Abu Dhabi-based TA’ZIZ has announced at Make it in the Emirates 2026 event today (May 7) that its joint venture with Swiss-headquartered Proman, has achieved financial close on $2 billion financing for the UAE’s first world scale methanol plant in Al Ruwais Industrial City.

According to TA’ZIZ, the transaction was significantly oversubscribed, underscoring strong global confidence in its strategy and the long-term fundamentals of Abu Dhabi’s industrial growth platform.

Both facilities were priced in line with international benchmarks, reflecting the project’s strong credit profile and disciplined execution.

A major industrial joint venture between Abu Dhabi National Oil Company (ADNOC) and investment group ADQ, TA’ZIZ said the financing package brings together 11 leading regional, European and Asian financial institutions and includes a five-year $1.8 billion conventional syndicated loan and a $200 million Islamic facility. 

Sumitomo Mitsui Banking Corporation (SMBC) acted as the exclusive financial advisor, while Abu Dhabi Commercial Bank (ADCB) and First Abu Dhabi Bank (FAB) served as bookrunners and mandated lead arrangers, designing the loan structure, leading the fundraising, taking the largest commitments, and coordinating the syndicate.

On the landmark financing, the CEO Mashal Saoud Al Kindi said it marks a defining moment for TA’ZIZ and for Abu Dhabi’s next phase of industrial growth. "The strong global demand for this transaction reflects our disciplined execution, the strength of our partnerships, and the long-term fundamentals of the Ruwais industrial ecosystem,” he stated.

Proman CEO David Cassidy said: "This is a significant step forward for the project and a major advancement in our partnership with TA’ZIZ. The strong interest in this transaction underscores market confidence in methanol’s growth trajectory, both as a key chemical and as a cleaner burning fuel for transportation and power generation."

"It also positions Abu Dhabi as a future global hub for methanol production. Proman is proud to be party to this world class joint venture,” he noted.

The financing builds on a series of key milestones achieved across the methanol project, including Final Investment Decisions by ADNOC, TA’ZIZ and Proman, the award of the Engineering, Procurement and Construction (EPC) contract to Samsung E&A Co. Ltd., and the establishment of the TA’ZIZ Methanol Company.

Construction of the TA’ZIZ methanol plant is progressing with completion targeted for 2028. Once operational, the plant will support the development of a domestic chemicals value chain, enabling local manufacturing, and reinforcing Abu Dhabi’s position as a globally competitive industrial hub.

The announcement supports Make it in the Emirates (MIITE) focus on delivery by securing the financing required to move strategic industrial projects from planning into construction. MIITE enables the UAE to keep building advanced industry by converting investor confidence into committed capital that underpins world-scale production and long-term industrial growth.-TradeArabia News Service