(Supplied photo)

Adnoc, ADQ launch Ruwais Derivatives Park, to invest Dh18B

Dubai - Derivatives Park is to commence in early 2021 with initial chemical production expected in 2025

A Staff Reporter

Published: Tue 10 Nov 2020, 12:00 PM

Last updated: Tue 10 Nov 2020, 12:53 PM

Abu Dhabi National Oil Co. (Adnoc) and ADQ on Tuesday announced launch of a new joint venture Taziz which will drive the development of industrial projects within the planned Ruwais Derivatives Park.

It will lay foundation for new technology-led industries in Abu Dhabi and the UAE and act as a catalyst for the UAE’s economic diversification and technology-led growth.

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“Derivatives Park is to commence in early 2021 with initial chemical production expected in 2025. Potential investment projects selected for phase one will amount to more than $5 billion (Dh18 billion),” Abu Dhabi Media Office tweeted.

Led by the Abu Dhabi Inc., the UAE capital is diversifying its economy with the help of state-backed entities such as Adnoc and ADQ. These entities are investing in diverse sectors in order to promote sustainable growth of the local economy.

Last month, ADQ, one of the region's largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi's diversified economy, entered into a non-binding agreement with Lulu International Holdings (LIHL), the leading hypermarket and supermarket chain in the Middle East, for an investment supporting LIHL’s expansion of operations in Egypt of up to $1 billion.

Under the terms of the agreement, ADQ and LIHL will work to collectively develop up to 30 hypermarkets and 100 express minimarket stores as well as state-of-the-art logistics hubs, distribution and fulfilment centres to strengthen the retailer's ecommerce business across Egypt. It is estimated that this expansion will create up to 12,000 jobs, fostering economic and social growth throughout the country.