Abu Dhabi’s state-backed chemicals platform is considering a $10 billion investment to significantly expand output at Ruwais Industrial City — one of the first big moves made since the government launched a campaign to expand domestic production of critical goods in late April. The expansion also aligns with a strategy to capture more value from its oil and gas resources.
TA’ZIZ, which is owned by national oil company ADNOC and sovereign wealth fund L’IMAD Holding Co, is exploring a potential project with IHC’s Alpha Dhabi Holding that could produce 2.2 million tons a year of chemicals used in automotive manufacturing, construction, consumer goods, and packaging. The new plants are intended to replace some imports and boost the UAE’s domestic industrial base, and would build on TA’ZIZ’s existing portfolio of ammonia, methanol, and PVC projects that are expected to reach 4.7 million tons a year of output by 2029. Separately, TA’ZIZ secured $2 billion in financing for a methanol plant from 11 regional, Asian, and European banks.
— Mohammed Sergie