$10 billion for investment fund between Jordan, UAE, and Egypt

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AMMAN — Jordan, the UAE and Egypt signed the Integrated Industrial Partnership Initiative for Sustainable Economic Development on Sunday in Abu Dhabi, in the presence of Prime Minister Bisher Al-Khasawneh, UAE Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed Al-Nahyan, and Egyptian Prime Minister Mostafa Madbouly, Al-Mamlaka TV reported.اضافة اعلان

The UAE Minister of Industry and Advanced Technology Sultan Ahmed Al-Jaber announced that the Abu Dhabi government-owned holding company will allocate an investment fund of $10 billion to invest in projects stemming from the partnership with Jordan and Egypt in agreed sectors with the aim of achieving sustainable economic development.

Khasawneh said that the Jordanian-Emirati-Egyptian tripartite meeting in Abu Dhabi this week “embodies the depth of partnership and distinguished relations between our countries and peoples, who are always looking forward to more achievements in various fields of cooperation.”

He added that His Majesty King Abdullah II’s continuous meetings with his two brothers, President Abdel Fattah Al-Sisi, and His Highness Sheikh Mohammed bin Zayed, directed us to the importance of complementary work with the brothers in Egypt and the UAE at various levels, especially the political and economic levels.

Khasawneh indicated that Jordan, the UAE and Egypt are able to achieve industrial integration, based on a supreme political will strongly pushing towards this goal.

He pointed out that the industrial sector in Jordan is witnessing a rapid development and is attracting foreign investments. He added that the sector’s share of the GDP is approximately 24 percent while making up 90 percent of the total national exports and 70 percent of the total foreign investments. It employs about 21 percent of the total workforce.

The Prime Minister explained that the Jordanian industrial sector demonstrated high capabilities during the pandemic and played a pivotal role in providing the local market with its needs of various commodities, in light of the slowdown in the international shipping.

For his part, Jaber said that “in 2019, the contribution of the petrochemical industry to the GDP in Jordan, the UAE and Egypt combined was $16 billion, which provides promising opportunities for the development of this sector and its related industries, valued at more than $21 billion.”

He explained that this ambitious partnership will lead to the provision of industrial opportunities with added economic value estimated at billions of dollars, and the development of more joint industrial projects in the future.

The initiative kicks off “unprecedented” cooperation to achieve economic integration in many fields, especially in the industrial areas, Minister of Industry, Trade and Supply, Yousef Shamali, said. The initiative will take advantage of the large logistical potentials, transport infrastructure, and smart financing solutions, which ultimately aims to establishing integrated industries that would contribute to diversifying the economy, promoting its growth and creating specialized job opportunities, he added.

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