Abu Dhabi Chemicals Derivatives Company, better known as Ta’ziz, and Reliance Industries, India's largest private petrochemicals company, have signed a formal shareholder agreement on their new joint venture to develop a major chemicals project at the Ta’ziz industrial chemicals zone in Ruwais.
Reliance is partnering with Adnoc and Abu Dhabi holding company ADQ for the Ta’ziz EDC and PVC joint venture, which will construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) plant with an investment of more than $2 billion, Adnoc said in a statement on Tuesday.
These chemicals will be produced in the UAE for the first time, “unlocking new revenue streams and opportunities for local manufacturers”, the statement said.
The agreement was signed during the visit of Mukesh Ambani, chairman and managing director of Reliance, to Adnoc's headquarters, where he met Dr Sultan Al Jaber, Adnoc's managing director and group chief executive.
They discussed opportunities for partnership and growth across the hydrocarbon value chain.
“Reliance is a valued strategic partner and our collaboration at Ta'ziz underscores the important role of industrial and energy co-operation as a means of strengthening the deep-rooted and friendly ties between the UAE and India,” said Dr Al Jaber, who is also Minister of Industry and Advanced Technology.
“We are building on this partnership and the progress at Ta'ziz to unlock more opportunities to drive the UAE’s industrial and manufacturing growth, while advancing co-operation on decarbonisation, new energies and upstream production.”
The UAE and India signed a Comprehensive Economic Partnership Agreement (CEPA) in February that aims to boost non-oil trade between the two countries to $100bn in five years, from $60bn currently.
The deal, which will take effect on May 1, is expected to support the growth of national industries in the UAE, enhance their competitiveness, accelerate the pace of adopting advanced technology and create competitive advantages in new fields.
The Ta'ziz complex is also expected to benefit from the trade agreement.
The chemicals set to be produced by the Ta’ziz EDC and PVC joint venture with Reliance have a wide range of industrial applications, “enabling local supply chains and meeting growing demand in key export markets”, Adnoc said.
Chlor-alkali enables the production of caustic soda, crucial to the alumina refining process, while EDC is used in the production of PVC, a high-strength thermoplastic material used to manufacture industrial and consumer products such as pipes, windows fittings, cables, films and flooring.
Chemicals is also a priority sector for the UAE's Operation 300bn strategy, which aims to raise the industrial sector’s contribution to national gross domestic product to Dh300bn by 2031.
“The production of chlor-alkali, EDC and PVC will create export opportunities in target markets in South-east Asia and Africa, as well as provide local industry with a source of critical raw materials manufactured in the UAE for the first time, strengthening in-country value,” Adnoc said.
The Ta’ziz EDC and PVC project is making “solid progress” towards the detailed design phase and a final investment decision is expected to be taken later this year.
“I am happy to see the quick progress made by the Ta'ziz EDC and PVC joint venture between Reliance Industries Limited and Ta’ziz in a short time,” Mr Ambani said.
“This joint venture is a testimony to the strong and growing ties between India and the UAE and will be a benchmark for more such projects built on strengths of the two nations.”
Dr Al Jaber and Mr Ambani also exchanged a signed framework agreement to explore collaboration in the exploration, development and production of conventional and unconventional resources in Abu Dhabi as well as to decarbonise operations including carbon dioxide sequestration.
Mr Ambani also met Mohamed Al Ramahi, chief executive of Masdar, to explore potential opportunities for collaboration in renewable energy and green hydrogen, the statement said.
The UAE is creating a global clean energy powerhouse under the Masdar brand, consolidating the efforts of Adnoc, Taqa and Mubadala in renewable energy and green hydrogen.
Brief scoreline:
Manchester United 2
Rashford 28', Martial 72'
Watford 1
Doucoure 90'
Need to know
When: October 17 until November 10
Cost: Entry is free but some events require prior registration
Where: Various locations including National Theatre (Abu Dhabi), Abu Dhabi Cultural Center, Zayed University Promenade, Beach Rotana (Abu Dhabi), Vox Cinemas at Yas Mall, Sharjah Youth Center
What: The Korea Festival will feature art exhibitions, a B-boy dance show, a mini K-pop concert, traditional dance and music performances, food tastings, a beauty seminar, and more.
For more information: www.koreafestivaluae.com
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
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KILLING OF QASSEM SULEIMANI
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Zayed Sustainability Prize
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
