Renov8 Polymer Industries Ltd. and the Khalifa Economic Zones Abu Dhabi (KEZAD) Group have inked a contract to build an innovative recycling facility at the Polymers Park of KEZAD. The construction of this plant will accelerate Abu Dhabi's shift to a linear economy.
In order to create the 30,000 sq meter plot in KEZAD's Polymer Park, coupled with an additional plot of 38,000 square metres for the recycling of mixed plastic waste, Renov8 Polymer Industries Ltd. will invest AED552 million.This action helps the UAE achieve net-zero status by 2050.
"KEZAD Group is committed to promoting circular economy models in Abu Dhabi across our integrated business ecosystem, in keeping with the industrial plan set forth by our enlightened leadership. The addition of Renov8 Polymer Industries Ltd to our family fills us with great joy. According to Mohamad Al Khadar Al Ahmed, Chief Executive Officer of
KEZAD Group, the new plant will be a trailblazing demonstration of innovation and sustainability in plastic production and the remanufacturing of plastic waste.
Due to its convenient access to raw materials and its direct connections to international markets, the KEZAD Polymers Park continues to draw a variety of industrial and value-adding businesses to Abu Dhabi. The initiative would boost the ecosystem's value while enhancing Abu Dhabi's status as a competitive and sustainable manufacturing hub, he continued.
The agreement's signing, according to Nilesh Jain, founder and chief executive officer of Renov8 Inc., "represents a significant landmark for us in our efforts to develop the first phase of our circular economic system, which will showcase one of the most technically sophisticated recycling facilities for Polymers."
We will implement advanced production techniques at the KEZAD site to produce a full ESG-driven business strategy as part of our effort to create a sustainable polymers sector. Renov8 will gain a lot from the integrated platform that KEZAD provides, and being close to the Khalifa Port will provide it better access to international consumer markets, he