The Abu Dhabi National Oil Company (ADNOC) and ADQ, one of the region’s largest holding companies, have launched TA’ZIZ as the new name of the new joint venture (JV) established by both companies, according to a press release.
TA’ZIZ will drive the development of industrial projects within the planned Ruwais Derivatives Park and act as a catalyst for the United Arab Emirates’ (UAE) economic diversification and technology-led growth.
Ahmed Al Jaber, CEO of ADNOC, 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.”
There is plenty of planned investment with potential investment projects for the first phase likely to amount to more than $5 billion at the Ruwais Derivatives Park.