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UAE investors allocate $800 million to partner with Adnoc in developing chemical projects

UAE investors allocate $800 million to partner with Adnoc in developing chemical projects

UAE investors allocate $800 million to partner with Adnoc in developing chemical projects

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RIYADH: The Abu Dhabi Chemicals Derivatives Company, TA’ZIZ, has signed an agreement worth around 3 billion dirham ($800 million) to facilitate projects in the chemical industry with eight UAE-based investors, Arab News reported.

The investors will take a stake of up to 20 percent in a portfolio of chemicals projects worth 15 billion dirhams alongside the Abu Dhabi National Oil Company (Adnoc), according to a statement.

This equity partnership is the first Public Private Partnership of its kind in Abu Dhabi’s chemicals industry, according to Adnoc’s managing director and Group CEO Sultan Al Jaber said.

“Through TA’ZIZ, our new domestic partners will have a stake in ongoing activities to enable additional domestic production of critical industrial raw materials, drive economic diversification and further grow,” Al Jaber said.

The eight UAE-based investors who have signed the agreements include: Al Dhafra Co-operative Society,  Al Nasser Holdings, Alpha Dhabi Partners Holding, Arab Development Establishment, Buhairan Limited Company, Capital Investment, Mazrui International and Mazrui Energy Services, Riverside Investments.

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The agreements follow an “exclusive briefing” of the proposal by TA’ZIZ for the UAE’s leading investors, held at the Adnoc Business Centre in Abu Dhabi last September.

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