Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, has signed an initial agreement with Abu Dhabi Waste Management, better known as Tadweer, to explore recycling opportunities In Abu Dhabi.
The companies will look into the management and adoption of “best practice” in waste management, sorting and mechanical recycling of polymers, Borouge said on Wednesday.
“We are very pleased to collaborate with Tadweer to promote and implement stronger circular economy initiatives in the UAE,” said Hazeem Al Suwaidi, chief executive of Borouge.
“Together, we are exploring innovative ways of sorting and recycling polymers in alignment with national and international best practices.”
Both Borouge and Tadweer will set up frameworks, which unlock “value added” business opportunities through potential joint investments in brown and greenfield assets, the companies said.
The companies will also team up in supporting local regulatory frameworks related to the sustainable management of polymer waste.
“Our partnership is not just about recycling polymers; it's about reimagining our impact on the environment, society, and the economy,” said Ali Al Dhaheri, managing director and chief executive of Tadweer.
Tadweer, which is part of Abu Dhabi holding company ADQ's portfolio, is the sole company handling waste management in the emirate of Abu Dhabi. It aims to develop an integrated waste management sector and extract value from waste to contribute to national sustainability ambitions.
In May, Tadweer signed an initial agreement with circular economy solutions company Polygreen to support zero waste, the circular economy and sustainability initiatives in various markets, including the UAE and Greece.
In March, Tadweer signed a preliminary agreement with the municipality of Jordan's capital Amman to explore investment opportunities in the waste management sector.
Last year, Borouge raised $2 billion through an initial public offering and was listed on the ADX. 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.
Borouge reported a net profit of $229 million in the second quarter on a revenue of $1.4 billion.
The UAE plans to triple its petrochemical production capacity from 4.5 million tonnes – currently produced entirely by Borouge – by 2025.
The global polymers market is expected to reach $1.21 trillion by the end of 2032, from $716.83 billion last year, Precedence Research said.