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  Borouge International appoints chief financial officer

  20 April 2026

  Newly formed chemicals giant Borouge Group International AG (Borouge International) has appointed Patrick Jany as chief financial officer (CFO). He will take office from 1 May, until which time Daniel Turnheim will continue to serve as interim CFO.

  Jany joins Borouge International with more than three decades of international finance leadership across industrial, logistics and chemical businesses. “With 20 years’ CFO experience in publicly listed companies, he brings deep financial expertise and a disciplined approach to capital management,” Borouge International said in a statement.

  Most recently, Jany served as executive vice-president and CFO of Danish shipping company A P Moller-Maersk, where he joined the executive board in 2020 and played a central role in strengthening financial discipline, portfolio management and value creation during a period of major strategic transformation.

  Prior to Maersk, he spent 25 years at Swiss specialty chemicals company Clariant AG, holding a range of senior finance, general management and corporate development roles across Europe, Asia and the Americas, eventually becoming group CFO. Earlier in his career, he held finance leadership roles at Sandoz AG, Clariant’s predecessor.

  Jany holds a Master of Business Administration degree from ESCP Business School.

  “As CFO, he will be part of a strong management team, leading and shaping Borouge International into a global industrial leader with scale, reach and financial discipline, supporting its long-term growth ambitions,” the company said in its statement.

  Chemicals giant

  Abu Dhabi National Oil Company’s (Adnoc Group) overseas investment arm XRG and Austrian energy major OMV completed the creation of Borouge International, a global chemicals giant with the fourth-largest polyolefins production capacity in the world, on 31 March.

  The new entity was formed by the merger of Adnoc Group and OMV’s respective shareholdings in Abu Dhabi chemicals producer Borouge and Austria-based Borealis, as well as the acquisition of Canada-based Nova Chemicals.

  Adnoc and OMV started the transaction to merge their interests in Borouge and Borealis, as well as acquire Nova Chemicals, in March last year. In July, Adnoc announced it would transfer its stake in Borouge International to XRG upon completion of the transaction.

  Borouge International is headquartered and tax-domiciled in Austria, with regional headquarters in Abu Dhabi, UAE. The new company will operate corporate hubs across North America, Europe and Asia, with innovation centres in the UAE, Austria, Canada, Finland and Sweden.

  Financial prospects

  Borouge International will benefit from a superior resilient margin profile and well over $500m in identified earnings before interest, taxes, depreciation, and amortisation (ebitda) run-rate synergies per annum, with 75% expected to be realised within the first three years, XRG said at the time of creation of the entity.

  “The company’s global reach, combined with long-term shareholders and a robust capital structure, will deliver resilience throughout the business cycle and an enhanced ability to drive consistent performance and sustainable value for shareholders,” XRG said in its statement.

  The new company has also secured credit ratings of A (Negative) / Baa1 (Stable) / A- (Stable) ratings from S&P, Moody’s and Fitch, respectively, “confirming its robust financial position and capital structure and ability to access a range of long-term financing options”.

  “XRG and OMV are committed to maintaining investment-grade credit ratings for Borouge International,” they said.

  Additionally, Adnoc and OMV plan to tender an offer to convert Borouge Plc shares to Borouge International AG shares, thereby “creating a simplified structure that will enable value creation from the new global growth platform”.

  The tender offer is expected to take place in 2027, subject to market conditions and approval by the UAE Capital Market Authority, with its timing “aligning with the new company’s future equity raise, to maximise value for all shareholders”.

  Until then, Borouge International will be privately held, and Borouge Plc shares will remain listed on the Abu Dhabi Securities Exchange (ADX). The recently received credit ratings factor in the impact and flexibility on timing of both the future equity raise and the planned acquisition of Borouge 4 at cost by Borouge International.

  Borouge International also recently announced a dividend payment of $1.32bn for 2025, “reflecting the company’s strong operational performance and record sales”.

  The final shareholder-approved dividend payment for 2025 amounts to $658m (8.1 fils per share), bringing the total 2025 dividend to approximately $1.32bn (16.2 fils per share). The dividend will be paid on or around 7 May to all shareholders of record as of 17 April.

  Including this dividend, Borouge Plc will have distributed $4.89bn in dividends since listing, one of the largest payout levels on the ADX over this period.

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  Indrajit Sen
• 
  Kuwait LNG project expected to be worth about $200m

  20 April 2026

  

   

  The planned Kuwaiti project to develop a reliquefaction unit at the Al-Zour LNG import terminal is expected to be worth about $200m, according to industry sources.

  The client on the project is state-owned Kuwait Integrated Petroleum Industries Company (Kipic).

  The project is focused on the development of a boil-off-gas unit at the import terminal, according to a report in Kuwait’s Al-Anba newspaper.

  The project scope includes engineering, procurement and construction works, along with pre-commissioning, commissioning and performance testing services.

  The list of prequalified companies is:

  • Fluor (US)
  • GS Engineering & Construction (South Korea)
  • Tecnicas Reunidas (Spain)
  • Larsen & Toubro (India)
  • Hyundai Engineering (South Korea)
  • CTCI Corporation (Taiwan)
  • Daewoo Engineering & Construction (South Korea)
  • Hyundai Engineering & Construction (South Korea)
  • Saipem (Italy)
  • Samsung Engineering (South Korea)
  • Sinopec Engineering (China)
  • JGC Holdings (Japan)
  • KBR (US)
  • China National Petroleum Corporation (China)
  • Technip (France)

  Kuwait’s LNG import terminal is currently not operating due to disruption caused by the US and Israel’s war with Iran.

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  READ THE APRIL 2026 MEED BUSINESS REVIEW – click here to view PDF

  Economic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.

  Distributed to senior decision-makers in the region and around the world, the April 2026 edition of MEED Business Review includes:

  > AGENDA: Gulf economies under fire > GCC CONTRACTOR RANKING: Construction guard undergoes a shift > MARKET FOCUS: Risk accelerates Saudi spending shift > LEGAL: Redefining the region’s arbitration landscape > QATAR LNG: Qatar’s new $8bn investment heats up global LNG race > INTERVIEW: Leyla Abdimomunova, National Development Division, PIF > LEADERSHIP: Shaping the future of passenger rail in the Middle East

  To see previous issues of MEED Business Review, please click here

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  Wil Crisp
• 
  Saudi Arabia’s Misk tenders residential package

  17 April 2026

  

   

  Saudi Arabia’s Mohammed Bin Salman Foundation (Misk Foundation) has floated two tenders for the construction of a residential community in District 5 of Prince Mohammed Bin Salman Nonprofit City in Riyadh.

  The first tender is split into two packages, one that covers the construction of 237 villas and the other covering 223.

  The second tender covers the construction of a community centre, swimming pool, mosque and school.

  The bid submission deadline for both tenders is 27 April.

  Misk Foundation is jointly developing the project in collaboration with local real estate developer Kinan.

  The estimated SR900m ($240m) project will span an area of about 121,692 square metres.

  In March 2022, the Misk Foundation released the masterplan for Prince Mohammed Bin Salman Nonprofit City.

  Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud said in November 2021 that the Misk Foundation development in Riyadh will be the world’s first non-profit city.

  “Prince Mohammed Bin Salman Nonprofit City, which implements the digital twin model, will host academies; colleges; Misk schools; a conference centre; a science museum; and a creative centre offering a space to support the ambitions of innovators in sciences and new-generation technology, such as AI [artificial intelligence], IoT [Internet of Things] and robotics,” he said.  

  “It will also feature an arts academy and art gallery, a performing arts theatre, a play area, a cooking academy and an integrated residential complex.

  “In addition, the city will host venture capital firms and investors to support and incubate innovative enterprises to drive community contributions from around the world.”

  The consultants working on the project include Germany’s Albert Speer + Partner as master planner and architect, and UK-based Buro Happold as the engineer. The project manager for the first phase of construction is UK-based Mace.

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  MEED’s April 2026 report on Saudi Arabia includes:

  > COMMENT: Risk accelerates Saudi spending shift
  > GVT &: ECONOMY: Riyadh navigates a changed landscape
  > BANKING: Testing times for Saudi banks
  > UPSTREAM: Offshore oil and gas projects to dominate Aramco capex in 2026
  > DOWNSTREAM: Saudi downstream projects market enters lean period
  > POWER: Wind power gathers pace in Saudi Arabia
  > WATER: Sharakat plan signals next phase of Saudi water expansion
  > CONSTRUCTION: Saudi construction enters a period of strategic readjustment
  > TRANSPORT: Rail expansion powers Saudi Arabia’s infrastructure push

  To see previous issues of MEED Business Review, please click here

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  Yasir Iqbal
• 
  Saipem wins $400m of Safaniya field work from Aramco

  17 April 2026

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  Italian contractor Saipem has announced winning two offshore engineering, procurement, construction and installation (EPCI) contracts in Saudi Arabia, worth approximately $400m, which represent Saudi Aramco’s next expansion phase of the Safaniya offshore oil field development.

  MEED recently reported that Aramco had selected Saipem for the two contracts – numbers 154 and 155 on its Contract Release and Purchase Order (CRPO) system.

  Fabrication activities for the two contracts will be executed at Saipem’s Saudi fabrication yard in Dammam, Saipem Taqa Al-Rushaid Fabricators Company, the Milan-listed company said in its statement.

  Prior to winning the contracts for CRPOs 154 and 155, Saipem also secured the contract for CRPO 156, valued at about $500m, which forms the third package in Aramco’s latest Safaniya expansion phase.

  Aramco issued the three CRPOs to its Long-Term Agreement (LTA) pool of offshore contractors in February last year, with an initial bid submission deadline of 31 July. Aramco later extended the deadline to 28 August and then again to 31 August, with LTA contractors submitting bids on that date.

  The brief scope of EPCI work on the three tenders is as follows:

  CRPO 154:

  EPCI of a water injection tie-in platform; two production deck modules (PDMs)/wellhead platforms; approximately 5 kilometres (km) of associated pipeline, with diameters of 24 inches, and approximately 15km of 15kV cables at Safaniya; hook-ups; and subsea valve skids.

  CRPO 155:

  EPCI of four PDMs; intra-field and main trunklines to shore; and jackets.

  CRPO 156:

  EPCI of a 48-inch trunkline, covering a distance of about 65km offshore and 12km onshore, from the Safaniya offshore oil field to the onshore processing facility; and associated structures such as subsea hook-ups.

  The Safaniya field is the world’s largest offshore oil field, with a production capacity of nearly 1.2 million barrels a day. Discovered in 1951, the field is located in the Gulf waters, approximately 265km north of Aramco’s headquarters in Dhahran.

  ---

  READ THE APRIL 2026 MEED BUSINESS REVIEW – click here to view PDF

  Economic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.

  Distributed to senior decision-makers in the region and around the world, the April 2026 edition of MEED Business Review includes:

  > AGENDA: Gulf economies under fire > GCC CONTRACTOR RANKING: Construction guard undergoes a shift > MARKET FOCUS: Risk accelerates Saudi spending shift > LEGAL: Redefining the region’s arbitration landscape > QATAR LNG: Qatar’s new $8bn investment heats up global LNG race > INTERVIEW: Leyla Abdimomunova, National Development Division, PIF > LEADERSHIP: Shaping the future of passenger rail in the Middle East

  To see previous issues of MEED Business Review, please click here

   

  

  https://image.digitalinsightresearch.in/uploads/NewsArticle/16439869/main5806.jpg

  Indrajit Sen
• 
  Ora Developers adds land bank to its Bayn masterplan

  17 April 2026

  Egyptian firm Ora Developers has signed a land acquisition agreement with Abu Dhabi-based developer Modon Holding to acquire an additional 4.8 million square metres (sq m) of land in the Ghantoot area between Abu Dhabi and Dubai.

  Ora Developers said that the land acquisition will increase the existing Bayn masterplan from 4.8 million sq m to 9.6 million sq m.

  The firm added that the total investment in the masterplan upon completion is expected to reach AED30bn ($8bn).

  In January, Ora Developers appointed six engineering consultancies to lead the development of the first phase of its Bayn residential community project.

  The developer appointed UK-based firm Mace to lead the overall project management.

  Canadian firm WSP will serve as the masterplan, infrastructure, landscape and water bodies design consultant, as reported by MEED in May last year.

  Another US firm, Aecom, will provide construction supervision services.

  Hong Kong’s 10 Design is the project’s architectural concept design consultant.

  Local firm Dewan Architects & Engineers is the project’s design consultant and architect of record.

  The UK’s Currie & Brown is the cost consultant.

  The first phase will offer 805 villas and townhouses, and the project is expected to be completed in 2028.

  The project will also include a neighbourhood park, sports facilities, a water park, a five-star hotel and a shopping mall.

  In December last year, Abu Dhabi government-owned contractor NMDC Group won a AED142m ($39m) contract from Ora Developers.

  The contract scope covers the execution of enabling works on the Bayn masterplan.

  The main construction works on the project's first phase are expected to begin in the second quarter of this year.

  

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  Yasir Iqbal