The United Arab Emirates, Egypt and Jordan officially entered into an industrial partnership with the aim of enhancing sustainable growth and exploring opportunities for joint investments in priority sectors. The joint conference was attended by the Egyptian Prime Minister Mostafa Madbouly, Jordan’s Prime Minister Bisher Al Khasawneh and the UAE’s Deputy Prime Minister Sheikh Mansour bin Zayed Al Nahyan in Abu Dhabi on Sunday, 29th of May, where details of the Industrial Partnership for Sustainable Economic Growth were discussed.
ADQ, a holding company in Abu Dhabi, is to manage a $10 billion investment fund in the partnership covering five priority sectors: petrochemicals; metals, minerals and downstream products; textiles; pharmaceuticals; and agriculture, food and fertilisers. Dr Sultan Al Jaber, Minister of Industry and Advanced Technology said this in a joint conference in Abu Dhabi.
This new initiative is expected to establish large joint industrial projects, open job opportunities, contribute to the increasing economic yield, diversify the economies of the three countries, and increase industrial production and exports. The industrial partnership was announced in the presence of the UAE’s Deputy Prime Minister and Minister of Presidential Affairs, Sheikh Mansour bin Zayed. According to a WAM report, he said, “Developing the industrial sector in the participating countries will enable industrial growth in the three nations, diversify the economy and increase the sector’s contribution to the gross domestic product…This partnership also reflects the ability of the countries in the region to strengthen their relations and launch new projects and industries within the framework of an integrated industrial system that provides promising opportunities for future generations.”
H.E. Dr. Sultan Ahmed Al Jaber, a member of the UAE Federal Cabinet, Minister of Industry and Advanced Technology in his speech, said that 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 standards of quality, especially in priority sectors.” Dr. Jaber talked about boosting the economy through the investments in agriculture sector and metals. Emirates Development Bank (EDB) will back this initiative as it is offering a range of flexible direct and indirect financing solutions to UAE-based companies.
Egyptian Prime Minister Mr Madbouly said in a statement, “We meet today in an important moment that represents a differentiating mark in the joint history of the Arab world…The partnership we are signing today is a realistic embodiment and practical execution of an important goal for all of us, which is the pursuit of Arab economic integration, a goal that was present in the minds of the founding fathers of the Arab League in the 1940s.”
Jordan’s Prime Minister, Bisher Al Khasawneh said that the new partnership will have a deep strategic impact on all the three countries, with the continued sustainable exchange of commodities without any hindrances or price instability. It will also lead to benefits including economic diversification, reduction in the cost of imports and job opportunities for their citizens, Mr Al Khasawneh said.
The Emirates news agency WAM quoted Sheikh Mansour, as saying, “The partnership embodies the vision of President Sheikh Mohamed bin Zayed Al Nahyan, to enhance industrial integration with Arab nations and the rest of the world so we can achieve a major leap in the industrial sector and transform its potential as an economic driver. The industry is the backbone of the world’s largest economies.”