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United Arab Emirates, Egypt and Jordan enter into industrial partnership for sustainable economic growth

By on May 29, 2022 0

The UAE, Egypt and Jordan have entered into an industrial partnership aimed at driving sustainable economic growth and exploring joint investment opportunities in vital sectors of “mutual and strategic interest”.

A $10 billion investment fund has been allocated and managed by holding company ADQ to accelerate work on the partnership in five priority sectors, said Dr Sultan Al Jaber, Minister of Industry and Advanced Technologies, at a joint conference Sunday in Abu Dhabi.

This is based on the directives of President Sheikh Mohamed, Dr Al Jaber said.

The partnership has identified five sectors of mutual interest for the three countries, including petrochemicals; metals, minerals and downstream products; textiles; pharmaceuticals and agriculture, food and fertilizers.

The new partnership will establish major joint industrial projects, provide employment opportunities, help increase economic output, diversify the economies of the three countries, support industrial production and increase exports.

“This ambitious partnership will lead to the creation of industrial opportunities worth billions of dollars by identifying joint industrial projects in the future, focused on creating world-class competitive industries with the highest quality standards, in particular in priority sectors,” Dr. Al Jaber said in his speech. word.

The deal comes amid the UAE’s efforts to support the growth of the local industrial sector, strengthen its role in boosting the national economy and double its contribution to gross domestic product to 300 billion dirhams ($82 billion). ) by 2031.

The United Arab Emirates, Jordan and Egypt collectively have a GDP of around $765 billion and more than 60 million young people, Dr Al Jaber said.

In the agriculture and food sector, there is an opportunity to increase wheat and maize production in the three countries to about 30 million tonnes per year from the current 16.5 million tonnes, Dr Al Jaber said.

The metals sector – particularly aluminum, iron, silica and potash – offers opportunities for projects worth $23 billion through the manufacture of high-value products such as glass, electrical wires, automotive components and solar panels, he said.

The combined contribution of the petrochemical industry to the GDP of the economies of the United Arab Emirates, Egypt and Jordan was $16 billion in 2019.

“We will now create promising opportunities for the development of this sector and its related industries, which are valued at over $21 billion,” Dr. Al Jaber said.

The joint conference also brought together Egyptian Prime Minister Mostafa Madbouly and Jordanian Prime Minister Bisher Al Khasawneh in Abu Dhabi where details of the industrial partnership for sustainable economic growth were revealed.

Updated: May 29, 2022, 08:42

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