Financial close brings the TA’ZIZ methanol project in Ruwais closer to its targeted 2028 start-up.
Dubai: TA’ZIZ has secured $2 billion in financing for the UAE’s first world-scale methanol plant, bringing one of Abu Dhabi’s key industrial projects closer to production and reinforcing the country’s strategy to expand domestic chemicals and manufacturing capacity.
The financing was announced during Make it in the Emirates 2026 and supports the TA’ZIZ Methanol Company, a joint venture between TA’ZIZ and Proman. The plant is being developed in Al Ruwais Industrial City and is scheduled for completion in 2028.
The deal was significantly oversubscribed, highlighting strong appetite among global lenders for Abu Dhabi’s industrial expansion strategy and the growing chemicals platform in Ruwais.
Financing backed by 11 banks
The financing package includes a five-year $1.8 billion conventional syndicated loan alongside a $200 million Islamic financing facility. TA’ZIZ said both were priced in line with international market benchmarks, reflecting the project’s strong credit profile and execution strategy.
Eleven regional, European and Asian financial institutions participated in the financing. Sumitomo Mitsui Banking Corporation acted as the exclusive financial adviser, while Abu Dhabi Commercial Bank and First Abu Dhabi Bank served as bookrunners and mandated lead arrangers.
ADCB and FAB structured the loan, led fundraising efforts, took the largest commitments, and coordinated the banking syndicate.
Mashal Saoud Al-Kindi said the financing represents a significant milestone for both the company and Abu Dhabi’s wider industrial expansion strategy.
“This landmark financing 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 said.
Methanol project moves into delivery phase
The financing close follows several major milestones for the project, including final investment decisions by ADNOC, TA’ZIZ and Proman, the award of the engineering, procurement and construction contract to Samsung E&A Co. Ltd., and the formation of the TA’ZIZ Methanol Company.
Construction is already under way, with the plant targeted for completion in 2028. Once operational, it is expected to strengthen the UAE’s domestic chemicals value chain and support broader local manufacturing growth.
Methanol is widely used in industries ranging from chemicals and plastics to construction materials and energy applications. The project also aligns with Abu Dhabi’s wider strategy to expand downstream industrial production and generate greater value from its energy and chemicals sector.
