ADNOC & ADQ launch TA’ZIZ joint venture
16 November 2020
The Abu Dhabi National Oil Company (ADNOC) and ADQ, the region’s holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy announced that 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. Besides, it aligns with ADNOC’s drive to stretch the value from every barrel refined, shipped, and sold, also targeting self-sufficiency with domestic production. In July 2020, ADNOC and ADQ announced their intention to establish the JV with incorporation in Abu Dhabi Global Market.
With ADNOC and ADQ working together to drive the next phase of technology-driven industrial growth in Abu Dhabi, both companies have also announced leadership appointments to the joint venture. Potential investment projects selected for the first phase will amount to more than USD 5bn (AED 18bn) at the Ruwais Derivatives Park.
Following a detailed feasibility study, TA’ZIZ will explore potential projects to manufacture several chemicals on a global scale, with opportunities for additional investors and partners to participate. Total investment in these projects could be over USD 3bn (AED 11bn), with most of the chemicals produced in the UAE for the first time.