The United Arab Emirates, Egypt and 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 five sectors.
Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister of the UAE and Minister of Presidential Affairs, witnessed the signing of the partnership, which 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 $10 billion investment fund has been allocated and will be managed by ADQ Holding.
Dr Mostafa Madbouly, Prime Minister of Egypt, and Dr Bisher Al Khasawneh, Prime Minister of Jordan, also witnessed the signing.
The partnership 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, Jordan Minister of Industry, Trade and Supply.
Sheikh Mansour 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.”
Sheikh Mansour added: “Advancing the industrial sector in the UAE, Egypt and Jordan will help strengthen and diversify the economy in each nation and increase the contribution of industry to the national GDP. This partnership is also a testament to its signatories’ ability to strengthen their relations and introduce new projects and industries within an integrated industrial ecosystem, while unlocking promising opportunities for future generations.”
The three nations have diverse resources and unique competitive advantages, including access to raw materials. In particular, they enjoy robust capabilities in the pharmaceutical industries, with a 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, said a statement.
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, it said.
Dr Al-Khasawneh highlighted that the partnership is a testament to the depth of the historic relationship between the three countries; emphasising that that the partnership enhances integration, protects supply chains, empowers import substitution, and promotes sustainable economic development; all of which will result in economic growth, job creation and other benefits.
Dr Al-Khasawneh thanked the leadership of the UAE for their efforts towards strengthening relations and economic cooperation in the region.
Egyptian Prime Minister Madbouly thanked the leaders of Egypt, Jordan and the UAE for a significant partnership that embodies the depth of relations between the countries. He stressed that the support of the leadership in the three nations facilitated effective consultations and discussions between the stakeholders and specialists, resulting in the conclusion of these important agreements.
Dr Madbouly stressed that the current regional and international conditions make it imperative for Arab countries to maximise opportunities for integration, especially since each country has its unique competitive advantage and its capabilities.
He added: “The projects that have been agreed upon will create an added value for the three countries and will have a positive impact on national security, local industry, and supply chain activities. There will be a continuous follow-up to the implementation of these projects, facilitating procedures, and overcoming obstacles. We aim to quickly reap the benefits of these projects, especially as the first phase achieves many gains in terms of enhancing food and drug security. The projects will also attract foreign investment and provide job opportunities for our youth.”
UAE minister Dr Sultan bin Ahmed Al Jaber said: “In line with the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, the Ministry of Industry and Advanced Technology focuses on developing and empowering the industrial sector, enhancing its contribution to the GDP and on economic diversification.”
He added: "We extend an open invitation to our partners to support this collaboration by encouraging private sector participation, enhancing advanced technology applications, providing smart financing solutions, and opening markets to encourage the growth of the industrial sector in these and other countries."
He continued: "In line with the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and with the aim of accelerating the objectives of this partnership between the three nations, a US$10 billion investment fund has been allocated to accelerate the partnership objectives and will be managed by ADQ Holding.” - TradeArabia News Service
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