Pore through the world’s Top 50 league table of chemicals producers and you may be hard-pressed to find a mention of Abu Dhabi. That is set to change.
"If you look at it, Abu Dhabi Inc is actually No 2 in the world of olefins and polyolefins, [one of the largest petrochemicals sectors], behind only ExxonMobil," says Mark Garrett, the chief executive of Vienna-based Borealis, which is majority owned by Abu Dhabi's strategic investment fund, Mubadala Investment Company, and the anchor company of its petrochemicals portfolio.
By Abu Dhabi Inc, Mr Garrett is referring to the combined operations of Borealis, which last year had gross sales of €9 billion (Dh37.9bn) plus Calgary-based Nova Chemicals, with as much as US$4bn in annual sales, the petrochemicals division of Spain-based Cepsa, which sells about €3bn of product a year, and the growing petrochemicals interests of Abu Dhabi National Oil Company (Adnoc).
The latter includes Adnoc's 60/40 joint venture with Borealis, Borouge, which yesterday announced a plan to double capacity at its complex in Ruwais, in Abu Dhabi's Western Region.
Also in the mix is Austrian integrated oil “mini major” OMV, which owns the 36 per cent of Borealis not owned by Mubadala, and is in turn 25 per cent owned by Mubadala. OMV’s two big refineries – at Schwechat, near Vienna, and at Burghausen, west of Munich – are fully integrated with Borealis petrochemicals plants.
Add all that up and you have about $20bn in annual sales, which puts Abu Dhabi Petrochemicals Inc among the world's top chemicals players, up near Germany's Bayer, which has a market capitalisation above €90bn.
A combined group would make a tempting initial public offering prospect down the road. That has not been lost on Abu Dhabi's leadership, whose portfolio strategy is aimed at leveraging the country's natural oil wealth as it vies to prepare the country for a post-oil era.
“Ipic – now Mubdadala [since they merged in May] – and OMV have always said that an IPO of Borealis at some point in time could come on the cards,” says Mr. Garrett. “Now, I’m saying I think Abu Dhabi will step back and look at all of its petrochemicals assets and say: ‘could we put these together in another way and maybe look at involving public markets?’”
There are two big strategic rationales for a consolidated organisation: to give it the weight needed to raise financing, a competitive edge in the market, in addition to mitigating against competitive risks.
“In our industry, you have to be able to fund these massive projects,” says Mr Garrett. Borealis is committed to the Borouge expansion, which will cost an estimated $10bn by the time it is completed around 2023, he adds. The company also recently announced it will partner with sister company Nova to co-invest with France’s Total on a $3.2bn US petrochemicals joint venture on the US Gulf of Mexico coast, next to Total’s Texas refinery.
“Small companies can’t do those investments and that’s what also protects us from the competition,” he says.
Mr Garrett, an Australian who joined Borealis about 10 years ago, says he has watched the Borouge joint venture mature into a world-class player.
“When we did Borouge 1 it was like a little kid learning to walk,” he says. “Borouge 2 and 3, those were the teenage years, and now we’re entering adulthood.”
The Borouge 4 expansion will put it on a par with Borealis' Scandinavian plants by giving it the option to run liquid as well as gas feedstock from Adnoc's refinery next door, as well as giving it a wider range of products. As Mr Garrett explains, by being able to run algorithms to take maximum advantage of the ebb and flow of world feedstock and end-product chemicals prices, Borouge will be among the most fleet of foot and price-competitive players, especially for markets in China and other parts of Asia.
Already, Borouge has a facility in Shanghai that is able to take its product and process it further to make a range of parts that go into China’s rapidly growing automobile markets, as well as for building and other infrastructure.
Adnoc and a number of its peers, including Saudi Aramco, have prioritised petrochemicals because it helps them hedge against a world of chronically low oil prices and because it makes basic economic sense: petrochemicals markets are growing at about 1 per cent above the rest of the economy in most major markets.
The region’s petrochemicals capacity has experienced double-digit annual growth for nearly two decades, but there is now a sense of urgency to reach scale – there is already large-scale consolidation within the industry, such Dow Chemical’s $145bn merger with DuPont.
“Sultan Al Jaber has taken a very dynamic approach since he took over” as chief executive at Adnoc at the beginning of last year, says Mr Garrett, noting that approval of Borouge 4 and the smaller PP5 expansions were much speedier than previous projects.
"Our partnership with Adnoc is being used as sort of a model for the things they are doing," says Mr Garrett, referring to the new openness Adnoc has shown to new types of partnerships and financing.
The Borouge 4 expansion may not be funded just by the partners, as previous expansions were, but may bring in more innovative project financing. It may also bring in partners down the road who can add further value to its expanded slate of products, perhaps from within Abu Dhabi Petrochemicals Inc.
Most importantly for Abu Dhabi are the opportunities for technology transfer, cultivating talent and diversifying the economy. The building phase of the previous Borouge project – the $4bn Borouge 3 – employed about 28,000 during the building phase and Mr Garrett says the new phase would be about the same.
It is expected to add up to 700 permanent jobs to the current Borouge workforce of about 3,000.
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
T20 WORLD CUP QUALIFIER
Results
UAE beat Nigeria by five wickets
Hong Kong beat Canada by 32 runs
Friday fixtures
10am, Tolerance Oval, Abu Dhabi – Ireland v Jersey
7.30pm, Zayed Cricket Stadium, Abu Dhabi – Canada v Oman
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
if you go
The flights Fly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.
The trip
Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.
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Imperial%20Island%3A%20A%20History%20of%20Empire%20in%20Modern%20Britain
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Brief scores:
Southampton 2
Armstrong 13', Soares 20'
Manchester United 2
Lukaku 33', Herrera 39'
Company%20Profile
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COMPANY%20PROFILE%20
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The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
UAE SQUAD
Ahmed Raza (Captain), Rohan Mustafa, Jonathan Figy, CP Rizwan, Junaid Siddique, Mohammad Usman, Basil Hameed, Zawar Farid, Vriitya Aravind (WK), Waheed Ahmed, Karthik Meiyappan, Zahoor Khan, Darius D'Silva, Chirag Suri
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Champion%20v%20Champion%20(PFL%20v%20Bellator)
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Match info:
Real Betis v Sevilla, 10.45pm (UAE)
Company%20profile
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Fixtures
Sunday, December 8, Sharjah Cricket Stadium – UAE v USA
Monday, December 9, Sharjah Cricket Stadium – USA v Scotland
Wednesday, December 11, Sharjah Cricket Stadium – UAE v Scotland
Thursday, December 12, ICC Academy, Dubai – UAE v USA
Saturday, December 14, ICC Academy, Dubai – USA v Scotland
Sunday, December 15, ICC Academy, Dubai – UAE v Scotland
Note: All matches start at 10am, admission is free
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Company%20Profile
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