UAE, Japanese firm enter into JV
Japanese multinational Kurita, which specialises in water and process specialty chemicals, and UAE-based AquaChemie DMCC, a regional process industry player, have agreed to set up a joint venture company, under the name of Kurita AquaChemie.
The JV will leverage both companies' complementary strengths for water and process treatment chemicals solutions for the refinery, petrochemicals, fertiliser, power and desalination, paper, and metal industries in the GCC region.
Kurita AquaChemie will operate two new production plants in Dammam, Saudi Arabia, and in Jebel Ali, Dubai. These two production sites were commissioned in the first half of 2020.
The regional hydrocarbon industry has witnessed steady growth in the past decade, with new industrial process units being added. Water and process treatment specialty chemicals are essential additives for such units. The overall specialty chemicals market in the GCC region is currently pegged at more than $350 million. Water is the key to a sustainable future. But the region is still not comprehensively served in terms of technology and monitoring services.
Kurita AquaChemie already has a base of over 25 customers in the region. It will continue to invest focus and resources, to be the market leader in specialty chemicals in the next few years.