TA'ZIZ closes $1.39 billion financing for two Ruwais industrial projects

Summary

• TA'ZIZ completed a 5.10 billion dirham financial close for two Ruwais projects on Wednesday.
• The deals follow a $2 billion methanol financing in April, lifting total project funding to $3.39 billion.
• The package shows international lenders backing Abu Dhabi's push into chemicals exports and low-carbon ammonia.

The latest

Two strategic projects in Ruwais Industrial City secured 5.10 billion dirhams, or $1.39 billion, in financial close, TA'ZIZ announced Wednesday at ADIPEC 2026. The joint venture between ADNOC and ADQ said the funding covers its terminals and ammonia ventures. With an earlier methanol package, TA'ZIZ projects have now raised roughly 12.44 billion dirhams.

Details

• The breakdown: TA'ZIZ Terminals drew more than 3.41 billion dirhams ($928 million), including an Islamic financing tranche of 826 million dirhams ($225 million), according to TA'ZIZ. The TA'ZIZ Ammonia project secured more than 1.69 billion dirhams ($460 million) under a separate facility.
• The running total: The two deals follow a 7.34 billion dirham ($2 billion) financing closed in April for the TA'ZIZ Methanol project. Combined, financing raised across the TA'ZIZ portfolio now exceeds 12.44 billion dirhams, or about $3.39 billion, the company said.
• The terminals venture: TA'ZIZ Terminals is a joint venture between ADNOC and Advario Star Energy, positioned as the main logistics gateway for the TA'ZIZ Industrial Chemicals Zone through liquid chemical storage capacity and export capability, according to the company.
• Who lent: Nine regional and international banks took part in the terminals financing under a long-term, non-recourse agreement that carries no claim on shareholders. Mitsubishi UFJ Financial acted as financial adviser on the transaction, TA'ZIZ said.
• The ammonia venture: TA'ZIZ Ammonia brings together TA'ZIZ, Fertiglobe, Mitsui & Co. and GS Energy, with a design capacity of 1 million tonnes of ammonia a year. Seven banks from China, Kuwait, Spain and Singapore funded it on six-year facilities.
• The adviser: Sumitomo Mitsui Banking Corporation served as the exclusive financial adviser on the ammonia financing, according to TA'ZIZ. The company did not disclose pricing terms or the individual commitments of the participating lenders in either transaction.
• Construction status: Engineering, procurement and construction work on the ammonia project, awarded to Tecnimont, has passed 90% completion. The terminals project, awarded to Rotary Engineering, stands at roughly 70%, TA'ZIZ said. No start-up dates were announced for either.
• The executive line: Mashal Saoud Al Kindi, TA'ZIZ chief executive and chairman of both projects, said the completed financing marks "a new milestone" confirming the confidence of investors and international lenders in the company, its partners and Abu Dhabi's industrial vision.

Background

TA'ZIZ is a joint venture between ADNOC and ADQ developing a chemicals cluster at Ruwais, west of Abu Dhabi, covering methanol, ammonia and export terminal infrastructure. Its projects are being financed individually rather than through a single corporate facility.

Between the lines

The financing structures point to where risk is being placed. The terminals deal was arranged on a non-recourse basis with no claim on shareholders, meaning lenders are underwriting the projects' own cash flows. The spread of participants across nine banks on one deal and seven from four countries on the other indicates the appetite is not confined to Gulf lenders.

What's next

Watch for completion of the Tecnimont-built ammonia plant, already past 90%, and the Rotary Engineering terminals work at about 70%, along with any financing announced for remaining TA'ZIZ projects in the Ruwais chemicals zone.

Source: WAM (Emirates News Agency)