Search QatarPRNetwork.com

Home >> Banking & Investments

QFZ and Evonik Sign MoU at Qatar Economic Forum, Aiming to Explore Investment Opportunities in Qatar

QFZ and Evonik Sign MoU at Qatar Economic Forum, Aiming to Explore Investment Opportunities in Qatar

Friday, May 17, 2024/ Editor -  

Share

Home >> Banking & Investments
  • Focus on sustainable solutions out of Evonik’s smart materials portfolio
  • With this partnership, QFZ and Evonik will jointly contribute to efforts towards the development of Qatar’s industrial capabilities

Doha, 16 May 2024: Qatar Free Zones Authority (QFZ) and Evonik, a leading specialty chemicals company headquartered in Germany, have signed a Memorandum of Understanding (MoU) on the side-lines of QFZ’s participation in Qatar Economic Forum. 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 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 of Qatar Free Zones Authority (QFZ), and Mr. Joerg Syrzisko, President Region EMEA of Evonik, in a ceremony attended by senior executives from both entities. The signing took place at the Qatar Economic Forum venue - Raffles Doha.

On the occasion of the signing, Sheikh Mohammed Bin Hamad Bin Faisal Al-Thani, CEO of QFZ, said: ''We are delighted to sign this MoU with Evonik today and to work together to facilitate Evonik’s engagement with the relevant stakeholders and resources, 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 & Middle East; a market traditionally supplied from the US and Europe. This collaboration aims to significantly contribute to the continued development of Qatar’s industrial capabilities by integrating cutting-edge sustainable technologies into our operations. 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. We are setting a new standard for industrial excellence, sustainability, and collaboration in the region, ensuring that QFZ remains at the forefront of industrial innovation and development.”

Products of the smart materials division contribute to Evonik’s Next Generation Solutions portfolio. By 2030, Evonik aims to invest more than 3 billion € in Next Generation Solutions - products with superior sustainability benefits. That is around 80 percent of annual growth investments. The respective products are known for sustainability, low energy consumption, and extended lifetime. 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.

Mr. Joerg Syrzisko, President Region EMEA of Evonik, said: “This MoU signifies a significant milestone for Evonik. The burgeoning markets represented in the Gulf Cooperation Council offer very exciting opportunities for Evonik to expand our regional footprint and to convince new customers of our sustainable Next Generation Solutions portfolio. 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. With the right partners at our side we feel very welcomed to identify the best opportunities and needs in the region for situating our advanced manufacturing technologies here. This initiative will stimulate further economic growth and broaden our market outreach in the Middle East.'

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.


Previous in Banking & Investments

Next in Banking & Investments


Home >> Banking & Investments Section

Latest Press Release

Last-Minute Eid Shopping With Max Fashion's New Collection

Discover the Wonders of Qatar this Eid with Visit Qatar

Doha Festival City Welcomes THE One's 17th Annual Blood Donation Drive with Hama ...

Msheireb Downtown Doha Announces Eid Celebrations

QIC Wins Three Titles at The Global Brands Awards

New book recounts WCM-Q service-learning trip to Tanzania

Dukhan Bank announces the June draw winners of its Thara'a savings account priz ...

Doha Festival City Welcomes Alo Yoga: Qatar's First and Exclusive Alo Yoga Store ...

Indulge in the Ultimate Luxury Dining Experience this Eid Al Adha at Four Season ...

Hunger Hotspots Report: Famine Looms In Gaza While Risk Of Starvation Persists I ...

Urgent Call To Action To Address Historic El Niño Drought In Southern Afric ...

Ooredoo Group committed to building a new generation of sustainable, energy-effi ...

Al Meera Oman and Shell Oman enter a Strategic Partnership to launch 57 Co-Brand ...

Hamad International Airport Championing Environmental Sustainability on World En ...

Qatar Airways Celebrates Inaugural Flight to Tashkent, Uzbekistan

Mepra Releases Eight Guidelines For Using Ai In The Communications Industry

Qatar Airways Touches Down for the First time in Kinshasa, Democratic Republic o ...

Msheireb Downtown Doha Sets New Global Standard with the Guinness World Records ...

COYA's Popular La Noche Blanca Night Returns to Doha this Year

QIC Offers a Variety of Travel Insurance Plans Gearing Up for Summer