The Abu Dhabi National Oil Company (ADNOC) and ADQ – one of the region’s largest holding companies with a broad portfolio of major enterprises – have established a joint venture named “TA’ZIZ”, which will drive the development of industrial projects within the planned Ruwais Derivatives Park.
Potential investment projects selected for Phase 1 will amount to more than $5bn (AED18bn) at the Ruwais Derivatives Park.
An industrial ecosystem will be constructed by ADNOC and ADQ, including a new port, utilities, infrastructure, feedstock supply, and shared services at a total cost of more than $2bn (AED7bn).
These facilities will be made available to new investors under a “plug and play” concept, which means that projects could be plugged into the existing park infrastructure, lowering the cost of investment. A park management company will be created 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, including geotechnical and topographical surveys; a marine bathymetric survey; and health, safety, and environment impact assessments. Once completed in late 2020, these surveys will enable civil engineering works to prepare the park site for construction and dredging for an entirely new port facility. Several design and engineering contracts will be awarded early 2021 for the design of the chemical plants as well as the required ecosystem.
In addition, following a detailed feasibility study, TA’ZIZ will explore potential projects to manufacture a number of chemicals at a global scale, with opportunities for additional investors and partners to participate. Total investment in these projects could be in excess of $3bn (AED11bn), with most of the chemicals produced in the UAE for the first time. The name TA’ZIZ – which in Arabic means advancement, strengthening, or creating a foundation – describes the ambition of ADNOC and ADQ as they kick start the development of industrial growth in Ruwais.
