The UAE, Egypt, and Jordan have entered into an industrial partnership in order to improve long-term economic growth and explore cooperative investment opportunities in key industries of “mutual and strategic interest.”
Abu Dhabi state holding firm ADQ will allocate $10 billion to accelerate work on the partnership across five priority sectors such as agriculture, pharma, food, petrochemicals, minerals, and textiles, said Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology.
The new partnership will establish large joint industrial projects, offer job opportunities, contribute to increasing economic output, diversify the economies of the three countries, support industrial production and increase exports.
Dr. Sultan Al Jaber UAE Minister of Industry & Advanced Technology
“This ambitious partnership will lead to creating 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. The deal will aim to nearly double the production of wheat and corn in the three countries combined, and also increase by 30 percent the contribution of the petrochemicals industry to their combined gross domestic product. The industrial sector is a key driver of our collective growth building on our capabilities and unique advantages. Through these partnerships, we look forward to launching a new model of integration and partnership in the Arab world and across the globe.”
The UAE intends to establish long-term strategic alliances as a result of this agreement in order to improve stability, achieve socioeconomic prosperity, and harness resources.
“In the field of agriculture and food, we have an opportunity to increase the production of wheat and corn in the three countries from 16.5 million tons to about 30 million tons annually. The metals sector provides opportunities for projects worth $23 billion through high-value product manufacturing such as glass, electrical wires, automotive components, and solar panels. We will now create promising opportunities for the development of this sector and its related industries, which are valued at more than $21 billion,” Dr. Al Jaber added.
The deal comes amid the UAE’s efforts to support the growth of the local industrial sector, improve its role in stimulating the national economy and double its contribution to gross domestic product to $82 billion (Dh300 billion) by 2031.
