Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, has signed a new agreement to expand its footprint in East Africa and boost sales of its products.
The company signed the distribution agreement with Somochem, one of the biggest polyolefin distributors in East Africa, Borouge said on Wednesday.
The development comes on the back of Borouge’s significant growth in market share in the region.
Last year, the company increased its sales of advanced packaging solutions in East Africa to Dh496 million ($135 million) and sales of energy and infrastructure solutions to Dh184 million.
Established in 1998, Borouge is a petrochemical company with a 3,100-plus workforce, serving customers in more than 50 countries across Asia, the Middle East and Africa.
It provides polyolefin solutions for the agricultural, infrastructure, energy, advanced packaging, mobility and healthcare industries.
In May last year, Borouge raised $2 billion through an initial public offering and was listed on the Abu Dhabi Securities Exchange.
After its listing, Borouge was included in the FTSE Global Equity Index Series, which is used by investors globally to guide asset-allocation decisions and support portfolio construction.
“We are sharpening our focus on the growing demand in East Africa, now a major strategic market for Borouge,” Khalfan Al Muhairi, senior vice president for MEAE region at Borouge said.
“We identified a gap in the region for multiple premium solutions, enabling us to unlock opportunities to grow our market share over the next five years.
Its portfolio of products includes polythene and polypropylene — the two most common forms of polymer — which are used in a variety of products including pipes, fittings, wires and cables as well as in products that have automotive, sustainable packaging, agricultural and medical applications.
Borouge is bullish on East Africa and aims to capitalise on the new opportunities in the region amid rapid economic growth.
Economic growth in East Africa is projected to reach 5 per cent in 2023 and 5.4 per cent in 2024, it said citing data from the African Development Bank.
“Market demand has been driven by the rapid and substantial infrastructure investment, healthcare improvements, rising living standards and urbanisation,” Borouge said.
The company plans to launch new grades of advanced packaging solutions in East Africa, to capitalise on the growing demand for premium products.
In February, Borouge reported an 8 per cent rise in its 2022 revenue on higher sales volumes. Revenue for the 12-month period ending in December climbed to $6.72 billion, from $6.22 billion in 2021.
Total sales volume grew by about 15 per cent as Borouge increased production from its fifth polypropylene unit, which raised the company’s production capacity by 500,000 tonnes a year.
Polypropylene, Borouge's main product, is a thermoplastic material used in products including plastic packaging, car parts and textiles.
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Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
The specs
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Send “thenational” to the following numbers or call the hotline on: 0502955999
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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Torno Subito by Massimo Bottura
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Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
Tips to avoid getting scammed
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Four stars
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Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
The stats: 2017 Jaguar XJ
Price, base / as tested Dh326,700 / Dh342,700
Engine 3.0L V6
Transmission Eight-speed automatic
Power 340hp @ 6,000pm
Torque 450Nm @ 3,500rpm
Fuel economy, combined 9.1L / 100km
