Saudi Basic Industries Corporation, better known as Sabic, has signed an agreement with Oman’s state energy company OQ and Kuwait Petroleum International to set up a petrochemical complex in the sultanate.
The project, which includes a steam cracker and a natural gas liquids (NGLs) extraction plant, will use feedstock from Oman’s Duqm refinery, which is run by a venture between OQ and KPI, the companies said on Wednesday.
The complex will manufacture petrochemical products for markets linked to the energy transition process, clean technology, mobility, and construction, among others.
“This agreement enables us to identify and assess opportunities for ambitious and sustainable growth by bringing together our capabilities, expertise and technologies, and working collectively with our partners,” said Sabic chief executive Abdulrahman Al Fageeh.
The petrochemicals industry is expected to be a major driver of crude oil demand in the next few decades as consumers increasingly switch to electric vehicles.
Globally, the sector is projected to be worth about $800 billion by 2030, up from about $475 billion in 2020, according to Precedence Research.
Petrochemicals are set to account for more than a third of the growth in oil demand in the period up to 2030, and nearly half in the run-up to 2050, ahead of lorries, aviation and shipping, according to the International Energy Agency.
Their production is also poised to consume an additional 56 billion cubic metres of natural gas by 2030, equal to about half of Canada’s total gas consumption today, the energy agency said.
“The agreement is a significant milestone reached between the partners and comes at an important time in Oman, along with our 52nd national day celebrations and the near completion of the OQ8 refinery project,” OQ group chief executive Talal Al Awfi said.
The refinery, whose construction is nearing completion, is situated within the Duqm Special Economic Zone in Oman's south-eastern Al Wusta province.
The strategic maritime location provides immediate access to international shipping lanes in the Indian Ocean and Arabian Sea.
Once complete, the refinery will have the capacity to process about 230,000 barrels of crude oil a day.
“We are pleased to work side by side with OQ and Sabic on this pioneering project in Oman, because working with our regional partners supports KPC's 2040 strategy for growth in the petrochemical industry and enhances integration between the refining and petrochemical sectors,” said KPI president and chief executive Shafi Al Ajmi.
“The project also supports the economic growth and development of the Special Economic Zone at Duqm.”
As is the case with other Gulf countries, Oman is benefitting from a surge in economic activity tied to higher oil prices.
Brent, the benchmark for two thirds of the world’s oil, is currently trading at about $83 a barrel after falling to less than $30 in 2020.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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
FIXTURES
All kick-off times UAE ( 4 GMT)
Brackets denote aggregate score
Tuesday:
Roma (1) v Shakhtar Donetsk (2), 11.45pm
Manchester United (0) v Sevilla (0), 11.45pm
Wednesday:
Besiktas (0) v Bayern Munich (5), 9pm
Barcelona (1) v Chelsea (1), 11.45pm
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Tesalam Aleik
Abdullah Al Ruwaished
(Rotana)
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4.35pm: Tilal Al Khalediah
5.10pm: Continous
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6.20pm: West Acre
7pm: Flood Zone
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8.50pm: Calandogan
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UAE’s remaining fixtures in World Cup qualification R2
Oct 8: Malaysia (h)
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SQUADS
South Africa:
Faf du Plessis (capt), Hashim Amla, Temba Bavuma, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, JP Duminy, Imran Tahir, David Miller, Wayne Parnell, Dane Paterson, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada
Coach: Ottis Gibson
Bangladesh:
Mashrafe Mortaza (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Mustafizur Rahman, Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shakib Al Hasan, Soumya Sarkar, Tamim Iqbal, Taskin Ahmed.
Coach: Chandika Hathurusingha
The specs: 2018 Chevrolet Equinox
Price, base / as tested: Dh76,900 / Dh110,900
Engine: 2.0L, turbocharged in-line four-cylinder
Gearbox: Nine-speed automatic
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Torque: Torque: 352Nm @ 2,500rpm
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Engine: Four electric motors, one at each wheel
Power: 579hp
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Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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The biog
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Walks daily as part of regular exercise routine
France is her favourite country to visit
Has written books and manuals on women’s education, first aid and health for the family
Family: Husband, three sons and a daughter
Fathiya Nadhari's instructions to her children was to give back to the country
The children worked as young volunteers in social, education and health campaigns
Her motto is to never stop working for the country
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Changing visa rules
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
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Brief scoreline:
Al Wahda 2
Al Menhali 27', Tagliabue 79'
Al Nassr 3
Hamdallah 41', Giuliano 45 1', 62'
