TA’ZIZ has secured $2 billion (AED7.34 billion) in financing for the UAE’s first world-scale methanol plant. The announcement was made during Make it in the Emirates 2026 in Abu Dhabi.
The financing supports the TA’ZIZ Methanol Company, a joint venture between TA’ZIZ and Proman. The project is being developed in Al Ruwais Industrial City and is targeted for completion in 2028.
The financing transaction received strong interest from global lenders and was significantly oversubscribed. This reflects growing confidence in Abu Dhabi’s industrial strategy and the long term growth potential of the Ruwais chemicals and manufacturing ecosystem.
Financing package backed by global banks
The funding package includes a five year $1.8 billion conventional syndicated loan and a $200 million Islamic financing facility. TA’ZIZ said both facilities were priced in line with international benchmarks, highlighting the project’s strong financial profile and execution plan.
Eleven financial institutions from the Middle East, Europe, and Asia participated in the transaction. Sumitomo Mitsui Banking Corporation acted as the exclusive financial advisor for the project.
Abu Dhabi Commercial Bank and First Abu Dhabi Bank served as bookrunners and mandated lead arrangers. Both banks designed the financing structure, led fundraising efforts, coordinated the syndicate, and took the largest lending commitments.
Mashal Saoud Al Kindi, CEO of TA’ZIZ, said the financing marks a major milestone for Abu Dhabi’s industrial growth plans. He added that strong demand for the transaction reflects confidence in TA’ZIZ’s partnerships and industrial vision.
Methanol demand continues to grow globally
David Cassidy, Chief Executive of Proman, said the financing represents an important step for the project and strengthens the partnership between Proman and TA’ZIZ.
He said the strong interest in the transaction highlights growing confidence in methanol demand. Methanol is widely used in chemicals production, plastics, construction materials, transportation, and cleaner fuel applications.
Cassidy also said the project positions Abu Dhabi as a future global hub for methanol production. Proman believes the plant will play an important role in supporting cleaner energy solutions and industrial growth.
Project moves closer to 2028 completion
The financing follows several major milestones already completed for the project. Earlier, ADNOC, TA’ZIZ, and Proman approved the Final Investment Decision for the methanol plant.
The project also awarded its Engineering, Procurement, and Construction contract to Samsung E&A Co. Ltd.. Construction activities are currently progressing in Ruwais, with operations expected to begin in 2028.
Once operational, the methanol plant will support the UAE’s domestic chemicals value chain. It will also help local manufacturers produce more industrial products inside the country and reduce import dependence.
TA’ZIZ was established in 2020 as a joint venture between ADNOC and ADQ. The company focuses on chemicals, manufacturing, industrial services, logistics, and utilities projects that support the UAE’s economic diversification strategy.
According to the company, the first phase of the TA’ZIZ ecosystem is expected to contribute AED183 billion to the UAE economy while creating around 20,000 construction jobs and 6,000 operational roles.
