UAE, Egypt and Jordan sign industrial partnership for sustainable economic growth

UAE, Egypt and Jordan sign industrial partnership for sustainable economic growth 

By: Abu Dhabi SME Hub
News

Industrial partnership to focus on 5 key sectors: food agriculture and fertilisers; pharmaceutical; textiles; minerals; and petrochemicals.

The United Arab Emirates, the Arab Republic of Egypt and the Hashemite Kingdom of Jordan have announced an Industrial Partnership for Sustainable Economic Growth in Abu Dhabi today to unlock new industrial opportunities and enhance sustainable economic growth in the three countries, across 5 sectors.

The partnership is designed to achieve sustainable economic growth across food and agriculture, fertilizers, pharmaceuticals, textiles, minerals, and petrochemicals. In order to accelerate the partnership objectives, a $10bn investment fund has been allocated and will be managed by ADQ Holding

H.H. Sheikh Mansour bin Zayed Al Nahyan stated: “The partnership embodies the vision of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, 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 an economic driver. Industry is the backbone of the world’s largest economies. Through its capabilities, effective policies and current focus on developing advanced technology and logistics infrastructure, we are confident that the UAE can build a global economic powerhouse by leveraging industrial partnerships across the region.”

The three nations who are party to this partnership have diverse resources and unique competitive advantages, including access to raw materials. In particular, they enjoy robust capabilities in the pharmaceutical industries, with clear ambition to develop and expand them further and increase their production capacity. They also wish to strengthen manufacturing capabilities in the steel, aluminum, petrochemicals and derivatives sectors.

The three nations’ combined industrial capacity represents around 26% of the total industrial capacity of the MENA region. These countries also enjoy a highly developed logistical infrastructure, including airports, ports and strategic transport corridors such as the Suez Canal; major companies with distinct capabilities in the main focus areas of the partnership; and access to capital and smart financing solutions. Almost half the total population of the partner countries comprising 122 million people are young people,  who represent both  a large market and an emerging workforce.

The partnership is based on enhancing investment opportunities in each country’s industrial sector, developing the three nations’ human and natural capital, and exploring a collective consumer market that offers opportunities for both the local private sector and international investors. The partnership includes launching joint industrial projects between the countries to promote economic growth and industrial integration, achieve self-sufficiency, and integrate value chains across the UAE, Egypt and Jordan.

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