Jordan, UAE, Egypt, Bahrain sign 12 industrial agreements totaling $2b

Jordan, UAE, Egypt, Bahrain sign 12 industrial agreements totaling $2b
(Photos: Ameer Khalifeh/Jordan News)
AMMAN — Jordan, the UAE, Egypt, and Bahrain, on Sunday announced the signing of 12 agreements and partnerships worth more than $2 billion for nine joint industrial projects. اضافة اعلان

The Integrated Industrial Partnership for Sustainable Economic Development, a quartet cooperation vehicle, held a meeting to facilitate the agreements that are expected to generate 13,000 job opportunities and add $1.6 billion to the GDPs of the four nations, the Jordan News Agency, Petra reported.

Projects and partnershipsDuring the meeting, Prime Minister Bisher Al-Khasawneh, presided over the signing of the 12 agreements. Meanwhile, Minister of Industry, Trade and Supply, and Minister of Labor Yousef Shamali chaired the meeting.

The UAE's Minister of Industry and Advanced Technology Sultan Bin Ahmed Al Jaber, Egyptian Minister of Industry and Commerce Ahmed Samir Saleh, and Bahraini Minister of Industry and Commerce Abdullah bin Adel Fakhro participated in the meeting as well.

The joint industrial projects will include the Emirati automotive company "M Glory Holding," which will invest $550 million to establish three electric car integrated factories with production and assembly lines in the UAE, Jordan, and Egypt, with an initial three-year production target of 40,000 compact crossover vehicles.

Meanwhile, the Greater Amman Municipality and the Abu Dhabi Waste Management Company signed a waste management agreement, and Emirates Global Aluminum (EGA) pledged $200 million to build a silicon metal plant in the UAE.

The Jordanian Manaseer Group will supply raw silica for the EGA facility, while also investing $70 million to expand Manaseer Magnesia, a subsidiary, and create two units for the production of calcium chloride and magnesium hydroxide.

Other partnerships include between Jordanian "Itqan Pharma" and Bahraini "Alpha Biotech" companies for the transfer of technology and co-manufacturing, as well as collaboration between Emirati companies "Global Pharma" and "Adcan Pharma" and "Itqan" for technology transfer and manufacturing.

Further agreements were reached for the production of generic medicines, oncological pharmaceuticals, and medical solutions with an annual production capacity of 350 million tablets.

Egypt's chemical industries company will also invest $500 million to produce sodium carbonate, which is the primary raw material for the glass and detergent industries, while the Bahraini Gulf Biotech Company plans to build a facility to produce raw materials for vaccines with an investment of $103 million.

‘Coordinated Arab effort’Shamali, the minister of industry, trade and supply, and minister of labor, praised the partnership as a coordinated Arab effort overseen by the highest political authorities in all four countries. He also said that His Majesty King Abdullah II had ordered the government to do everything in its power to speed up the initiative's goals.

UAE's Minister of Industry and Advanced Technology Sultan Bin Ahmed Al Jaber, said that his nation continues to place a priority on collaboration and the integration of efforts to achieve comprehensive and sustainable economic development, and create a strong foundation for industrial cooperation that benefits all parties.

Egyptian minister of industry and commerce, Saleh, pledged his government's commitment to the partnership and its success, emphasizing the benefits of Arab industrial integration.

Bahraini minister of industry and commerce, Fakhro said that his nation had completed the necessary legislative processes to ratify the partnership statute.

The partnership's executive committee met in Amman on Saturday to finalize their recommendations and report before submitting them to the Partnership's Higher Committee for approval.

The committee will continue to seek potential projects, assess and approve those in the pipeline, and examine the viability of new projects like the construction of a fertilizer plant in Jordan, which is projected to cost around $800 million.

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