Companies from the UAE, Egypt, Jordan and Bahrain signed industrial agreements with an investment value exceeding $2 billion at the third higher committee meeting of the industrial partnership for sustainable economic development.
The meeting was held in Amman on Sunday in the presence of H E Dr Sultan bin Ahmed Al Jaber, UAE’s minister of industry and advanced technology, H E Ahmed Samir Saleh, Egyptian minister of industry and trade of Egypt, Yousef Al Shamali, Jordanian minister of industry, trade and supply, and H E Abdulla Adel Fakhro, Bahraini minister of industry and commerce, Emirati news agency WAM said in a report.
The meeting included the signing of 12 agreements across 9 industrial projects. The projects are expected to create approximately 13,000 job opportunities and boost national GDP in the partnering countries by more than $1.6 billion, the WAM report said.
Commenting on the development H E Dr Al Jaber said, “We are keen on collaborating and complementing regional efforts to achieve integrated sustainable economic development. The UAE is committed to enhancing collaboration with member states to ensure we all benefit from each other’s competitive advantages and capabilities.”
As per the WAM report, the 12 agreements include, a $500 million investment in the Egyptian company Soda Chemical Industries to produce sodium carbonate, ‘soda ash’, which is the main raw material in many industries, such as the glass and detergent sector.
An MoU was signed for a strategic partnership with the Emirates Flat Glass Company, owned by Dubai Investments, to purchase the final product. UAE-based automotive manufacturer M Glory Holding announced the launch of a large manufacturing project with an investment of $550 million. The project will establish 3 electric vehicle factories with specialised production and assembly lines in the UAE, Jordan and Egypt.
Similarly, Emirati investor-owned CFC Group announced it will invest $400 million to establish an industrial complex for fertilisers and chemicals in Egypt. Emirates Global Aluminium announced a $200 million investment to establish a silicon metal plant in the UAE with a production capacity of 55,000 tonnes per year. Manaseer Group announced the expansion of a $70 million magnesium oxide plant in Jordan.