Dubai — Eight UAE-based investors have signed agreements with the Abu Dhabi Chemicals Derivatives Co (TA’ZIZ) to take a stake of up to 20% in chemicals projects worth 15 billion dirhams ($4 billion) in an industrial chemicals zone in Abu Dhabi.
In the first domestic public-private partnership in Abu Dhabi’s downstream and petrochemicals sector, the investors will be committing funds alongside ADNOC, ADQ and other global partners in the TA’ZIZ Industrial Chemicals Zone, ADNOC said in a statement.
The investors are Al Dhafra Co-operative Society, Al Nasser Holdings LLC, Alpha Dhabi Partners Holding LLC, Arab Development Establishment, Buhairan Ltd Company LLC, Capital Investment LLC, Mazrui International and Mazrui Energy Services, and Riverside Investments LLC.
The exclusive financial adviser to ADNOC and ADQ on the deal was deNovo Corporate Advisors, and Shearman & Sterling acted as legal adviser to ADNOC and ADQ.
($1 = 3.6726 UAE dirham)
- Reuters (Reporting by Saeed Azhar; Editing by Mark Potter)