International Petroleum Investment Company (IPIC) of Abu Dhabi and Borealis AG have signed a contract with Abu Dhabi Investment Council (ADIC) to develop a multi billion dollar project in Abu Dhabi called Chemicals Industrial City. The purpose of this project as explained in this snippet from borealisgroup.com:

“..Comprises a world-scale naphtha cracker downstream propylene and ethylene derivatives; a world-scale reformer, xylene, benzene, cumene, phenol and derivatives units.” **

Mr. Khadem Al Qubaisi, IPIC’s managing director had this to say about the project:

“With this exciting new venture, we will become an industry model for chemical integration while helping support the goals of the Abu Dhabi government to diversify its economy..” **

The first phase of Chemical Industrial City is set for completion in 2013. Abu Dhabi’s complex will be the largest and most highly integrated in the world.

Sources:
http://www.borealisgroup.com/news-and-events/company-news/2008/new-chemicals-industrial-city
http://en.wikipedia.org/wiki/IPIC
http://www.adic.ae/