Both parties will conduct a comprehensive feasibility study of projects. The results of the comprehensive feasibility study are due before the end of 2020 and will include opportunities for prospective investors.

The JV partners announced launch of a new joint venture Taziz which will drive the development of industrial projects within the planned the Park. It will lay foundation for new technology-led industries in Abu Dhabi and the UAE and act as a catalyst for the UAE’s economic diversification and technology-led growth. Ta’ziz will look to invest in $3bn worth of chemical projects, with $2bn to be spent in developing port and infrastructure facilities in Ruwais. The partners have identified chemical compounds with uses in water treatment, metallurgy, agriculture, pharmaceuticals, adhesives and automobiles for anchor projects. Among some of the compounds that are likely to be manufactured, following feasibility studies, as part of the JV are chlor-alkali, ethylene dichloride, maleic anhydride, methanol, ammonia, isopropyl alcohol and elastomers. An “industrial ecosystem” fostered will comprise a new port, utilities, infrastructure, feedstock supply and shared services and could cost well over $2bn. Geotechnical and topographical surveys, as well as marine, environment, health and safety assessments are currently underway. The surveys will be completed by year-end, paving the way for civil engineering works for construction and dredging for a new port facility. Design and engineering contracts for the planned infrastructure, including chemical plants will be awarded in early 2021. The facilities would be made available to investors on the basis of a ‘plug and play’ concept. New projects can be plugged into the existing park infrastructure, lowering the cost of investment and further enhancing the Ruwais Derivatives Park’s competitiveness. Derivatives Park is to commence in early 2021 with initial chemical production expected in 2025.

Ta’ziz is expected to start construction work on the planned Ruwais Derivatives Park  in early 2022. Land surveys are now completed.