Abu Dhabi Chemicals Derivatives Company, known as Ta’ziz, signed an agreement with eight UAE-based investors who will invest up to a 20 per cent stake in a portfolio of projects worth Dh15 billion ($4bn) in its Industrial Chemicals Zone in Ruwais.
The deal marks the first domestic public-private partnership (PPP) in Abu Dhabi’s downstream and petrochemicals sector, Adnoc said in a statement on Wednesday.
The local investors will be investing alongside Abu Dhabi National Oil Company, ADQ, and other global strategic partners.
The eight UAE investors 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 and Riverside Investments.
“This equity partnership, the first public-private partnership of its kind in Abu Dhabi’s chemicals industry, highlights Adnoc’s continued commitment to deepening our contributions to local industry and pioneering new, innovative means of collaboration with the UAE’s private sector,” said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Adnoc managing director and group chief executive.
“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 the UAE’s advanced manufacturing base, supporting the ambitions outlined in the ‘Principles of the 50’ set out by our wise leadership.
“Looking ahead, we look forward to further growing a robust pipeline of investment and partnership opportunities at Ta’ziz, welcoming leading investors who are ready to partner with us on the development of a globally competitive chemicals and industrial hub.”
The Ta'ziz industrial chemicals zone has garnered significant interest from international investors, too.
Ta'ziz recently signed a deal with Reliance Industries, India's largest private petrochemicals company, to form a joint venture to develop a major chemicals project in Ruwais. Partnership agreements have also been signed with Fertiglobe, a joint venture between Adnoc and OCI, as well as with Mitsui and GS Energy for a proposed blue ammonia production facility.
Adnoc also signed an agreement with Taqa to develop a utilities project to power the industrial hub.
The Ta'ziz Industrial Chemical Zone projects are currently in the design phase, with the starting date targeted for 2025.
The recent local investor agreements follow a briefing at the Adnoc Business Centre in Abu Dhabi in September, the statement added. The event, which presented investment opportunities at Ta'ziz, was hosted in partnership with the Ministry of Industry and Advanced Technology.
The chemicals sector is an integral part of the UAE's Operation 300bn, which aims to raise the contribution of the country's industrial sector to its gross domestic product to Dh300bn by 2031.
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The National's picks
4.35pm: Tilal Al Khalediah
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6.20pm: West Acre
7pm: Flood Zone
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if you go
The flights
Etihad and Emirates fly direct from the UAE to Seoul from Dh3,775 return, including taxes
The package
Ski Safari offers a seven-night ski package to Korea, including five nights at the Dragon Valley Hotel in Yongpyong and two nights at Seoul CenterMark hotel, from £720 (Dh3,488) per person, including transfers, based on two travelling in January
The info
Visit www.gokorea.co.uk
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What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
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Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
