadership appointments to the joint venture.

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. 

(Writing by Seban Scaria; editing by Daniel Luiz)

(seban.scaria@refinitiv.com)

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