Abu Dhabi National Oil Company, ADNOC, and the region’s largest holding company, ADQ has announced their joint venture named TA’ZIZ to support chemical sector growth in UAE.
TA’ZIZ intends to encourage the development of industrial projects within the planned Ruwais Derivatives Park and serve as a catalyst for the economic diversification and technology-led growth of the UAE.
The name TA’ZIZ, meaning advancement, strengthening, or setting a base in Arabic describes ADNOC and ADQ’s ambition as they kickstart the development of industrial growth in Ruwais. Besides, it aligns with the drive of ADNOC to extend the value of every barrel refined, shipped and sold, also targeting self-sufficiency with domestic production. ADNOC and ADQ declared their intention to develop a joint venture with integration into the Abu Dhabi Global Market (ADGM) in July 2020.
Both companies have also announced leadership appointments for the joint venture, with ADNOC and ADQ working together to accelerate the next phase of technology-driven industrial development in Abu Dhabi. In the Ruwais Derivatives Park, potential investment projects selected for the first phase would total more than $5 billion (AED18 billion).
“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.”
Mohamed Hassan Al Suwaidi, CEO of ADQ, stated, “The creation of TA’ZIZ embodies the strategy and aspirations of both joint venture partners, not only in contributing to and diversifying the key industrial component of the UAE’s future economy but also in forging local collaborations needed to achieve such important developmental milestones. With companies such as Abu Dhabi Ports, Abu Dhabi National Energy Company, TAQA, Etihad Rail, Emirates Steel, DUCAB and Arkan, ADQ has much to bring to this joint venture, and we will fulfil the trust invested in us to ensure the success of TA’ZIZ.”
Khaled Salmeen (ADNOC) is the Chairman of the TA’ZIZ Board of Directors, and Ahmed Jasim Al Zaabi (ADNOC), Omar Suwaina Al Suwaidi (ADNOC), Nabeel Qadir (ADQ) and Hamad Al Hammadi (ADQ) are serving as members of the Board. The Acting Chief Executive Officer is Khaleefa Yousef Al Mheiri (ADNOC).
According to the comprehensive feasibility report, TA’ZIZ will pursue possible ventures to generate a range of chemicals on a global scale, with opportunities to attract new investors and partners. Total investment could surpass $3 billion (AED11 billion) in these projects, with most of the chemicals manufactured for the first time in the UAE.
This joint venture would prioritize digital convergence through its service offerings, further reinforcing the long-term value proposition of Ruwais’ advanced technology.
The Ruwais Derivatives Park have strong synergies with the integrated downstream feedstock and service assets of ADNOC, as well as advantageous maritime, land and air logistics and transport links.