The Abu Dhabi National Oil Company, ADNOC, and ADQ, one of the region’s largest holding companies announced TA’ZIZ as the name of the new joint venture, JV, established by both companies, which will drive the 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.
The name TA’ZIZ, which in Arabic means advancement, strengthening, or creating a foundation, describes the ambition of ADNOC and ADQ as they kickstart the development of industrial growth in Ruwais, state news agency WAM reported.
The two companies have also announced leadership appointments to the joint venture. Potential investment projects selected for a first phase will amount to more than US$5 billion (AED18 billion) at the Ruwais Derivatives Park.
Dr. Sultan bin Ahmed Al Jaber, 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.
For his part, CEO of ADQ Mohamed Hassan Al Suwaidi said: "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."
According to WAM, an industrial ecosystem will be created by ADNOC and ADQ, including a new port, utilities, infrastructure, feedstock supply and shared services at a total cost of well over US$2 billion (AED7 billion).
These facilities will be made available to new investors under a "plug and play" concept, meaning that new projects can be plugged into the existing park infrastructure, lowering the cost of investment and further enhancing the Ruwais Derivatives Park’s competitiveness. These developments will enhance the efficiency of logistics across the new identified projects, supporting the oil and gas services sector and associated industries.
The creation of a park management company is also underway to ensure ease of doing business and to help facilitate contact with relevant service providers and Government agencies for investors.
Contracts have been awarded for the first stages of development for the park site, and work is already underway.
