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UAE, Egypt, and Jordan to strengthen sustainable economic growth
Three countries to develop and expand production capacity while strengthening manufacturing capabilities in the steel, aluminum, and petrochemicals
To bolster Arab economic integration, the UAE, Egypt, and Jordan entered into an industrial partnership to promote sustainable economic growth to ensure economic diversification and resilience and explore opportunities for joint investments.
The Middle East nations have diverse resources and competitive advantages, including a rich resource of raw materials, which through this partnership will be leveraged. UAE, Jordan and Egypt collectively have a GDP of about $765 billion.
The three nations will establish large joint industrial projects, create job opportunities, contribute to increasing economic output, support industrial production and increase exports.
The partnership between the three countries will help develop and expand production capacity while strengthening manufacturing capabilities in the steel, aluminium, petrochemicals, and derivatives sectors. The combined contribution of the petrochemical industry to the GDP of the UAE, Egypt and Jordan economies was $16 billion in 2019.
The partnership agreement was signed by Dr. Sultan bin Ahmed Al-Jaber, the UAE’s Minister of Industry and Advanced Technology, Dr. Nevein Gamea, Egyptian Minister of Industry, and Yousef al-Shamali, Jordan’s Minister of Industry, Trade and Supply in the presence of Sheikh Mansour bin Zayed, UAE’s Deputy Prime Minister and Minister of Presidential Affairs.
“The partnership embodies the vision of President Sheikh Mohamed bin Zayed Al Nahyan to enhance industrial integration with Arab nations and the rest of the world so we can achieve a major leap in the industrial sector and transform its potential as an economic driver. The industry is the backbone of the world’s largest economies,” Sheikh Mansour said in a statement.
“Through its capabilities, effective policies, and the current focus on developing advanced technology and logistics infrastructure, we are confident that the UAE can build a global economic powerhouse by leveraging industrial partnerships across the region,” he added.