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UAE: Agreements Signed to Invest in Petrochemical Projects

Agreements to set up petrochemical projects in the UAE (WAM)
Agreements to set up petrochemical projects in the UAE (WAM)
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UAE: Agreements Signed to Invest in Petrochemical Projects

Agreements to set up petrochemical projects in the UAE (WAM)
Agreements to set up petrochemical projects in the UAE (WAM)

The Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) has signed investment agreements with eight United Arab Emirates-based investors.

This marks the first domestic Public-Private Partnership (PPP) in Abu Dhabi’s downstream and petrochemicals sector.

The agreements comprise commitments by the investors to invest in an up to 20 percent stake in a portfolio of chemicals projects worth AED15 billion ($4 billion) within the TA’ZIZ Industrial Chemicals Zone, alongside Abu Dhabi National Oil Company (ADNOC), ADQ, and other global strategic partners in Ruwais, Abu Dhabi.

Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said: "Through TA’ZIZ, our new domestic partners will have a stake in ongoing activities to enable additional domestic production of critical industrial raw materials, drive economic diversification and further grow the UAE’s advanced manufacturing base".

He further welcomed “leading investors who are ready to partner with us on the development of a globally competitive chemicals and industrial hub".

Mohamed Hassan Alsuwaidi, Chief Executive Officer of ADQ, stated that “the agreements reflect our aim to strengthen collaboration with the private sector.

Sustainable industrial growth ensures that the UAE is well-positioned to attract foreign direct investment and grow its leadership across core sectors of the economy where ADQ is active.

“Through our broad portfolio, we can unlock the investment potential of TA’ZIZ on a global scale, while remaining firmly committed to driving value creation and supporting the sustainable development of Abu Dhabi’s economy.”

The development of the TA’ZIZ industrial hub is expected to benefit from ADNOC and ADQ’s world-class infrastructure and high-quality feedstock, as well as the support of MoIAT.

ADNOC’s operations are a critical engine for industrial growth in the UAE, with competitive feedstocks available to catalyze the growth of industries and manufacturing supply chains.

Similarly, ADQ is advancing economic clusters around essential sectors, ensuring they are part of global value chains, facilitating growth, and enabling private sector investment in the UAE’s economy.

The TA’ZIZ Industrial Chemicals Zone has received significant interest from leading international and local investors alike.

The local investor agreements follow an exclusive briefing for the UAE’s leading investors, held at the ADNOC Business Centre in Abu Dhabi in September. The event unveiled TA’ZIZ’s unique investment proposition and was hosted in partnership with MoIAT.

Chemicals is a priority sector for "Operation 300bn", the UAE’s industrial growth strategy championed by MoIAT, which has the goal to raise the UAE industrial sector’s contribution to national gross domestic product (GDP) to AED300 billion ($72.3 billion) by 2031.

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Syria, World Bank Agree to Set Up Fund for Recovery and Reconstruction

FILE PHOTO: A view of the Syrian central bank, after the ouster of Syria's Bashar al-Assad, in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo
FILE PHOTO: A view of the Syrian central bank, after the ouster of Syria's Bashar al-Assad, in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo
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Syria, World Bank Agree to Set Up Fund for Recovery and Reconstruction

FILE PHOTO: A view of the Syrian central bank, after the ouster of Syria's Bashar al-Assad, in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo
FILE PHOTO: A view of the Syrian central bank, after the ouster of Syria's Bashar al-Assad, in Damascus, Syria, January 12, 2025. REUTERS/Firas Makdesi/File Photo

Syria and the World Bank have agreed to set up a multi-donor ‌trust ‌fund focused ‌on ⁠recovery and reconstruction, they ⁠said in a joint statement on ⁠Sunday, as Damascus ‌aims to ‌rebuild after ‌a ‌more than decade-long civil war.

The fund aims ‌to provide concessional financing, ⁠investment guarantees, technical ⁠support, and capacity building, said Reuters.

Business

China’s Economic Growth Picks up as Exports Boom, Consumers Balk

Construction workers walk in front of a residential compound in Beijing, China, 19 October 2026. (EPA)
Construction workers walk in front of a residential compound in Beijing, China, 19 October 2026. (EPA)
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China’s Economic Growth Picks up as Exports Boom, Consumers Balk

Construction workers walk in front of a residential compound in Beijing, China, 19 October 2026. (EPA)
Construction workers walk in front of a residential compound in Beijing, China, 19 October 2026. (EPA)

China's economic growth bounced off three-year lows in the third quarter, as roaring exports offset consumers' tight grip on their wallets, though analysts warn the growing reliance on external drivers is deepening structural imbalances.

The 4.5% pace beat consensus forecasts and analysts expect Beijing to reach its 2026 target of 4.5%-5.0% without resorting to additional stimulus, helped by a strong start to the year and some recent modest fiscal and monetary support.

Monday's data showed retail sales again lagging industrial output, while the property market was still in a downturn, having significantly eroded household wealth for the past five years.

Together with last week's releases showing soft consumer inflation and exports soaring by more than a third, a picture emerges of an economy increasingly dominant in global markets but struggling to generate prosperity at home.

Weak domestic demand has pushed Zhang Chao's motorbike headlights company to all but abandon selling in China to focus on export markets, where orders have doubled this year.

"It's too competitive and there's no profit," Zhang, who manages Southeast Asia operations for his firm, ‌said of China. "The ‌barrier to entry is a bit lower overseas."

Weak consumer demand has intensified price wars, forcing companies to ‌slash ⁠costs, including on ⁠payroll.

Having lost her sales job in June, Laura Shi still road-tripped through China's week-long national holidays in October, but slept in her car on most nights to save on hotels.

"The downside was that I couldn't shower, and there was noise outside," she said.

China's increasingly lopsided growth is prompting the rest of the world to react.

The European Union and China have agreed to limit hybrid car exports to the bloc, but Brussels is planning further curbs as data last week showed September's trade surpluses with Germany and France each jumping more than 200% year-on-year.

"This year’s growth figures highlight a deeper rebalancing challenge for the medium term," ANZ analysts said in a note on Monday's data.

"Rising trade tensions, protectionist measures and geopolitical frictions pose significant risks to future growth," they said, adding "the economy is exposed ⁠to changes in the external environment to a greater extent than policymakers would prefer."

The yuan firmed to its ‌strongest level since July 2022 on Monday.

EXPORT TSUNAMI

China is on track to top last year's $1.2 ‌trillion trade surplus despite rising global tensions.

Exports ranging from chicken meat and beauty products to electric cars and prefabricated homes have surged.

Some manufacturers that moved production abroad ‌are coming back, as US tariffs on Chinese goods are now closer to those on rivals such as Vietnam.

"High-tech manufacturing, chip output, new energy ‌vehicles, and export delivery values reflect a competitive industrial upgrading that is real and accelerating," said ITC Markets analyst Andy Ji.

"However, the growth composition remains deeply unbalanced... Growth is export- and state-led. Domestic demand is not yet self-sustaining, and the property sector shows no floor."

Industrial output rose 5.5% in September.

Statistics bureau official Mao Shengyong said the 4.6% growth in the first nine months of the year was "hard won," acknowledging "unbalanced and inadequate development." High-end manufacturing, "the digital economy" and "modern services" contributed more than 40% of the growth over ‌the period.

Even so, Beijing has rolled out fresh support measures, underscoring concerns over lingering weakness beyond the factory sector.

Measures since late September include cheaper credit for infrastructure and tech, modest mortgage subsidies, and more funds for ⁠local governments, whose tight finances contributed ⁠to a 7.2% fall in fixed-asset investment in January-September.

Economists say the measures are enough to dispel fears of missing the growth target, but remain tilted to the supply side.

"China's export expansion is not without limits," Societe Generale economist Michelle Lam said.

"Without a decisive policy shift toward supporting household incomes and consumption, China is likely to remain trapped in a prolonged period of low inflation and sub-par growth."

On the demand side of the ledger, October's holiday saw average spending per trip fall to four-year lows, while social media flare-ups over gruelling work schedules, low pay and weak labor protections are becoming more frequent.

Retail sales were up 1.1% in September, marking the quickest growth in six months, though off a low base.

In the eastern city of Ningbo, a restaurant owner surnamed Dai said many diners now bring their own drinks rather than ordering from the menu.

"Everyone is cutting jobs these days," Dai said. "Sometimes I wonder whether I should let one or two staff members go and do more work myself."

Unemployment inched lower to 5.2% in September, but economists say the figures are flattered by a growing gig economy. Anyone working even one hour a week is considered employed.

In Hangzhou, 26-year-old accountant Carol Huang is angry that her employer almost halved her bonus. But she says similar jobs in the city offer 3,000-6,000 yuan ($449-$897) per month, much less than she earns, so she is staying put.

"What on earth happened to the job market?" Huang said.

Business

Saudi Stock Market Closes 0.82% Higher, Led by Energy Sector

A market data display at the Saudi Tadawul Group headquarters in Riyadh (Tadawul)
A market data display at the Saudi Tadawul Group headquarters in Riyadh (Tadawul)
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Saudi Stock Market Closes 0.82% Higher, Led by Energy Sector

A market data display at the Saudi Tadawul Group headquarters in Riyadh (Tadawul)
A market data display at the Saudi Tadawul Group headquarters in Riyadh (Tadawul)

Saudi Arabia's benchmark Tadawul All Share Index (TASI) ended Sunday's session up 0.82 percent at 10,189 points, with trading turnover reaching SAR 2.3 billion ($613 million).

The index hit an intraday high of 10,215 points and a low of 10,107 points.

Among sectors, energy led the gains, rising 1.99 percent, supported by a 2.06 percent increase in Saudi Aramco shares, which closed at SAR 25.80.

Al Arabia, Ladun and Saudi Vitrified Clay Pipe Co. were the top gainers, advancing between 7 and 9 percent to close at SAR 42.12, SAR 1.99 and SAR 16.90, respectively.

On the losing side, Watani Iron Steel topped the list of decliners, falling 8 percent to SAR 3.22, followed by Najran Cement, which dropped 2.32 percent to SAR 5.47, and SAICO, which shed 2.12 percent to close at SAR 9.25.