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The United Arab Emirates, Egypt and Jordan today announced an Industrial Partnership for Sustainable Economic Growth in Abu Dhabi to unlock new industrial opportunities and promote sustainable economic growth in the three countries across five sectors.
Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs of the UAE, witnessed the signing of the partnership for food and agriculture, fertilizers, pharmaceuticals, textiles, minerals and sustainable economic growth of petrochemicals.
To accelerate the achievement of the partnership goals, an investment fund of $10 billion has been allocated and will be managed by ADQ Holdings.
The signing ceremony was also witnessed by Egyptian Prime Minister Dr. Mustafa Madbouli and Jordanian Prime Minister Dr. Bisher Al-Khasawneh.
The cooperation agreement was signed by Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology; Dr. Nevein Gamea, Egyptian Minister of Industry and Trade; and Yousef Al Shamali, Jordanian Minister of Industry, Trade and Supply.
Sheikh Mansour said: “This collaboration reflects the vision of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, to strengthen industrial integration with Arab countries and the rest of the world, thereby enabling industry A major leap forward in the field and turning its potential into an economic driver. Industry is the backbone of the world’s largest economy. Through its capabilities, effective policies and current focus on developing advanced technology and logistics infrastructure, we believe the UAE can leverage this regional industrial partnership to build a global economic powerhouse.”
Sheikh Mansour added: “Promoting the development of the industrial sector in the UAE, Egypt and Jordan will help strengthen and diversify each country’s economy and increase the contribution of industry to the country’s GDP. This partnership also demonstrates that its signatories have The ability to strengthen their relationship and introduce new projects and industries in an integrated industrial ecosystem, while unlocking promising opportunities for future generations.”
The three countries have diverse resources and unique competitive advantages, including access to raw materials. In particular, they have strong capabilities in the pharmaceutical industry and have clear goals to further develop and expand these industries and increase production capacity. They also want to strengthen manufacturing capabilities in the steel, aluminium, petrochemical and derivatives industries, according to a statement.
The combined industrial capacity of these three countries accounts for about 26% of the total industrial capacity in the MENA region. These countries also enjoy highly developed logistics infrastructure, including strategic transport corridors such as airports, ports, and the Suez Canal; major companies with unique capabilities in the main focus areas of cooperation; and access to capital and smart financing solutions. Almost half of the total population of partner countries, including 122 million people, are young people who represent both a huge market and an emerging workforce, the report said.
Dr. Al-Khasawneh stressed that this partnership is a testament to the depth of the historic relationship between the three countries; stressed that the partnership strengthens integration, protects supply chains, enhances import substitution capacity and promotes sustainable economic development; all of which Will bring economic growth, job creation and other benefits.
Dr. Al-Khasawneh thanked the UAE leaders for their efforts to strengthen relations and economic cooperation in the region.
Egyptian Prime Minister Madbouli thanked the leaders of Egypt, Jordan and the United Arab Emirates for the important partnership that reflects the depth of the relationship between the two countries. He stressed that the support of the leaders of the three countries facilitated effective consultations and discussions among stakeholders and experts, leading to these important agreements.
Dr. Madbouly emphasized that current regional and international conditions make it imperative for Arab countries to maximize integration opportunities, especially since each country has its own unique competitive advantages and capabilities.
He added: “The agreed projects will create added value for the three countries and will have a positive impact on national security, local industry and supply chain activities. There will be ongoing follow-up on the implementation of these projects, facilitating procedures and overcoming obstacles. We aim to quickly benefit from these projects, especially the many results achieved in the first phase in enhancing food and drug safety. These projects will also attract foreign investment and provide employment opportunities for our young people.”
Dr Sultan bin Ahmed Al Jaber, UAE Minister, said: “In accordance with the directive of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, the Ministry of Industry and Advanced Technology is focused on developing and enhancing the capabilities of the industrial sector, enhancing the impact of its contribution on GDP and economic diversification. .”
He added: “We extend an open invitation to our partners to support this collaboration by encouraging private sector participation, enhancing the application of advanced technologies, providing smart financing solutions and opening markets to encourage industrial sector development in these and other countries .”
He continued: “Following the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and to expedite the goals of this partnership between the three countries, 10 billion has been allocated The investment fund in U.S. dollars is used to accelerate partnership goals and will be managed by ADQ Holdings.” – arab trade news agency
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