TA'ZIZ Closes $1.4B Financing for Ruwais Ammonia Plant and Chemicals Terminal
The terminal takes $928 million including an Islamic tranche, while the ammonia venture raises $460 million. Both facilities were oversubscribed.
TA'ZIZ has closed $1.4 billion (AED 5.1 billion) in financing covering an ammonia plant and a chemicals export terminal at Ruwais in Abu Dhabi. The company announced the package in a statement on Wednesday.
The terminal took the larger share, more than $928 million (AED 3.4 billion), structured as long-term non-recourse debt with nine regional and international banks. That figure includes $225 million (AED 826 million) of Islamic financing. Mitsubishi UFJ Financial Group acted as financial advisor. TA'ZIZ Ammonia raised more than $460 million (AED 1.7 billion) through a six-year facility from seven banks based in China, Kuwait, Spain and Singapore, with Sumitomo Mitsui Banking Corporation as exclusive financial advisor. Both financings were oversubscribed.
Mashal Saoud Al-Kindi, chief executive of TA'ZIZ and chairman of both projects, said they will help build a globally competitive chemicals and industrial ecosystem at Ruwais and support the country's economic diversification.
Construction is far along on both sites. Tecnimont, the Italian engineering firm holding the ammonia plant's engineering, procurement and construction contract, has completed more than 90% of the work. Rotary Engineering, the Singapore-based contractor on the terminal, is about 70% through its EPC scope.
ADNOC and Advario Star Energy jointly own TA'ZIZ Terminal, which will supply liquid chemical storage and export services to the TA'ZIZ Industrial Chemicals Zone. TA'ZIZ Ammonia is a joint venture of TA'ZIZ, Abu Dhabi-listed fertilizer producer Fertiglobe, Japan's Mitsui & Co. and South Korea's GS Energy, with planned capacity of 1 million tonnes a year.
Bas Verkooijen, chief executive of Advario, said the long-term financing allows the partners to progress terminal construction "with certainty." Ahmed El-Hoshy, his counterpart at Fertiglobe, said the funding "underpins the final phase of delivery" of the ammonia plant.
Ahmed El-Hoshy, his counterpart at Fertiglobe, said the funding
The agreements were announced at ADIPEC, which opened in Abu Dhabi on November 2. They follow the $2 billion (AED 7.3 billion) financial close TA'ZIZ reached on May 7 for a methanol plant being built with Proman. Including that transaction, TA'ZIZ has now secured more than $3.3 billion (AED 12.4 billion) across its portfolio.
The fundraising tracks a wider build-out of the industrial zone around it. ADNOC and Abu Dhabi investment company ADQ set up TA'ZIZ in 2020 as a platform spanning manufacturing, industrial services, logistics and utilities. On January 28, ADNOC and Abu Dhabi National Energy Company signed a 27-year agreement to jointly develop central utilities for the zone, covering grid connection, steam production, process cooling and water services. Chemical plants need those inputs before a single train starts up, which puts the utility agreement on the same critical path as the project finance.
Once complete, the TA'ZIZ Industrial Chemicals Zone is set to produce about 4.7 million tonnes a year of chemicals and industrial products. That output breaks down into 1 million tonnes of ammonia, 1.8 million tonnes of methanol and 1.9 million tonnes from a polyvinyl chloride complex. TA'ZIZ expects the first phase to contribute $50 billion (AED 183 billion) to the UAE economy and to create 20,000 construction jobs along with 6,000 operational roles. Fertiglobe ranks 70th on a 2026 list of the Middle East's 100 most valuable companies.
