Shearman & Sterling advised the Abu Dhabi National Oil Company (ADNOC) in relation to investment agreements between Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) and eight United Arab Emirates (UAE)-based investors, marking the first domestic Public Private Partnership (PPP) in Abu Dhabi’s downstream and petrochemicals sector. The agreements comprise commitments to invest in an up to 20 percent stake in a portfolio of chemicals projects worth AED 15 billion ($4 billion) within the TA’ZIZ Industrial Chemicals Zone, alongside ADNOC, Abu Dhabi Developmental Holding Company PJSC (ADQ) and other global strategic partners in Ruwais, Abu Dhabi.

The development of the TA’ZIZ industrial hub is expected to benefit from ADNOC and ADQ’s world-class infrastructure and high-quality feedstock, as well as the support of the Ministry of Industry and Advanced Technology (MoIAT).

Chemicals is a priority sector for “Operation 300bn,” the UAE’s industrial growth strategy championed by MoIAT, which has the goal to raise the UAE industrial sector’s contribution to national gross domestic product (GDP) to AED 300 billion by 2031.

The Team