The UAE has tapped into the billion-dollar market of plastics with the launch of the first global trading platform for recycled materials.
Rebound Plastic Exchange was launched on Monday and already has traders from around the globe signing in to buy recycled materials in a market that is expected to exceed $46 billion by 2025.
Plastic pollution is one of the biggest threats the world is facing today.
Thousands of marine animals are killed each year by ingesting plastic or getting tangled in it.
Plastic also has a direct impact on our health with the release of toxic substances into the soil and the air. This happens when plastic bags degrade in direct sunlight or are burnt.
Reducing plastic pollution
But it isn’t plastic that it is bad, it is how it is managed, according to Maryam Al Mansoori, Rebound’s chief executive.
“Plastic pollution is now visible more than any environmental threat that we face. And so when you ask what Rebound does, Rebound aims to be part of the solution to reducing plastic pollution.”
Organisations in the Middle East, North America, Latin America, India, South-east Asia and Europe have already subscribed to the Rebound Plastic Exchange.
“We are providing a marketplace that enables buyers and sellers of plastics to be encouraged to capture, recycle, process the plastics and make financial returns. So everyone that's involved in the recycling industry benefits, whether they run recovery facilities or whether they want to incorporate plastics and have their own commitments as big brands,” she said.
Growing sector
The recycled plastic trade market is expected to grow exponentially in the coming years with international companies heading towards using more recyclable material, whether it is for their products or for packaging and labelling them.
Ms Al Mansoori stresses that plastic is not going anywhere anytime soon.
“It's a versatile and useful material — we have to emphasise the fact that plastic is not the bad person in the room,” she said.
“It's the way that we manage our waste that unfortunately is leading to environmental leakages and landfills, and oceans that by 2050 are expected to have more plastics than fish.”
Of the seven billion tonnes of plastic waste generated globally so far, less than 10 per cent has been recycled.
Rebound will connect buyers and sellers from around the world ensuring throughout that the plastic traded, whether in small pellet form or large compressed bales, has passed quality checks.
The trade is confidential and contributes to what is described as a circular economy, where materials are continuously reused and not left to go to waste.
Rebound ensures that the plastic's value is kept in the economy rather than leaking into the environment, damaging the health of marine life and animals.
Recycled plastic can be used to make a various items, including T-shirts, shoes, bottles, labels and more.
Prof Edward Kosior is managing director of Nextek and a technical expert leading the development of material specification sheets for Rebound.
“Unless current practices change, it is estimated that 108 million tonnes of plastic waste will be landfilled, dumped, or openly burnt in 2050, especially in underdeveloped and developing countries,” said Prof Kosior.
“There is clearly a growing imperative for plastic circularity, and with the increasing demand for high-quality recycled plastic feedstock, the key trading factors of quality, standardisation, transparency, and trust are paramount.
“We are leading the movement beyond an era of informal, closed-door material trading, and towards a more integrated, efficient, and quality-assured system.”
Plastic pollution is a pressing matter for governments to address. In 2023, the UAE will host the Cop28 climate conference at Dubai Expo City where global leaders and policymakers will convene to find solutions to threats posed by climate change.
Palestinians recycling for fuel: in pictures
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Mohammed bin Zayed Majlis
UAE currency: the story behind the money in your pockets
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What is an ETF?
An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.
There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.
The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.
There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.
While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
THE SPECS
2020 Toyota Corolla Hybrid LE
Engine: 1.8 litre combined with 16-volt electric motors
Transmission: Automatic with manual shifting mode
Power: 121hp
Torque: 142Nm
Price: Dh95,900
F1 line ups in 2018
Mercedes-GP Lewis Hamilton and Valtteri Bottas; Ferrari Sebastian Vettel and Kimi Raikkonen; Red Bull Daniel Ricciardo and Max Verstappen; Force India Esteban Ocon and Sergio Perez; Renault Nico Hülkenberg and Carlos Sainz Jr; Williams Lance Stroll and Felipe Massa / Robert Kubica / Paul di Resta; McLaren Fernando Alonso and Stoffel Vandoorne; Toro Rosso TBA; Haas F1 Romain Grosjean and Kevin Magnussen; Sauber TBA
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com
RESULTS
Catchweight 82kg
Piotr Kuberski (POL) beat Ahmed Saeb (IRQ) by decision.
Women’s bantamweight
Corinne Laframboise (CAN) beat Cornelia Holm (SWE) by unanimous decision.
Welterweight
Omar Hussein (PAL) beat Vitalii Stoian (UKR) by unanimous decision.
Welterweight
Josh Togo (LEB) beat Ali Dyusenov (UZB) by unanimous decision.
Flyweight
Isaac Pimentel (BRA) beat Delfin Nawen (PHI) TKO round-3.
Catchweight 80kg
Seb Eubank (GBR) beat Emad Hanbali (SYR) KO round 1.
Lightweight
Mohammad Yahya (UAE) beat Ramadan Noaman (EGY) TKO round 2.
Lightweight
Alan Omer (GER) beat Reydon Romero (PHI) submission 1.
Welterweight
Juho Valamaa (FIN) beat Ahmed Labban (LEB) by unanimous decision.
Featherweight
Elias Boudegzdame (ALG) beat Austin Arnett (USA) by unanimous decision.
Super heavyweight
Maciej Sosnowski (POL) beat Ibrahim El Sawi (EGY) by submission round 1.
25-MAN SQUAD
Goalkeepers: Francis Uzoho, Ikechukwu Ezenwa, Daniel Akpeyi
Defenders: Olaoluwa Aina, Abdullahi Shehu, Chidozie Awaziem, William Ekong, Leon Balogun, Kenneth Omeruo, Jamilu Collins, Semi Ajayi
Midfielders: John Obi Mikel, Wilfred Ndidi, Oghenekaro Etebo, John Ogu
Forwards: Ahmed Musa, Victor Osimhen, Moses Simon, Henry Onyekuru, Odion Ighalo, Alexander Iwobi, Samuel Kalu, Paul Onuachu, Kelechi Iheanacho, Samuel Chukwueze
On Standby: Theophilus Afelokhai, Bryan Idowu, Ikouwem Utin, Mikel Agu, Junior Ajayi, Valentine Ozornwafor
