Abu Dhabi JV to spend $5 billion on derivatives

Abu Dhabi

ABU DHABI, November 10, 2020 – Abu Dhabi’s recently formed ADNOC-ADQ joint venture, known as TA’ZIZ, plans to invest more than USD 5 billion in projects at the Ruwais Derivatives Park, the partners said on Tuesday.

The TA’ZIZ venture was formed in July by the NOC, with 60%, and state holding company ADQ, with 40%.

The mega-investment comprises USD 3 billion in prospective chemicals manufacturing projects alongside USD 2 billion devoted to building a port, utilities and infrastructure.

The partners said TA’ZIZ will “act as a catalyst for the UAE’s economic diversification and technology-led growth.”

For more on ADNOC’s strategy, read our latest interview with CEO Dr. Sultan Ahmed Al Jaber.

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