QFZ and Evonik Partner to Explore Investment Opportunities in Qatar

During the Qatar Economic Forum, Qatar Free Zones Authority (QFZ) and Evonik, a prominent specialty chemicals company based in Germany, have officially inked a Memorandum of Understanding (MoU). This agreement aims to delve into targeted investment prospects geared towards sustainable solutions for energy transition. As a pivotal aspect of Evonik's strategy to facilitate eco-friendly transformation, the company's portfolio of smart materials encompasses an array of groundbreaking products, such as gas separation membranes. Future investment opportunities are anticipated to unfold within the Umm Alhoul free zone in the State of Qatar.

At the Raffles Doha venue of the Qatar Economic Forum, the Memorandum of Understanding (MoU) was signed by Sheikh Mohammed Bin Hamad Bin Faisal Al-Thani, CEO of Qatar Free Zones Authority, and Mr. Joerg Syrzisko, President Region EMEA of Evonik. The ceremony was attended by senior executives from both organizations.

During the signing ceremony, Sheikh Mohammed Bin Hamad Bin Faisal Al-Thani expressed his satisfaction, stating, "We are pleased to formalize this MoU with Evonik today and collaborate to facilitate Evonik’s engagement with pertinent stakeholders and resources. We aim to build a manufacturing plant within the free zones of Qatar. This facility is strategically planned to cater to the oil & gas and industrial processes sectors in the GCC & Middle East, which have traditionally relied on suppliers from the U.S. and Europe. Through this partnership, we aim to significantly enhance Qatar’s industrial capabilities by integrating advanced sustainable technologies into our operations. Evonik’s presence in Qatar’s free zones will foster broader collaboration between Evonik and QFZ on innovative and sustainable solutions within the specialty chemicals sector, aligning with our agenda for economic diversification and long-term resilience as outlined in Qatar’s third National Development Strategy 2024-2030. Collectively, we are setting a fresh standard for industrial excellence, sustainability, and collaboration within the region, ensuring that QFZ maintains its leading position in industrial innovation and advancement."

Evonik's smart materials division products are integral to the company's Next Generation Solutions portfolio. By 2030, Evonik intends to allocate over €3 billion towards Next Generation Solutions, representing approximately 80 percent of its annual growth investments. These products are renowned for their sustainability, minimal energy consumption, and prolonged lifespan. Potential investments stand to benefit from the strategic location of the free zones in close proximity to the expanding Middle East market, the opportunity to localize the supply chain, convenient access to Hamad Port, and the comprehensive facilities offered by QFZ, rendering it a convenient hub for facilitating Evonik's regional production and distribution activities.

Mr. Joerg Syrzisko, President Region EMEA of Evonik, expressed, "The signing of this MoU marks a significant milestone for Evonik. The dynamic markets within the Gulf Cooperation Council present compelling opportunities for Evonik to enhance its regional presence and introduce new customers to our sustainable Next Generation Solutions portfolio. We eagerly anticipate collaborating with the Qatar Free Zones Authority to explore potential investments within the free zones in the State of Qatar. With the support of our esteemed partners, we are enthusiastic about identifying optimal opportunities and addressing the region's requirements for integrating our advanced manufacturing technologies. This endeavor will stimulate further economic development and expand our market presence in the Middle East."

The collaboration with Evonik underscores QFZ's commitment to attracting global entities to Qatar and cultivating an environment conducive to cutting-edge innovation and operational excellence across its core business sectors. These sectors encompass Emerging Technology, Logistics & Trading, Industrial & Consumer, Maritime, Aerospace & Defense, Food & Agritech, and Biomedical Sciences.