34.2 C
Dubai
Friday, June 14, 2024
spot_img
spot_img

Latest Posts

QFZ and Evonik sign MoU at Qatar Economic Forum

Aim to explore investment opportunities in Qatar

Qatar Free Zones Authority (QFZ) and Evonik, a leading specialty chemicals company headquartered in Germany, have signed a Memorandum of Understanding (MoU) on the sidelines of the recently concluded Qatar Economic Forum in the Qatari capital Doha.

The common aim is to explore specific investment opportunities focused on sustainable solutions for energy transition. As an important cornerstone of Evonik’s strategy to enable green transformation, the company’s smart materials portfolio consists of a variety of innovative products, including membranes for gas separation. Potential future investments are foreseen to take place in Umm Alhoul free zone in the State of Qatar.

The MoU was signed by Sheikh Mohammed Bin Hamad Bin Faisal Al-Thani, CEO, Qatar Free Zones Authority, and Joerg Syrzisko, President, EMEA Region, Evonik, at a ceremony attended by senior executives from both entities, according to a press communique.

Manufacturing facility

“We are delighted to sign this MoU with Evonik with the aim to establish a manufacturing facility within the free zones in the State of Qatar. The facility is planned to serve the oil & gas and industrial processes sectors in the GCC and Middle East; a market traditionally supplied from the US and Europe,” asserted Sheikh Mohammed Al-Thani.

“The presence of Evonik in Qatar’s free zones will also encourage broader collaboration between Evonik and QFZ on innovative and sustainable solutions in the specialty chemicals sector, driving forward our agenda for economic diversification and long-term resilience in line with the goals of Qatar’s third National Development Strategy 2024-2030,” he added.

Products of the smart materials division contribute to Evonik’s Next Generation Solutions portfolio. By 2030, Evonik aims to invest more than € 3billion in Next Generation Solutions – products with superior sustainability benefits, the press note continued.

Port access

Potential investments will benefit from the location of the free zones in proximity to the growing Middle East market, the opportunity to localize the supply chain, easy access to Hamad Port, and the integrated facilities that make QFZ a one-stop shop to facilitate Evonik’s regional production and distribution.

“We are looking forward to partnering with Qatar Free Zones Authority and working together to establish potential investments in the free zones in the State of Qatar. This initiative will stimulate further economic growth and broaden our market outreach in the Middle East,” affirmed Syrzisko.

The partnership with Evonik is a testament to QFZ’s role in attracting international players to Qatar and fostering an environment that is conducive to high-tech innovation and operational excellence and across all its key focus business sectors including Emerging Technology, Logistics & Trading,

Industrial & Consumer, Maritime, Aerospace & Defense, Food & Agritech and Biomedical Sciences, the press statement concluded.

Digital Issues

Latest Posts

spot_imgspot_img

Don't Miss

Stay in touch

To be updated with all the latest news, offers and special announcements.