AED 552m advanced recycling facility to be set up at KEZAD’s Polymers Park
Khalifa Economic Zones Abu Dhabi (KEZAD) Group has signed an agreement with Renov8 Polymer Industries for the establishment of an advanced recycling facility at KEZAD’s Polymers Park. Under the agreement, Renov8 will invest AED 552 million (US$150m) to develop a 30,000sqm plot in KEZAD’s Polymers Park, as well as an expansion plot of 38,000sqm adjacent to the primary facility, for the recycling of mixed plastic waste.
Just Right Inc through its subsidiary, Renov8, is expected to bring its best-in-class practices to Abu Dhabi to deliver one of the region’s most sustainable polymer projects. The project will boost Abu Dhabi’s transition towards a circular economy.
In addition to supporting the broader UAE Net-Zero by 2050 strategy, the agreement seeks to advance the Abu Dhabi Industrial Strategy where the transition towards a circular economy forms a cornerstone. The facility will also benefit from Abu Dhabi’s upcoming carbon trading exchange platform, set to be the world’s first fully regulated carbon trading exchange and carbon clearing house.
Mohamad Al Khadar Al Ahmed, Chief Executive Officer, KEZAD Group, said, “In line with our industrial strategy, KEZAD Group is committed to supporting circular economy models in Abu Dhabi throughout our integrated business ecosystem. We take immense pride in welcoming Renov8 Polymer Industries to our family. The new facility will be a pioneering showcase of innovation and sustainability in plastic production and the remanufacturing of plastic waste.”
He added that the KEZAD Polymers Park attracts a wide range of manufacturing and value-adding companies to Abu Dhabi with easy access to raw materials and direct links to global markets. The new project will add further value to the ecosystem.
Nilesh Jain, Founder & CMD, Renov8 Inc, added, “In our endeavour to develop a sustainable polymers industry, we will deploy advanced manufacturing processes at the KEZAD facility to deliver a comprehensive ESG-driven business model. Renov8 will greatly benefit from the integrated platform that KEZAD offers, with proximity to Khalifa Port providing greater access to global consumer markets.”
Renov8 Polymer Industries, as part of Just Right Middle East’s existing manufacturing ecosystem, employs advanced production technology and processes with state-of-the-art factories that meet the highest technical standards.