Companies from the United Arab Emirates (UAE), Egypt, Jordan, and Bahrain have signed industrial agreements worth over $2 billion. The agreements were signed during the third Higher Committee meeting of the Industrial Partnership for Sustainable Economic Development held on February 26 in Amman.
According to state news agency WAM, 12 agreements were signed across nine industrial projects at the meeting. The projects are expected to create around 13,000 job opportunities and boost the national GDP of the partnering countries by more than $1.6 billion.
The Prime Minister of Jordan, Dr. Bisher Al-Khasawneh, met with the ministers of the partner countries and emphasized the significance of this partnership in strengthening bilateral relations and economic development. He also highlighted the role of the industrial sector in participating countries.
Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, and the UAE’s special envoy for climate change, President-Designate COP28, expressed his country’s commitment to enhancing collaboration with member states to ensure that everyone benefits from each other’s competitive advantages and capabilities. He also called the partnership “an exceptional model for industrial partnerships among private-sector companies.”
Egypt’s Minister of Industry and Trade, Engineer Ahmed Samir Saleh, stressed the need to achieve industrial integration among Arab states, given the economic crisis the world is currently experiencing. He said that it is crucial to strengthen regional partnerships and include the private sector as a major partner in implementing sustainable development plans and helping the Arab region to prosper.
Bahrain’s Minister of Industry and Commerce, Abdulla bin Adel Fakhro, believes that the partnership offers a real opportunity to increase the efficiency of supply chains through the integration of industries in the region, which is a pillar of Bahrain’s industrial strategy.
The agreements signed at the meeting covered various industrial sectors, including chemicals, pharmaceuticals, automotive, and aluminium production.
Egyptian company Soda Chemical Industries announced that it will invest $500 million to produce sodium carbonate, a key raw material in many industries, such as the glass and detergent sector. The facility will have an annual production capacity of 500,000 tons, and an MoU was signed for a strategic partnership with the Emirates Flat Glass Company to purchase the final product.
UAE-based automotive manufacturer M Glory Holding will launch a large manufacturing project with an investment of $550 million, which will include the creation of three electric vehicle factories with specialized production and assembly lines in the UAE, Jordan, and Egypt. The production capacity will reach 40,000 compact crossover SUVs during the first three years of operation.
Emirati investor-owned CFC Group announced that it will invest $400 million to establish an industrial complex for fertilizers and chemicals in Egypt. The industrial complex will have an annual production capacity of half-a-ton of fodder and potash fertilizers and 1.1 tons of chemicals. The company signed MoUs with Jordan-based Arab Potash and Egypt’s Misr Phosphate Company to supply raw materials.
Emirates Global Aluminium will invest $200 million to establish a silicon metal plant in the UAE with an annual production capacity of 55,000 tons. The company signed an MoU with Jordan’s Manaseer Group to supply the required crystalline silica.
Manaseer Group, in turn, announced the expansion of a $70 million magnesium oxide plant in Jordan, which will have a total production capacity of 270,000 tonnes annually, which will be exported to the UAE. The company will sell its product to Emirates Global Aluminium. Production is set to commence in 2024.
Several pharmaceutical deals were also signed at the meeting. The UAE’s Globalpharma entered a partnership with Egypt’s Nerhadou to develop advanced technology for the manufacturing of medicines and supplements. An agreement was also signed to transfer technology to two Jordanian companies – Sav.
Image Credit: Egyptian Cabinet Facebook page