Shaheen is the first private UAE company to partner with TA’ZIZ as a standalone investor
Abu Dhabi Chemicals Derivatives Company (TA’ZIZ) announced today that Shaheen Chem Holdings Investment (Shaheen), will join the proposed PVC joint venture that will construct and operate a world-scale Chlor-Alkali, Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC) facility, at the TA’ZIZ Industrial Chemicals Zone, in Ruwais.
The TA’ZIZ Industrial Chemicals Zone is a joint venture between ADNOC and ADQ. With an investment of more than US$2bn (AED 7.34 billion), the project will supply local manufacturers, replacing chemicals currently imported, while also exporting to meet growing demand for these chemicals globally.
Shaheen brings extensive knowledge of the local market and joins the project with a focus on utilizing production for use in local supply chains. The agreement marks the first direct investment by a privately-owned United Arab Emirates (UAE) company in the TA’ZIZ Industrial Chemicals Zone.
“The partnership supports our national strategy to drive the growth and diversification of the country’s industrial base, strengthen domestic supply chains and enable the private sector to ‘Make it in the Emirates’, in line with the Government directives,” commented Khaleefa Yousef Al Mheiri, TA’ZIZ Acting CEO.
“This project will be the cornerstone for many exciting downstream opportunities which will create a whole new industrial cluster in the UAE, in line with the Abu Dhabi Economic Vision 2030,” remarked Walid Azhari, Managing Director, Shaheen.