Adnoc to invest US$ 45 bn in development plans for Ruwais City
Posted on 14th September 2018
According to *Tradearabia news report, the Abu Dhabi National Oil Company (Adnoc) will invest Dh165 billion ($45 billion) in development plans for Ruwais City, a 6.9-sq-km community near the Ruwais Industrial Complex, in Abu Dhabi’s Al Dhafra region, a media report said.
The project will see the city’s population nearly double, over the next 15 years, to more than 50,000 people, as well as the creation of thousands of new, specialized, highly skilled jobs in parallel with Adnoc’s investment in its downstream operations, reported Emirates news agency Wam.
The Ruwais City development plan complements Adnoc’s decision to develop the world’s largest integrated refining and petrochemicals complex in Ruwais. This industrial ecosystem, supported by the UAE’s stable fiscal, legal and financial system, is designed to generate long-term sustainable value for investors by providing them with: (i) access to a diverse set of competitive materials, utilities and other best in class industrial services, (ii) proximity to growing markets, (iii) and best-in-class community infrastructure that ensures an exciting work-life balance.
Along with the growth of Adnoc’s own businesses, the development of both the industrial complex and the city will see a significant spill-over impact on the local economy, as local contractors and businesses grow in tandem, providing a significant boost for the local economy.
Dr Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO, unveiled the new Ruwais city brand identity – Where Opportunity Lives.
Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, said: "Ruwais is an international centre of various industries, especially oil and gas, and is an important part of the UAE economy, and the main destination for the residents and visitors of Al Dhafra Region.
“Its growth and expansion will advance the country’s refining and petrochemical industries while updating and improving its infrastructure will enable it to keep pace with the country’s progress. Adnoc, will launch the Ruwais Industrial Complex in the coming years, to keep pace with the needs of a growing population that will accompany these developments, which will help establish the stature of Ruwais.”
"The development of Ruwais will have positive, direct and tangible economic and social effects, such as training Emiratis and providing them with work opportunities while improving the quality of life of the residents of Ruwais and the Al Dhafra Region and giving local companies, whether large, medium or small, to participate in construction and infrastructure development projects," Sheikh Hamdan added.
Sheikh Hamdan commended Adnoc’s efforts to develop Ruwais and maximise the value of every barrel of oil it produces, through strengthening its operations in the oil and gas sector while explaining that the future has many opportunities, which must be seized and employed to serve the UAE.
Dr. Sultan Al Jaber said: "Our investment in the further development of Ruwais City is an investment in our people, our most important asset. It is not just about enhancing the city’s infrastructure; it is about improving residents’ quality of life as we continue to build a strong, sustainable community and create greater value for the benefit of the local economy, the region and the nation.
"The Dh165 billion investment in our downstream operations, over the next five years, will have a big ripple effect that will create new employment opportunities, establish new businesses and enable existing businesses to grow and prosper. The in-county value will also be significant as we expand our operations, introduce new high-value products and grow our downstream market share."
To accommodate the immediate population growth, Adnoc is constructing more than 3,000 new residential units bringing the total number of city housing units to more than 10,000, with more to be built as required. The city’s development will also include a number of projects focused on lifestyle, recreation and community, including new beach facilities, a central park, traditional souq, 18-hole golf course, cricket field, running track and cycling track, as well as the expansion of the public transport network, a range of community and civic centers and a number of health centers.
Ruwais City will be further supported by the expansion of a range of integrated government service centers, including Ruwais City’s first "Tamm" Center. Instead of travelling to Abu Dhabi, residents can now obtain official government documents by visiting the Tamm Center, a one-stop-shop offering a customized suite of services specifically designed to meet the needs of the community.
Counted among Ruwais City’s community offerings are eight schools and universities, three pharmacies, three major markets, three travel agencies, four fitness clubs, two large parks, a major shopping mall and range of other commercial and civic centers.
The Ruwais City brand launch also includes a Brand Activation Stand, located within Ruwais City Mall, where residents and their families can learn about Adnoc’s downstream growth and city development plans.
Through a combined program of strategic partnerships and investment, Adnoc will increase its range and volume of high-value downstream products, secure better access to growth markets around the world and create a manufacturing ecosystem in Ruwais that will significantly stimulate in-country value creation, private sector growth and employment. The strategy is expected to add more than 15,000 jobs by 2025 and contribute an additional 1 percent to GDP per year.
The investment program will see the entire Ruwais complex upgraded to increase its flexibility and integrated capabilities to produce greater volumes of higher-value petrochemicals and derivative products. It includes the construction of one of the world’s largest mixed feed crackers, trebling petrochemicals production capacity from 4.5 mtpa to 14.4 mtpa by 2025. Adnoc will also develop a new, large-scale, manufacturing ecosystem in Ruwais through the creation of petrochemical Derivatives and Conversion Parks.
*News source: http://tradearabia.com/news/CO...
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