Abu Dhabi - Mubasher: ADQ and Alpha Dhabi Holding have entered into a strategic alliance with the Netherlands-based OCI N.V. to invest $375 million in the OCI Methanol Group.

OCI N.V. will place a 15% stake in the OCI Methanol group, which will be based as an ADGM company in Abu Dhabi as part of the alliance, according to a recent press release.

The businesses of OCI Methanol focus on developing and supplying methanol, which is an enabler of the hydrogen economy and clean fuel for the shipping industry, to blue-chip customers across several sectors including transportation.

The CEO of ADQ, Mohamed Hassan Alsuwaidi, said: "We are dedicated to bringing top-tier international companies to the UAE in line with Abu Dhabi’s vision and plans to create a worldclass investment platform that will invest in and develop a portfolio of petrochemical manufacturing projects in Abu Dhabi."

Meanwhile, the CEO of OCI N.V, Ahmed El Hoshy, commented: "Following the successful experience of Fertiglobe including the IPO and successful partnership with ADNOC, we believe this new strategic partnership strengthens our commitment to Abu Dhabi as a future hydrogen hub."