Abu Dhabi Chemicals Derivatives Company (TA’ZIZ) has announced that UAE’s Shaheen Chem Holdings Investment will enter its $2 billion joint venture with India’s Reliance Industries.
The proposed JV intends to construct and operate a Chlor Alkali, Ethylene Dichloride (EDC), and Polyvinyl Chloride (PVC) plant at the TA’ZIZ Industrial Chemicals Zone, in Ruwais.
The TA’ZIZ Industrial Chemicals Zone is a joint venture between ADNOC and ADQ. With an investment of more than $2 billion (AED7.34 billion), the project will supply local manufacturers, replacing chemicals currently imported, while also exporting to meet the growing demand for these chemicals globally.
TA’ZIZ will provide new opportunities for local manufacturers, supporting the growth of their knowledge and capabilities, as well as catalyzing local industrial development.
Mr. Khaleefa Yousef Al Mheiri, TA’ZIZ Acting Chief Executive Officer noted that, “This strategic agreement further consolidates TA’ZIZ’s position as the sought-after partner for local and international investment in the UAE’s chemicals industry. The partnership supports our national strategy to drive the growth and diversification of the country’s industrial base, strengthen domestic supply chains and enable the private sector to “Make it in the Emirates”, in line with the leadership’s wise directives.”
As per the statement, “Shaheen brings extensive knowledge of the local market and joins the project with a focus on utilizing production for use in local supply chains.”
The agreement marks the first direct investment by a privately-owned UAE company in the TA’ZIZ Industrial Chemicals Zone. It also follows the investment agreements between TA’ZIZ and eight UAE-based investors in December 2021, which marked the first domestic Public-Private Partnership (PPP) in Abu Dhabi’s downstream and petrochemicals sector.
Mr. Walid Azhari, Managing Director of Shaheen, said that, “We are honored to partner with TA’ZIZ and Reliance in this world-class industrial plant which will include the largest Chlor Alkali plant in the world.”
“We are looking forward to working with our partners during the development, construction, and operation stages of the project. This project will be the cornerstone for many exciting downstream opportunities which will create a whole new industrial cluster in the UAE, in line with the Abu Dhabi Economic Vision 2030,” Mr. Azhari added.
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