UAE – Ten billion investment between the UAE, Jordan, and Egypt
Location: Abu Dhabi-UAE
Source: A24 UAE
Restrictions: A24 Subscribers
Today, Sunday, the United Arab Emirates signed an industrial partnership agreement with Egypt and Jordan.
The $10 billion investment fund, allocated and managed by ADQ Holding, aims to achieve sustainable economic development among the three countries, in promising industrial fields, including agriculture, food, fertilizers, pharmaceuticals, textiles, minerals, and petrochemicals.
UAE Deputy Prime Minister and Minister of Presidential Affairs, Mansour bin Zayed Al Nahyan, Jordanian Prime Minister Bisher Al-Khasawneh, Egyptian Prime Minister Mustafa Madbouly, and ministers from the three countries witnessed the signing of the agreement.
The partnership is expected to benefit from the areas of integration between the components, advantages, capabilities, and expertise in the three countries, including skilled labor, raw materials, strategic geographic location, and advanced infrastructure.
The agreement is important because the three countries constitute 26% of the population in the Middle East and North Africa, which means a large market and a young workforce, in addition to a developed logistical infrastructure that includes energy resources, airports, seaports, as well as strategic transport corridors.
- Soundbite (Dr. Thani bin Ahmed Al Zeyoudi – UAE Minister of State for Foreign Trade):
- “The agreement is a positive message to everyone that there are always huge opportunities in our region. There are opportunities to achieve integration among us. It is an opportunity to attract foreign direct investments to the three countries to serve the national interests of our countries. Abu Dhabi Holding (ADQ) will set up a fund worth $10 billion for investments. We hope to receive a great attraction for these international investments, create opportunities and accelerate the process of establishing factories and manufacturing chains that complement these projects.”
- Soundbite (Omar Al Suwaidi – Undersecretary of the UAE Ministry of Industry):
“Today we had an industrial strategic and integrated partnership for sustainable economic development. It came under the directives of the leaders in the three countries. It is important to have integrated industries in the three countries and to benefit from the competitive advantages offered by these countries. We will benefit from basic materials, raw materials, energy, expertise, skills, and technical competencies in the three countries. We will invest in very advanced fields such as the field of medicines, whether in the UAE, Jordan, or Egypt.”
- Soundbite (M. Fathi Al-Jaghbir – Chairman of the Board at the Amman Chamber of Industry):
“This agreement is one of our wishes as a private sector. We achieved industrial partnerships between the three countries. The three countries provide funds, expertise, and manpower. We complement each other. We thank the governments of the three countries for the process of preparing for this conference and hope that it will be the start of joint Arab action. We hope for the establishment of a common Arab market because the circumstances taught us that we must rely on ourselves. Everyone knows that industry is the main employer of labor and the main driver of any economy.”