Polymateria's revolutionary technology means any products used at the Extreme E race in Saudi Arabia can either be recycled or will biodegrade naturally if they are accidentally discarded in the desert. Courtesy Extreme E
Polymateria's revolutionary technology means any products used at the Extreme E race in Saudi Arabia can either be recycled or will biodegrade naturally if they are accidentally discarded in the desert. Courtesy Extreme E
Polymateria's revolutionary technology means any products used at the Extreme E race in Saudi Arabia can either be recycled or will biodegrade naturally if they are accidentally discarded in the desert. Courtesy Extreme E
Polymateria's revolutionary technology means any products used at the Extreme E race in Saudi Arabia can either be recycled or will biodegrade naturally if they are accidentally discarded in the deser

Disintegrate after use: Polymateria offers cupful of green hospitality at Saudi Extreme E race


Alice Haine
  • English
  • Arabic

British start-up Polymateria, the creator of the world's first biodegradable and recyclable plastic, will supply its revolutionary products to the electric racing series Extreme E, which kicks off in Saudi Arabia next month.

Cups and food packaging made from Polymateria’s thin, flexible polyethylene plastic will be used by the 10 teams competing at motorsport's newest form of green racing, which starts in Al Ula on April 3.

Unfortunately, 32% of the plastic produced in the world each year winds up in the natural environment.

Polymateria’s revolutionary Biotransformation technology means its products can either be recycled after the races or biodegrade naturally if they are discarded accidentally in the desert, helping to tackle the growing issue of global plastic pollution.

Niall Dunne, chief executive of Polymateria, said he was looking forward to working with Extreme E on turning the tide on the plastic pollution endemic.

“Unfortunately, 32 per cent of the plastic produced in the world each year winds up in the natural environment,” Mr Dunne told The National.

“If left unchecked, four billion tonnes of plastic pollution will enter our land and oceans by 2050.”

Polymateria’s plastic breaks down into a harmless sludge or wax when left out in the open air. Courtesy Polymateria
Polymateria’s plastic breaks down into a harmless sludge or wax when left out in the open air. Courtesy Polymateria

The company found that the majority of the plastic discarded across the world comprises of polyolefins that are produced mainly from oil and natural gas and can take up to 450 years to decompose.

“So, that’s the polypropylene cups you drink your coffee out of or the polyethylene shopping bags you bring your shopping home in,” Mr Dunne said.

The company focused on redesigning those materials at the point of manufacture, biologically and chemically altering the structure to ensure it disintegrates in nature and does not leave behind microplastics – tiny fragments less than 5 millimetres long that are harmful to the environment and the health of animals.

The technology means Polymateria’s plastic breaks down into a harmless sludge or wax when left out in the open air.

“To make that wax attractive to nature, the company uses a prebiotic to trigger the microbes, the bacteria and the fungi that exist in the natural environment to then digest it,” Mr Dunne said.

“So polyethylene we can get back [to nature] in 226 days, and polypropylene, that's your more rigid cup type containers, we can get that back in 326 days at ISO accredited independent laboratories.”

Niall Dunne, chief executive of Polymateria, is excited about the company's tie up with Extreme E. Courtesy Polymateria
Niall Dunne, chief executive of Polymateria, is excited about the company's tie up with Extreme E. Courtesy Polymateria

The company’s scientists can control the time it takes for biodegradation, delaying the process depending on how long the product needs to be used.

In the same way supermarket food has a use-by date, Polymateria’s products have an “expiry” date as to when the biodegradation process begins, which can be predicted down to the exact month.

“What we’ve pioneered in order to ensure responsible disposal, is to communicate to the consumer on the pack a recycle-by date – or dispose-by date if, for whatever reason, those materials can't be recycled,” Mr Dunne said.

“That can be any time from six months to three years. We can predict exactly when it becomes active ... and that's why it's so scalable.”

Prince Charles at the Polymateria lab in 2019 with Dr Chris Wallis, who heads up innovations at the company. Courtesy Polymateria
Prince Charles at the Polymateria lab in 2019 with Dr Chris Wallis, who heads up innovations at the company. Courtesy Polymateria

Polymateria was set up in 2015 by Jonathan Seiff – whose great-grandfather Michael Marks founded the British department store Marks & Spencer – and his business partner Lee-Davy Martin, after the pair spotted a gap in the market.

While other biodegradable or compostable plastics exist, they are not always suitable for conventional recycling because they do not break down in the same way as conventional plastic.

The duo set about creating the technology for Polymateria's product, using the knowledge of Dr Chris Wallis who remains the company’s head of innovations.

"They realised that the challenge facing the industry was to develop innovation that was more credible and science-based than anything else before, and also scalable,” said Mr Dunne.

“The size of the plastic pollution pandemic is staggering but they needed something that could scale and work at the level of the problem that we're actually facing, and come up with something that wasn't just going to be a niche innovation.”

The company completed a £15 million ($20.8m) Series A funding round in January last year, which valued the company at £110m, with Planet First Partners the lead investor.

Investors are attracted to the company’s credibility; its products are independently proven to be recyclable and biodegradable in the natural environment in tests carried out by the ISO-accredited Impact Solutions, a British company specialising in plastics expertise.

The funds raised last year allowed Polymateria to expand its global footprint, as well as the laboratories at its west London base.

It is also ramping up the products it supplies to supermarkets in the UK, such as disposable cups, food storage bags and packaging.

Polymateria's Niall Dunne with Hollywood actress Robin Wright, whose fashion house recently tied up with the company. Courtesy Polymateria
Polymateria's Niall Dunne with Hollywood actress Robin Wright, whose fashion house recently tied up with the company. Courtesy Polymateria

In one of its more recent tie-ups, Polymateria was signed by fashion brand Pour les Femmes, founded by American House of Cards actress Robin Wright. The fashion house will use the plastic for all its clothing deliveries to customers and shops.

The latest deal with Extreme E’s global X Prix events is another step forward for the brand, which is also looking at producing biodegradable face masks for the race series in the future.

Collaborating with Extreme E seems a natural fit for Polymateria. The radical new racing series will see electric SUVs competing in extreme environments already damaged or affected by climate and environmental issues.

The five-race event, which debuts in Saudi Arabia on April 3 featuring 20 drivers, will highlight the effects of climate change and human interference on a range of ecosystems in some of the world’s most remote locations.

While in Al Ula, the tour will shine the spotlight on desertification, before speeding on to Senegal, Greenland, Brazil and Argentina.

To minimise its effect on the natural environment, the races are not open to spectators, with fans instead invited to follow the action through a live TV broadcast, and on social media.

Alejandro Agag, chief executive of Extreme E, said the race series teamed up with Polymateria to help drive global awareness of solutions for plastic pollution while reducing its own environmental footprint at the same time.

Environmentally conscious investor Nico Rosberg, a Formula One world champion and founder of the Rosberg X Racing team which will compete in Extreme E, said Polymateria’s concept “is exactly the sort of cutting-edge innovation the world needs, backed up by robust standards and scientific evidence”.

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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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2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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Who is Mohammed Al Halbousi?

The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.

The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.

He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.

He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.

He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.