ADH goes for petrochem production

Abu Dhabi Holding (ADH) today announced that they have signed a Memorandum of Understanding (MoU) with a European technology partner to assess, in cooperation with Abu Dhabi Basic Industries Corporation (ADBIC), the establishment of a production plant for non-woven fiber fabrics in Abu Dhabi Polymers Park.

Commenting on the new initiative, Otaiba Said Al Otaiba, Chairman of Abu Dhabi Holding, said, “This MoU is in line with ADH's strategy to pursue industrial investments, with a focus on downstream petrochemical industries. We are honored to work with ADBIC in the selection of good investment opportunities and toward the development of Abu Dhabi's plastics conversion industry. Abu Dhabi Polymers Park is a unique concept for the Emirate's cluster-based industrial development and we hope to seize other similar opportunities in the future.''

Mohammed H. Al Qamzi, Senior Vice President of Abu Dhabi Polymers Park at ADBIC, said, “In line with Abu Dhabi Economic Vision 2030, Abu Dhabi Polymers Park is working very closely with the private sector in Abu Dhabi to create ideal investment opportunities. Our aim is for the Emirate of Abu Dhabi to become a significant player and stakeholder, not only in the local, but also in the global plastics conversion industry. This joint study highlights our continued commitment to serve the global polymer conversion industry. We are very happy to cooperate with ADH on this project and are looking forward to supporting more projects in partnership with local investors to contribute to the development of industry.''