DUBAI, Nov 10 (Reuters) - A joint venture between Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi state-owned holding company ADQ has chosen potential investment projects worth over $5 billion in the planned Ruwais Derivatives Park, they said on Tuesday.
The two companies signed a deal to form the JV in July to invest in chemical projects, with ADNOC holding a 60% equity stake and ADQ having the remaining 40%.
On Tuesday, they announced its name as TA’ZIZ and said it would “act as a catalyst for the UAE’s economic diversification and technology-led growth” by leading the development of industrial projects in the Ruwais park in Abu Dhabi.
TA’ZIZ will explore potential projects that could be worth over $3 billion to manufacture a number of chemicals on a global scale. It will also create “an industrial ecosystem”, including a new port, utilities and infrastructure, worth more than $2 billion.
“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,” Sultan al-Jaber, ADNOC’s CEO and the UAE’s industry and advanced technology minister, said in a statement.
Reporting by Yousef Saba; editing by David Evans
Our Standards: The Thomson Reuters Trust Principles.