Abu Dhabi Chemicals Derivatives Company, better known as Ta'ziz, has been designated as an investment zone as part of efforts to strengthen the business environment in the emirate's industrial sector.
The designation is the result of a partnership between the Abu Dhabi Department of Economic Development, Adnoc and Abu Dhabi's holding company ADQ.
It is aimed at boosting chemical projects, downstream manufacturing and other related services in the emirate, in support of the emirate's industrial strategy, the Abu Dhabi Media Office said in a statement on Friday.
"The designation of the investment zone provides long-term investment certainty for companies investing in Ta’ziz, and enables new partnerships to be formed in Abu Dhabi’s thriving industrial sector," it said.
Abu Dhabi has embarked on a major programme to boost its standing as the region’s most competitive industrial hub and further strengthen its economy.
The emirate's industrial strategy, supported by a Dh10 billion ($2.72 billion) investment by the Abu Dhabi government, aims to more than double the size of the manufacturing sector to Dh172 billion, create 13,600 jobs and increase the emirate's non-oil exports by 143 per cent to Dh178.8 billion by 2031.
The chemicals industry is a major part of the initiative, having been deemed as a priority sector and promoted by the Ministry of Industry and Advanced Technology.
It is also in line with the wider Operation 300bn programme, which was launched in March 2021 and is the UAE's 10-year strategy that seeks to increase the industrial sector's contribution to the country's gross domestic product to Dh300 billion by 2031.
Abu Dhabi's economy grew by 10.5 per cent on an annual basis in the first nine months of 2022, the fastest expansion in the Middle East and North Africa, government data showed last month.
Ta'ziz, whose majority shareholders are Adnoc and ADQ, offers specialised zones for chemical industries, light industries and industrial services. It is located at Al Ruwais Industrial City in the Al Dhafra Region.
It comprises three main zones for chemicals, light industry and industrial services, which enables it to manufacture globally in-demand industrial chemicals at scale, while providing opportunities for investors and partners to participate.
In November, Adnoc and ADQ announced the latest growth strategy at Ta'ziz, which will more than double the number of chemicals produced at the hub.
Among Ta'ziz's partners are the emirate's industrial majors Abu Dhabi National Energy Company, AD Ports Group and Shaheen, Fertiglobe and India's Reliance Industries.
The company has also partnered with eight leading UAE companies, marking the first domestic public-private partnership in Abu Dhabi’s downstream and petrochemicals sector.