Mazrui International and its Energy Arm Mazrui Energy Services Sign Investment Agreement with TA’ZIZ, Joining Seven Other Leading UAE Investors in the First Domestic Public Private Partnership for Abu Dhabi’s Downstream and Petrochemicals Sector
Mazrui International and its energy arm Mazrui Energy Services was one of eight leading UAE investors to sign an investment agreement with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ), a joint venture between Abu Dhabi National Oil Company (ADNOC) and ADQ, to invest in an up to 20% stake in a portfolio of chemicals projects worth AED 15 billion ($4 billion) within the TA’ZIZ Industrial Chemicals Zone in Ruwais, Abu Dhabi.
Mazrui International and its subsidiaries firmly believe that critical new value chains will be created by producing such chemicals locally in the UAE and, combined with inward foreign investment and new technology, will contribute significantly to the growth and diversification of the economy and further enhance Abu Dhabi’s global position as a leading investment destination.
The signing of the investment agreements was witnessed by His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and His Excellency Mohamed Hassan Alsuwaidi, CEO of ADQ.
H.E. Dr. Sultan Ahmed Al Jaber, said: “We are delighted to welcome leading UAE-based investors to partner with ADNOC and ADQ to further accelerate the development of TA’ZIZ. 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.”
“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.”
H.E. Mohamed Hassan Alsuwaidi, said: “The agreements reflect our aim to strengthen collaboration with the private sector. Sustainable industrial growth ensures that the UAE is well positioned to attract foreign direct investment and grow its leadership across core sectors of the economy where ADQ is active. Through our broad portfolio, we can unlock the investment potential of TA’ZIZ on a global scale, while remaining firmly committed to driving value creation and supporting the sustainable development of Abu Dhabi’s economy.”
Mazrui International and Mazrui Energy Services were represented in the signing ceremony by the Chairman, Mr. Abdullah Al Mazrui, and the Group Chief Executive Officer, Mr. Charbel Khoury.
On this occasion Mr. Abdullah Al Mazrui said: “Mazrui International and its energy arm Mazrui Energy Services are proud to be part of this exciting investment agreement. It is a unique strategic opportunity that aims to diversify the United Arab Emirates’ economy and enable industrial growth. TA’ZIZ will boost competitiveness and create new industrial value chains for our great nation. We strongly support the creation of value-added products through the large-scale investment into chemicals production.”
“Being a component of the national economy for around five decades, Mazrui International continues to diversify our investments across our operating businesses, joint ventures, and investments. Our objectives were set in line with the UAE’s strategic vision of having a diverse, stable, and robust economy with advanced technology, as well as being an attractive manufacturing hub for foreign investment to achieve sustainable prosperity.”
Mr. Charbel Khoury said “At Mazrui International and its energy arm Mazrui Energy Services, one of our goals is to diversify our investments among our operating businesses, joint ventures, and strategic partnerships across several industries.”
“We are convinced that TA’ZIZ is a catalyst for the next generation of industry, set to create numerous opportunities through the development of new projects to manufacture a wide range of chemicals on a global scale, which will benefit a number of strategic domains and increase the UAE’s industrial competitiveness, thereby driving economic diversification and value creation.”
The development of the TA’ZIZ industrial hub is expected to benefit from ADNOC and ADQ’s world-class infrastructure and high-quality feedstock, as well as the support of the Ministry of Industry and Advanced Technology (MoIAT) in UAE. ADNOC’s operations are a critical engine for industrial growth in the UAE, with competitive feedstocks available to catalyze the growth of industries and manufacturing supply chains. Similarly, ADQ’s broad portfolio of major enterprises spans key sectors of a diversified economy, enabling private sector investment in the UAE’s economy.
Chemicals is a priority sector for “Operation 300bn,” the UAE’s industrial growth strategy championed by MoIAT, which has the goal to raise the UAE industrial sector’s contribution to national gross domestic product (GDP) to AED 300 billion by 2031. Chemicals enable everyday life and represent an attractive sector given the projected global demand growth and the opportunity to create new supply chains through local production.
In Arabic, TA’ZIZ means advancement, strengthening or creating a foundation. It is an industrial services and logistics ecosystem that drives, supports, and enables the growth of the Ruwais Industrial Complex and Abu Dhabi’s chemicals, advanced manufacturing and industrial sectors.
To find out more, visit www.taziz.com
ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to maximize the value of the Emirate’s vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates’ economic growth and diversification.
To find out more, visit: www.adnoc.ae
Established in Abu Dhabi in 2018, ADQ is one of the region’s largest holding companies with direct and indirect investments in more than 90 companies locally and internationally. Both an asset owner and investor, ADQ’s broad portfolio of major enterprises span key sectors of a diversified economy, including energy and utilities, food and agriculture, healthcare and pharma, and mobility and logistics, amongst others. As a strategic partner of Abu Dhabi’s government, ADQ is committed to accelerating the transformation of the emirate into a globally competitive and knowledge-based economy.
To find out more, visit: www.adq.ae