Stock UAE Oil Refinery Adnoc Ruwais
Image Credit: Bloomberg

Dubai: Abu Dhabi-based Alpha Dhabi Holding plans to invest about Dh1 billion in a chemicals company as part of a wider investment strategy.

The investment in Abu Dhabi Chemicals Derivatives Company RSC ltd., known as Ta’ziz, is part of an Dh8 billion strategy announced last week for investments across core sectors inside and outside the Gulf state.

Abu Dhabi National Oil Co., the nation’s main oil producer, runs the Ta’ziz chemicals park at Ruwais on the UAE’s Arabian Gulf coast along with government-owned investment firm ADQ. Eight local investors will buy as much as 20 per cent of a $4 billion 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 competitveness of Alpha Dhabi Holding, Abu Dhabi and the UAE,” Alpha Dhabi CEO Hamad Al-Ameri said in a statement Sunday.