UAE's ADQ to allocate $10 billion in new partnership with Egypt, Jordan

Abu Dhabi state holding firm ADQ will allocate an investment fund of $10 billion towards projects arising from a partnership with Egypt and Jordan, national news agency WAM reported on Sunday

That's according to an announcement by UAE Minister of Industry and Advanced Technology Sultan Al Jaber.

The UAE, Egypt and Jordan announced an Industrial Partnership for Sustainable Economic Growth on Sunday to unlock new industrial opportunities and enhance sustainable economic growth in the three countries, across 5 sectors.

It's designed to achieve sustainable economic growth across food and agriculture, fertilisers, pharmaceuticals, textiles, minerals, and petrochemicals.

The agreement was inked in the presence of Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs,  Egyptian Prime Minister Dr. Mostafa Madbouly and Jordan’s Prime Minister  Dr. Bisher Al Khasawneh.

Sheikh Mansour expressed confidence in the country’s capabilities to “build a global economic powerhouse by leveraging industrial partnerships across the region”.

"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."

This partnership provides a platform for cooperation in the future, and is based on the importance of integration and openness, and the shared commitment to developing the industrial sector, exchanging economic benefits, and utilizing human resources and experiences through the establishment of major joint industrial projects in more than one country.

The Emirati-Egyptian-Jordanian industrial partnership establishes a new developmental launch towards future prospects in the industrial sector supported by advanced technology.

The combined capacity of the three countries constitutes about 22 percent of the gross domestic product of the Middle East and North Africa, worth about US$765 billion according to World Bank statistics in 2019. The trade bloc of the three countries ranks 14th in terms of the value of exports to the world, which stand at US$419 billion, while imports total US$380 billion, which represents substantial opportunities for the growth of manufacturing integrated products in the three countries.

Under the partnership, a tripartite supreme committee, headed by the signing ministers, will be established. In addition, there will be an executive committee composed of undersecretaries of the ministries and representatives from relevant authorities and sectors. This committee will work with the private sector to increase opportunities, and the participating nations will identify the stakeholders and the courses of action required to achieve the objectives of these partnerships.

The committee will also review achieved progress, facilitate and supervise cooperation, and consider next steps and new projects of the strategic economic partnership. It will accelerate the introduction of economically viable opportunities and coordinate the pool of private-sector participants.