UAE’s Fertiglobe expects to benefit from a tighter urea market as China’s exports of the widely used agricultural fertiliser slow down, the company’s chief executive has said.
China, the world’s second-largest economy, has imposed limits on the export of urea to meet surging domestic demand.
“Typically, they could do three to four million tonnes of exports [annually], but in the first half of this year, they've done less than 200,000 tonnes,” Ahmed El Hoshy told The National in an interview on Thursday.
“China being absent from the market and kind of having a very strong domestic market is definitely constructive.”
Fertiglobe is absorbing a record amount of urea production added in the past 18 months to the global markets, and demand is now “significantly higher” than supply, Mr El Hoshy said.
Fertiglobe is a joint venture between Adnoc and the Netherlands-listed OCI. It can produce up to 6.7 million tonnes of urea and ammonia annually at four plants in the UAE, Egypt and Algeria.
The company’s sales volume in the first half of this year grew 1 per cent annually to 2.8 million tonnes, supported by record output in Egypt and Algeria.
However, sales volume in the latest reported quarter fell by 2 per cent year-on-year due to gas supply disruption in Egypt, Fertiglobe said on Thursday.
Egypt has been facing a severe energy crisis amid declining domestic gas production and high temperatures that led to higher power demand in May and June.
“We've seen kind of record amounts of demand for power and, at the same time, you have maintenance in some of the gasfields ... it was a bit of a perfect storm,” Mr El Hoshy said.
The gas supply situation has improved since the second quarter with the company now able to meet its needs effectively, he said.
Ammonia push
Fertiglobe is also involved in several green hydrogen and ammonia projects in various regions.
The company this year won Germany-based H2Global’s first pilot auction for renewable ammonia.
As the winning bidder, Fertiglobe will supply green ammonia to Europe under a contract worth up to €397 million ($428.4 million) and at a delivered price of €1,000 per tonne until 2033.
Fertiglobe will source renewable hydrogen feedstock from Egypt, where the company is installing 273 megawatts of renewable energy.
Mr El Hoshy said the green ammonia venture offers Fertiglobe more stable financial outcomes due to fixed costs.
“We're a commodity chemicals company … the share price is being impacted by what people perceive as volatility in the pricing,” Mr El Hoshy said.
“Those types of new markets … that can pay a fixed price if we can get either government support or we have a competitive advantage, can help us get into a much better value cash flow stream."
Green hydrogen, seen as a critical low-carbon fuel of the future, can be produced in regions with abundant renewable energy, converted to green ammonia for efficient transportation, and then back into hydrogen at the point of use.
In May, Fertiglobe, in partnership with Ta’ziz, GS Energy and Japan’s Mitsui, made an investment decision on a one million tonne per annum low-carbon ammonia project and awarded the construction contract to Tecnimont, with production expected to start in 2027.
“We are having some discussions on that … it's going to be attractively priced on a delivered basis given the freight advantages we have from the UAE,” Mr El Hoshy said.
"We would look at doing offtakes as the regulations come in place in Singapore, Japan, Korea, as well as other importers like Europe."
The UAE, the Arab world’s second-largest economy, aims to achieve hydrogen production of 1.4 million tonnes annually by 2031, increasing to 15 million tonnes a year by 2050.
The country is planning to develop at least two hydrogen production plants, or oases, by 2031.
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
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.
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
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LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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%3Cul%3E%0A%3Cli%3ECBDC%20real-value%20pilot%20held%20with%20three%20partner%20institutions%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPreparing%20buy%20now%2C%20pay%20later%20regulations%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPreparing%20for%20the%202023%20launch%20of%20the%20domestic%20card%20initiative%26nbsp%3B%3C%2Fli%3E%0A%3Cli%3EPhase%20one%20of%20the%20Financial%20Infrastructure%20Transformation%20(FiT)%20completed%3C%2Fli%3E%0A%3C%2Ful%3E%0A
RESULTS
5pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner: Yas Xmnsor, Sean Kirrane (jockey), Khalifa Al Neyadi (trainer)
5.30pm: Falaj Hazza – Handicap (PA) Dh70,000 (D) 1,600m
Winner: Arim W’Rsan, Dane O’Neill, Jaci Wickham
6pm: Al Basrah – Maiden (PA) Dh70,000 (D) 1,800m
Winner: Kalifano De Ghazal, Abdul Aziz Al Balushi, Helal Al Alawi
6.30pm: Oud Al Touba – Handicap (PA) Dh70,000 (D) 1,800m
Winner: Pharitz Oubai, Sean Kirrane, Ibrahim Al Hadhrami
7pm: Sieh bin Amaar – Conditions (PA) Dh80,000 (D) 1,800m
Winner: Oxord, Richard Mullen, Abdalla Al Hammadi
7.30pm: Jebel Hafeet – Conditions (PA) Dh85,000 (D) 2,000m
Winner: AF Ramz, Sean Kirrane, Khalifa Al Neyadi
8pm: Al Saad – Handicap (TB) Dh70,000 (D) 2,000m
Winner: Sea Skimmer, Gabriele Malune, Kareem Ramadan
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Squad
Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas)
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
