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To unlock more opportunities for further industrial growth, Kanoo Energy, part of the Kanoo Group, has signed a Letter of Intent (EoI) for the Ta’ziz Project with the Abu Dhabi National Oil Company (Adnoc).
Ta’ziz Industrial Chemicals Zone, a joint venture between Adnoc and Abu Dhabi-based sovereign wealth fund Abu Dhabi Developmental Holding Company PJSC (ADQ), aims to produce new industrial chemicals in the UAE for the first time to replace current chemical imports , while exporting to meet the growing global demand for these chemicals.
Unlock opportunities
The agreement, signed during the “Make it in the Emirates” forum on 21 June 2022, is aimed at acknowledging interest in carrying out activities in Ta’ziz’s light industry and service area. Ta’ziz Zones promises to open up opportunities for manufacturers and service providers that will enable a wide range of everyday products to be produced locally in the UAE.
The signing of the EoI was attended by Hesham Nass, Regional Executive Officer of Kanoo Group and Raman Marwaha, Managing Director of Kanoo Energy, and Khaleefa Al Meheiri, Acting Chief Executive Officer of the Ta’ziz programme. In addition to Kanoo Energy, more than 20 other investors have signed letters of intent.
“Make it in the Emirates”, held from 21-22 June, examined the UAE’s potential to become a global industrial hub. It captures the various opportunities in technology, hydrogen, petrochemicals and renewable energy that support the UAE’s rise as a global hub for clean energy. It is jointly organised by the Ministry of Industry and Advanced Technology (MoIAT) in conjunction with the Abu Dhabi Ministry of Economic Development (Add). — arab trade news agency
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