Alpha Dhabi to invest Dhs1bn in ADNOC chemicals project

United Arab Emirates-based Alpha Dhabi Holding plans to invest about Dhs1bn ($273m) in a chemicals company as part of a wider investment strategy.

The investment in Abu Dhabi Chemicals Derivatives Company, known as Ta’ziz, is part of an Dhs8bn strategy announced last week for investments across core sectors inside and outside the Gulf state.

Abu Dhabi National Oil, the nation’s main oil producer, runs the Ta’ziz chemicals park at Ruwais on the UAE’s coast along with government-owned investment firm ADQ. Eight local investors will buy as much as 20 per cent of a $4bn portfolio of potential petrochemical projects at the Ta’ziz industrial complex, ADNOC said last week.

The companies expect the tie-up to develop into a “long-term contributor not only to the nation’s economy, but to the regional and global competitiveness of Alpha Dhabi Holding, Abu Dhabi and the UAE,” Alpha Dhabi CEO Hamad Al-Ameri said in a statement Sunday.