Abu Dhabi chemicals maker Borouge expects a “bright future” for the company in China despite the current weakness in the country’s large manufacturing sector, its chief executive has said.
Borouge, a joint venture between UAE state energy company Adnoc and Austrian chemicals producer Borealis, is “resilient” to the challenges around the Chinese economy, Hazeem Al Suwaidi told The National in an interview on Wednesday.
The company is interested in investing in the Asian country by linking up with the “right” entities and providing solutions that are different from those offered by other producers in China, he said.
Borouge mostly produces polyolefins, which have a broad spectrum of end-use applications, from hard plastics such as sheets and pipes to softer products such as films, bags and bubble wrap.
China, which accounts for about 30 per cent of Borouge’s revenue, is the world’s top consumer of petrochemicals.
“Every market has its own strengths and weaknesses … [you] cannot take China out of the equation,” Mr Al Suwaidi said.
China’s post-coronavirus economic surge lost steam last year, and a continuing housing market crisis, weak domestic demand and a trend of nearshoring are expected to weigh on its manufacturing industry this year.
The country’s second-quarter gross domestic product rose by 4.7 per cent annually, China’s National Bureau of Statistics said last week, lower than the 5.1 per cent growth expected in line with a Reuters poll.
“We see differently. We are able to deliver and are manoeuvring very resiliently around the economic challenges and we definitely see a very bright future for us in China,” Mr Al Suwaidi said.
His remarks come after a consortium comprising Borouge, Adnoc and Borealis signed an agreement with Chinese companies to set up a polyolefins complex in the Fujian Province, which will have a capacity of 1.6 million tonnes a year.
The agreement signed with China’s Wanhua Chemical and its subsidiary, Wanrong New Materials, highlights the UAE's strengthening economic relations with China.
The Emirates is already China's largest trading partner in the Arab world, with trade and investment spanning many sectors, including crude oil, petrochemicals and artificial intelligence.
China is the UAE’s leading trade partner, with non-oil bilateral trade reaching Dh264.2 billion ($72 billion) in 2022.
Borouge operates three offices in China – in Guangzhou, Shanghai and Beijing. Globally, the company now has a presence with 14 international offices spread across key markets in the UAE, China, Egypt, India, Japan and other countries in South-East Asia.
The company also operates a compounding plant for speciality automotive services in Shanghai, which is now supplying products to electric vehicle makers in the country, Mr Al Suwaidi said.
Chinese car makers account for more than half of the EVs produced worldwide. Shenzhen-based BYD has rapidly gained market share, particularly in China, and overtook Tesla in terms of overall vehicle sales earlier this year.
“We have an excellent relationship with the majority of automotive manufacturers in China, and we will definitely build further on our positions in automotive in China,” Mr Al Suwaidi said.
Established in 1998, Borouge has a workforce of more than 3,100, with customers in more than 86 countries across Asia, the Middle East and Africa.
In May 2022, Borouge raised $2 billion through an initial public offering and was listed on the Abu Dhabi Securities Exchange.
The IPO, which was about 42 times oversubscribed, was the largest listing in Abu Dhabi at the time.
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.
Mr Al Suwaidi confirmed to The National in March that the company's $6.2 billion Borouge 4 project in Ruwais is “on track” to be completed by the end of 2025.
The plant will increase Borouge’s polyolefin production by about 30 per cent to 6.4 million tonnes.
It will also make the company's production operation at Al Ruwais Industrial City the world's largest single-site polyolefin complex.
The global polyolefin market, which was at $243 billion in 2022, is projected to reach about $604.94 billion by 2032, growing by 9.6 per cent annually, according to Precedence Research.
Asia, home to several large emerging economies, is the centre of consumption and production, with China the driving force in both polythene and polypropylene manufacturing.
Borouge could pursue more mergers and acquisitions, the company’s chief executive said.
“If you look at currently the biggest markets and the highest growth markets when it comes to petrochemicals … it's primarily the Asia-Pacific, the Indian subcontinent and so forth,” Mr Al Suwaidi said.
“We have been operating on the ground [in those markets] for the last 25 years.”
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
UAE currency: the story behind the money in your pockets
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Killing of Qassem Suleimani
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UAE currency: the story behind the money in your pockets
Specs
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The specs
Engine: Turbocharged four-cylinder 2.7-litre
Power: 325hp
Torque: 500Nm
Transmission: 10-speed automatic
Price: From Dh189,700
On sale: now
The Land between Two Rivers: Writing in an Age of Refugees
Tom Sleigh, Graywolf Press
The five pillars of Islam
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The five pillars of Islam
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
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
