Abu Dhabi's Borouge to Sell 10% of Shares in IPO, List on ADX

One of Borouge’s industrial units in Abu Dhabi. (WAM)
One of Borouge’s industrial units in Abu Dhabi. (WAM)
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Abu Dhabi's Borouge to Sell 10% of Shares in IPO, List on ADX

One of Borouge’s industrial units in Abu Dhabi. (WAM)
One of Borouge’s industrial units in Abu Dhabi. (WAM)

Abu Dhabi National Oil Company (ADNOC) and its Austrian chemicals partner Borealis plan an initial public offering of their petrochemicals joint venture Borouge, the latest step in the Abu Dhabi state energy group’s asset monetization program.

Borouge, which is a specialty plastics firm that produces polyolefin, said on Wednesday it planned to list its shares on the Abu Dhabi Securities Exchange (ADX).

Founded in 1998, Borouge could be worth $20 billion, which means an IPO size of $2 billion, two sources familiar with the deal told Reuters.

The company said its offering will consist of approximately three billion existing shares, representing 10% of the company’s issued share capital.

The offer, subject to regulatory approvals and other relevant considerations, will begin on May 23 and run to May 28 for retail investors and May 30 for institutional buyers, the company said in an intention to float (ITF) document.

It expects its shares to be admitted for trading on the ADX on June 3.

The Borouge portfolio of products comprises polyethylene and polypropylene, the two most common types of polymers, which are used for various applications such as sustainable packaging, pipes and fittings, wires and cables, automotive, and medical applications.

“ADNOC continues to consistently unlock and maximize value across its integrated upstream and downstream asset base to drive sustainable growth for the benefit of Abu Dhabi and the UAE,” said Sultan bin Ahmed al-Jaber, ADNOC’s managing director and Group CEO.

The offering will be open to all citizens and residents of the UAE and international and local institutional investors.

“Through Borouge and our recently announced 25% equity investment in Borealis, ADNOC is poised to capitalize on the significant industrial and consumer-led growth in the petrochemicals sector over the coming decades,” Jaber explained.

He pointed out that the proposed listing, the fourth subsidiary to come to market, is another significant milestone in ADNOC’S highly successful value creation and strategic growth journey.

Over the past six years, ADNOC has actively managed its businesses and capital, as well as successfully developed a more open, flexible, and innovative partnership model across its integrated upstream and downstream value chain.

This value creation and growth strategy is enabled by a $122 billion (AED447.7 billion) capital investment program across the Group between 2021 to 2025.

ADNOC is broadening its investor base and access to capital by listing minority stakes in select operating businesses, while also supporting the continued growth and expansion of the UAE’s private sector and capital markets.

This was initiated with the successful IPO of ADNOC Distribution in 2017 and followed by the largest and third largest-ever ADX listings to date with ADNOC Drilling and Fertiglobe respectively in October 2021.



Saudi Arabia Assumes WTO General Council Presidency for 2025–2026

The General Council of the World Trade Organization (WTO) unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. (SPA)
The General Council of the World Trade Organization (WTO) unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. (SPA)
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Saudi Arabia Assumes WTO General Council Presidency for 2025–2026

The General Council of the World Trade Organization (WTO) unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. (SPA)
The General Council of the World Trade Organization (WTO) unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. (SPA)

The General Council of the World Trade Organization (WTO) has unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. In a historic milestone, Al-Moqbel becomes the first Arab and Middle Eastern delegate to assume this position, reported the Saudi Press Agency on Wednesday.

The WTO General Council, which convenes throughout the year, oversees the organization’s operations between ministerial conferences, held biennially. As the highest decision-making body at the level of heads of missions, the council plays a crucial role in shaping global trade policies.

During Saudi Arabia's presidency, the General Council is set to address several key issues, including preparations for the 14th Ministerial Conference, scheduled to be held in Cameroon in March 2026.

The agenda will also focus on essential WTO reforms, particularly the dispute settlement mechanism; advancing negotiations on the second phase of the Fisheries Subsidy Agreement; and addressing agriculture, food security, and development concerns.

Other priorities include integrating multilateral agreements, such as the Investment Facilitation for Development Agreement and the E-Commerce Agreement, into the WTO framework.

Commenting on the appointment, Al-Moqbel emphasized that Saudi Arabia’s leadership in the WTO General Council reflects its growing role in the international economic landscape, leveraging its global economic influence to strengthen multilateral trade cooperation.