Ownership clicks into place on the Borouge build

Borouge Group International took control of Borouge, completing the acquisition of a 54% stake from Abu Dhabi National Oil Company (Adnoc) and 36% from Borealis, according to an ADX disclosure (pdf). This brings its total ownership to 90% following the fulfillment of regulatory conditions. The move locks in control ahead of the broader merger, which is on track to close before the end of the month.

REMEMBER- Adnoc and Austria’s OMV last year agreed to merge their polyolefins businesses into Borouge Group International, a c.USD 60 bn platform combining Borouge, Borealis, and Nova Chemicals. As we reported yesterday, the partners will begin operating and marketing output from Borouge 4 under an at-cost structure, expected to generate around USD 400 mn in net income over three years.

Talabat picks up the rent

Delivery platform Talabat is offering local F&B brands 100 rentfree cloud kitchen spaces in the UAE through September 2026, removing one of the biggest cost barriers to scaling delivery-first concepts, according to a press release. The program targets established homegrown brands with at least two years of operations and a minimum of 12 months of delivery activity.

Rakbank finalizes merchant arm sale to Network International

Rakbank wraps up merchant arm sale: The National Bank of Ras Al Khaimah (Rakbank) has wrapped up the sale of its merchant acquiring business to Network International for AED 551 mn, according to a press release (pdf). The business essentially acts as the middleman between merchants and banks, and the sale was first reported last November.

Inside the transaction: The financial impact of the transaction will be reflected in Rakbank’s 1Q 2026, and it is still waiting on regulatory approval. Network International will onboard the 5k merchants using the business into its wider system in phases over 6-8 months, and will also offer its payment solutions to Rakbank’s clients.

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