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Abu Dhabi’s Alpha Dhabi Holding plans to invest about 1 billion dirhams ($272 million) in Abu Dhabi Chemicals Derivatives Co. Ltd., known as TA’ZIZ, as part of a wider expansion strategy.
The investment comes close on the heels of the state holding company’s announced plans to invest 8 billion dirhams across core sectors inside and outside the UAE.
Alpha Dhabi Holding is one of the eight companies that last week signed an agreement with TA’ZIZ to take a stake of up to 20 percent in a portfolio of projects worth 15 billion dirhams in its Industrial Chemicals Zone in Ruwais.
TA’ZIZ, a joint venture between Abu Dhabi National Oil Co., and sovereign wealth fund, ADQ.
Alpha Dhabi Holding’s managing director and CEO Hamad Al-Ameri in a statement on Sunday: "We foresee our relationship developing into a long-term contributor not only to the nation’s economy, but to the regional and global competitiveness of Alpha Dhabi Holding, Abu Dhabi and the UAE.”
Earlier this month, TA’ZIZ signed a deal with India’s Reliance Industries Ltd., to form a joint venture to develop a major chemicals project in Ruwais.
The Abu Dhabi facility has also signed partnership agreements signed with Fertiglobe, a joint venture between ADNOC and OCI, as well as with Japan’s Mitsui and GS Energy to develop a blue ammonia production facility.
Chemicals is a priority sector in UAE’s “Operation 300bn,” industrial growth strategy, which aims to raise the industrial sector’s contribution to the oil-rich country’s gross domestic product (GDP) to 300 billion dirhams by 2031.
(Reporting by Brinda Darasha; editing by Seban Scaria)
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