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
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
KILLING OF QASSEM SULEIMANI
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The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
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Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Match info
Premier League
Manchester United 2 (Martial 30', Lingard 69')
Arsenal 2 (Mustafi 26', Rojo 68' OG)
Mohammed bin Zayed Majlis
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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.
Killing of Qassem Suleimani
FIXTURES (all times UAE)
Sunday
Brescia v Lazio (3.30pm)
SPAL v Verona (6pm)
Genoa v Sassuolo (9pm)
AS Roma v Torino (11.45pm)
Monday
Bologna v Fiorentina (3.30pm)
AC Milan v Sampdoria (6pm)
Juventus v Cagliari (6pm)
Atalanta v Parma (6pm)
Lecce v Udinese (9pm)
Napoli v Inter Milan (11.45pm)
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
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