Petrochemicals producer Borealis will complete the acquisition of an Austrian plastics recycler over the next couple of weeks, as the company looks to develop more recycled products in Europe and Asian markets, according to its chief executive.
"The transaction is not complete and we're waiting for regulatory approvals...I expect that we can get that in the next couple of weeks," Alfred Stern, chief executive at Borealis, told The National in an interview in Abu Dhabi.
The Austrian chemicals firm, owned by the country’s state-backed producer OMV as well as Mubadala Investment Company is a joint developer with Adnoc of Abu Dhabi’s biggest chemicals facility, Borouge. The company has made a string of acquisitions of plastics recyclers in Europe, capitalising on new European Union regulations to eliminate plastic use.
The EU is working to reach a 60 per cent target for reuse and recycling of plastic packaging by 2030, with 100 per cent earmarked by 2040. To achieve these targets, European organisations from the polymers sector have also embraced the bloc’s push for waste reduction and announced voluntary commitments in January to reach 50 per cent plastics waste recycling by 2040.
Ecoplast Kunststoffrecycling, the Austrian recycler being acquired by Borealis currently processes around 35,000 tonnes of consumer plastic waste into film materials, which can be used in the manufacture of plastic bags.
“It’s different to the first recycling company we acquired in 2016 and there we reprocess both consumer recycled materials into extrusion materials, [which is] more rigid and now with this company that has know-how and technology to build flexible and film materials and we believe that will allow us to develop competence in that area,” said Mr Stern.
Borealis invested 15 million euros (Dh63m) in its 2016 acquisition of German recycler plastics GmbH. The facility, which was inaugurated earlier this year will see additional 2.5m euro investment in capacity expansion and environmental protection.
Borealis, which is currently undertaking a three-fold expansion of polyolefin facilities in Abu Dhabi is also working to bring plastics recycling to the region.
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Read more:
Exclusive: Gulf states consider zero landfill target for plastics by 2040
Exclusive: Borealis seeks partners for joint venture with Adnoc and investments abroad
Business Extra podcast: DP World's row with Djibouti will have far-reaching consequences
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“We will work together as we always do with Borealis and Borouge, and see how can we further capture that, and also in the Borouge markets,” said Mr Stern.
A new business segment for the chemicals producer is the manufacturing of products using recycled plastic as well as virgin polymers. It has recently had some success with the manufacturing of 100 per cent recycled plastics bottles with glue maker Henkel in Europe.
Chemicals manufacturers in the GCC, represented by the Gulf Petrochemicals and Chemicals Association (GPCA) are currently mulling similar targets to Europe to reduce the volume of plastic that ends up in landfills. The National reported in March that the GPCA is considering a zero landfill target for plastics by 2040. The nascent recycling industry has already had some heavyweight investors including Saudi Arabia's Public Investment Fund. The kingdom's sovereign wealth fund has launched a recycling company, with the aim of reprocessing 85 per cent of the country's recyclable wastes, currently being dumped in landfills.
Borealis, which looks to crackdown on marine litter in Indonesia, the second biggest plastic polluter of the seas after China is looking for opportunities to monetise such waste in the region.
“We’ve launched a pilot [in Indonesia], and successfully completed phase one of the pilot,”said Mr Stern.
“How could we turn this into an economic opportunity so it becomes interesting and financeable? That economic opportunity has to have some type of recycling included into it and we teamed up for the phase two with Borouge, so we can drive this faster and have the funding,” he added.
The specs
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Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
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.
Oppenheimer
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From Conquest to Deportation
Jeronim Perovic, Hurst
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WISH
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Starring: Jamie Foxx, Angela Bassett, Tina Fey
Directed by: Pete Doctor
Rating: 4 stars
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Venom
Director: Ruben Fleischer
Cast: Tom Hardy, Michelle Williams, Riz Ahmed
Rating: 1.5/5
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'Texas Chainsaw Massacre'
Rating: 1 out of 4
Running time: 81 minutes
Director: David Blue Garcia
Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham
Day 5, Dubai Test: At a glance
Moment of the day Given the problems Sri Lanka have had in recent times, it was apt the winning catch was taken by Dinesh Chandimal. He is one of seven different captains Sri Lanka have had in just the past two years. He leads in understated fashion, but by example. His century in the first innings of this series set the shock win in motion.
Stat of the day This was the ninth Test Pakistan have lost in their past 11 matches, a run that started when they lost the final match of their three-Test series against West Indies in Sharjah last year. They have not drawn a match in almost two years and 19 matches, since they were held by England at the Zayed Cricket Stadium in Abu Dhabi in 2015.
The verdict Mickey Arthur basically acknowledged he had erred by basing Pakistan’s gameplan around three seam bowlers and asking for pitches with plenty of grass in Abu Dhabi and Sharjah. Why would Pakistan want to change the method that has treated them so well on these grounds in the past 10 years? It is unlikely Misbah-ul-Haq would have made the same mistake.
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The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
Mercedes-AMG GT 63 S E Performance: the specs
Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor
Power: 843hp at N/A rpm
Torque: 1470Nm N/A rpm
Transmission: 9-speed auto
Fuel consumption: 8.6L/100km
On sale: October to December
Price: From Dh875,000 (estimate)
The%20Super%20Mario%20Bros%20Movie
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Changing visa rules
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.
Who is Tim-Berners Lee?
Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.
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Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
The nine articles of the 50-Year Charter
1. Dubai silk road
2. A geo-economic map for Dubai
3. First virtual commercial city
4. A central education file for every citizen
5. A doctor to every citizen
6. Free economic and creative zones in universities
7. Self-sufficiency in Dubai homes
8. Co-operative companies in various sectors
9: Annual growth in philanthropy
Ferrari
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
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The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
The specs: 2018 Maserati GranTurismo/GranCabrio
Price, base Dh485,000 (GranTurismo) and Dh575,000 (GranCabrio)
Engine 4.7L V8
Transmission Six-speed automatic
Power 460hp @ 7,000rpm
Torque 520Nm @ 4,750rpm
Fuel economy, combined 14.3L (GranTurismo) and 14.5L (GranCabrio) / 100km
