Abu Dhabi's Ta'ziz raises $1.39bn for two Ruwais projects
Abu Dhabi's Ta'ziz has raised $1.39 billion for two projects in Ruwais, with both transactions oversubscribed as the emirate's industrial growth strategy progresses . The terminal project raised more than $928 million, including $225 million of Islamic financing, while over $460 million has been raised for the ammonia project, the company said in a statement on Wednesday. The terminal project, a…
Abu Dhabi's Ta ziz has successfully raised $1.39 billion for two major projects in Ruwais, with both deals oversubscribed as the emirate continues its industrial growth strategy. The terminal project, a joint venture between Adnoc and Advario Star Energy, garnered over $928 million, including $225 million of Islamic financing. Meanwhile, the ammonia project, also a joint venture with Fertiglobe, Mitsui, and GS Energy, raised more than $460 million.
These projects include liquid chemical storage capacity and export capabilities, as well as one of the largest ammonia production facilities in the region, capable of producing one million tonnes per annum. Ta ziz, established in 2020 by Adnoc and Abu Dhabi's investment and holding company ADQ, supports the production of chemicals and transition fuels, and plays a pivotal role in Adnoc's plans to become a top three global chemicals player and Abu Dhabi's industrial growth strategy.
The first phase of the Ta ziz ecosystem is projected to contribute $50 billion to the UAE economy, generating 20,000 construction jobs and 6,000 operational roles.
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