Adnoc and industrial holding company ADQ plan to collaborate on projects worth $5 billion in Ruwais Derivatives Park.
The companies' joint venture, Ta'ziz, will look to invest in chemical projects worth $3bn, with $2bn expected to be spent on the development of port and infrastructure facilities in Ruwais.
“Ta’ziz combines the strengths of Adnoc and ADQ to create a unique platform that will act as a key driver and catalyst for the UAE’s industrial development and economic diversification,” said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Adnoc group chief executive.
“Our new partnership will strengthen our position as a globally competitive chemicals hub and destination for foreign direct investment, leveraging technology to further grow the UAE’s advanced manufacturing base.”
Adnoc and ADQ announced the formation of the venture in July as part of plans to “select anchor chemicals projects” and attract investors to the industrial hub in the emirate’s Al Dhafra region.
They identified chemical compounds that can be used in water treatment, metallurgy, agriculture, pharmaceuticals, adhesives and vehicles for key projects in Ruwais.
Among some of the compounds that are expected to be manufactured after the completion of feasibility studies are chlor-alkali, ethylene dichloride, maleic anhydride, methanol, ammonia, isopropyl alcohol and elastomers.
The total project investment could exceed $3bn, with most chemicals set to be manufactured in the UAE for the first time.
An industrial ecosystem fostered by Adnoc and ADQ will comprise a new port, utilities, infrastructure, feedstock and shared services and could cost more than $2bn.
Contracts have already been awarded for the first phase of the development of the park, the companies said.
Geotechnical and topographical surveys, as well as marine, environment, health and safety assessments are under way.
The surveys will be completed by year-end, paving the way for civil engineering works for the construction and dredging of a new port facility.
Design and engineering contracts for the planned infrastructure, including chemical plants, will be awarded early next year, they said.
“New projects can be plugged into the existing park infrastructure, lowering the cost of investment and further enhancing the Ruwais Derivatives Park’s competitiveness,” the companies said.
Adnoc and ADQ are also in the process of creating a park management company to ensure the ease of doing business.
The new entity will help initiate contact with relevant service providers and government agencies for potential investors.
The creation of Ta’ziz will diversify critical industrial components in the UAE and also help forge long-term collaborations between companies, said ADQ chairman Mohamed Al Suwaidi.
“With companies such as Abu Dhabi Ports, Abu Dhabi National Energy Company, Etihad Rail, Emirates Steel, Ducab and Arkan, ADQ has much to bring to this joint venture,” he said.
Adnoc invited international oil companies and financial institutions in 2018 to invest about $45bn to develop its downstream sector.
The venture with ADQ also comes after a flurry of investment activity in Adnoc’s midstream sector this year.
A consortium of the world’s leading infrastructure and sovereign wealth funds signed an agreement worth $20.7bn in June to invest in Abu Dhabi’s natural gas pipeline infrastructure.
Investors such as Global Infrastructure Partners, Brookfield Asset Management, Singapore’s sovereign wealth fund GIC, the Ontario Teachers’ Pension Plan Board, South Korea’s NH Investment & Securities and Italy’s Snam bought into the infrastructure deal – the largest in the energy sector this year.
Adnoc also held its second annual trading forum yesterday, during which the president of ICE Futures Europe, Stuart Williams, said the new Murban Futures Contract based on Abu Dhabi’s flagship crude grade will begin to trade on March 29 next year.
It will be traded on ICE Futures Abu Dhabi, or IFAD, a new trading hub at the Abu Dhabi Global Markets.
“We are seeing strong market interest in the new Murban Futures contract," Mr Williams said.
"Just recently, Adnoc and IFAD signed agreements with US companies Chevron and Occidental Energy Marketing, a subsidiary of Occidental, and global trading group Trafigura, where each company has agreed to explore potential opportunities to price US crude exports to Asia off Murban Futures.”
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CHATGPT%20ENTERPRISE%20FEATURES
%3Cp%3E%E2%80%A2%20Enterprise-grade%20security%20and%20privacy%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Unlimited%20higher-speed%20GPT-4%20access%20with%20no%20caps%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Longer%20context%20windows%20for%20processing%20longer%20inputs%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Advanced%20data%20analysis%20capabilities%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customisation%20options%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shareable%20chat%20templates%20that%20companies%20can%20use%20to%20collaborate%20and%20build%20common%20workflows%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Analytics%20dashboard%20for%20usage%20insights%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Free%20credits%20to%20use%20OpenAI%20APIs%20to%20extend%20OpenAI%20into%20a%20fully-custom%20solution%20for%20enterprises%3C%2Fp%3E%0A
The specs
Engine: 5.2-litre V10
Power: 640hp at 8,000rpm
Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
Price: From Dh1 million
On sale: Q3 or Q4 2022
Bio
Age: 25
Town: Al Diqdaqah – Ras Al Khaimah
Education: Bachelors degree in mechanical engineering
Favourite colour: White
Favourite place in the UAE: Downtown Dubai
Favourite book: A Life in Administration by Ghazi Al Gosaibi.
First owned baking book: How to Be a Domestic Goddess by Nigella Lawson.
Squads
Pakistan: Sarfaraz Ahmed (c), Babar Azam (vc), Abid Ali, Asif Ali, Fakhar Zaman, Haris Sohail, Mohammad Hasnain, Iftikhar Ahmed, Imad Wasim, Mohammad Amir, Mohammad Nawaz, Mohammad Rizwan, Shadab Khan, Usman Shinwari, Wahab Riaz
Sri Lanka: Lahiru Thirimanne (c), Danushka Gunathilaka, Sadeera Samarawickrama, Avishka Fernando, Oshada Fernando, Shehan Jayasuriya, Dasun Shanaka, Minod Bhanuka, Angelo Perera, Wanindu Hasaranga, Lakshan Sandakan, Nuwan Pradeep, Isuru Udana, Kasun Rajitha, Lahiru Kumara
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1. Fasting
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4. Shahada
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Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
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- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
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Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
COMPANY%20PROFILE
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Company Profile:
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Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
At a glance - Zayed Sustainability Prize 2020
Launched: 2008
Categories: Health, energy, water, food, global high schools
Prize: Dh2.2 million (Dh360,000 for global high schools category)
Winners’ announcement: Monday, January 13
Impact in numbers
335 million people positively impacted by projects
430,000 jobs created
10 million people given access to clean and affordable drinking water
50 million homes powered by renewable energy
6.5 billion litres of water saved
26 million school children given solar lighting
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
