UAE, Egypt, Jordan, Bahrain sign industrial deals worth $2bn
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UAE, Egypt, Jordan, Bahrain sign industrial deals worth $2bn

UAE, Egypt, Jordan, Bahrain sign industrial deals worth $2bn

The agreements were signed at the third Higher Committee meeting of the Industrial Partnership for Sustainable Economic Development, held in Amman on February 26

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UAE, Egypt, Jordan, Bahrain sign industrial deals worth $2bn

Companies from the UAE, Egypt, Jordan and Bahrain have signed industrial agreements, with an investment value crossing $2bn.

The agreements were signed at the third Higher Committee meeting of the Industrial Partnership for Sustainable Economic Development, held in Amman on February 26.

The meeting witnessed the signing of 12 agreements across nine industrial projects, according to the state news agency, WAM.

The projects are expected to create approximately 13,000 job opportunities and boost national GDP in the partnering countries by more than $1.6bn.

Industrial deals

Jordan’s Prime Minister Dr Bisher Al-Khasawneh met with the ministers of the partner countries and stressed the importance of this partnership in strengthening bilateral relations and economic development, along with the importance of the industrial sector’s role within participating countries.

Dr Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and the UAE’s special envoy for climate change, President-Designate COP28 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.

“This partnership is beginning to yield tangible results. It represents an exceptional model for industrial partnerships among private-sector companies. It is a testament to our collective ability to plan, integrate, and progress toward achieving our objectives, all while we are still at the beginning of this fruitful partnership. We are confident that we will witness the development of many new projects in the future.”

Engineer Ahmed Samir Saleh, Egypt’s Minister of Industry and Trade, said: “The economic crisis the world is currently experiencing demonstrates the necessity of achieving industrial integration among Arab states. It is clear we must strengthen regional partnerships and include the private sector as a major partner in implementing sustainable development plans and helping the Arab region to prosper.”

Abdulla bin Adel Fakhro, Bahrain’s Minister of Industry and Commerce, said: “The partnership offers a real opportunity to increase the efficiency of supply chains through the integration of industries in the region, which is a pillar of Bahrain’s industrial strategy. Bahrain has proposed more than 10 industrial projects with an estimated investment value of over $2bn. These include mature projects and projects in their early stages. The locations of these factories vary, as we believe that all partner countries should benefit from them.”

12 major industrial deals

  1. The Egyptian company Soda Chemical Industries announced an investment of $500m to produce sodium carbonate, ‘soda ash’, which is the main raw material in many industries, such as the glass and detergent sector. The facility will have a production capacity of 500,000 tons annually.
  2. 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 $550m. It will include the creation of three electric vehicle factories with specialised production and assembly lines in the UAE, Jordan and Egypt, Production capacity will reach 40,000 compact crossover SUVs during the first three years of operation.
  3. M Glory Holding signed memoranda of understanding with the Jordan Design and Development Bureau and Egypt’s Arab Organisation for Industrialization as manufacturing partners, and with Bahrain’s GARMCO to supply aluminum sheets. The agreement exemplifies how the partnership aligns with sustainability objectives and the UAE’s presidency of COP28.
  4. Emirati investor-owned CFC Group announced it will invest $400m to establish an industrial complex for fertilizers and chemicals in Egypt. It signed MoUs with Jordan-based Arab Potash and Egypt’s Misr Phosphate Company to supply raw materials. The industrial complex will have an annual production capacity of half-a-ton of fodder and potash fertilizers, and 1.1 tons of chemicals.
  5. Emirates Global Aluminium announced a $200m investment to establish a silicon metal plant in the UAE with a production capacity of 55,000 tons per year. The company signed an MoU with Jordan’s Manaseer Group to supply the required crystalline silica.
  6. Manaseer Group announced the expansion of a $70m magnesium oxide plant in Jordan. Once completed, the plant will have a total production capacity of 270,000 tonnes annually, which will be exported to the UAE. It will sell its product to Emirates Global Aluminium. Production is set to commence in 2024.
  7. The UAE’s Globalpharma entered a partnership with Egypt’s Nerhadou to develop advanced technology for the manufacturing of medicines and supplements. An agreement was also signed to transfer technology to two Jordanian companies – Savvy Pharma and Triumph. Both projects will commence in 2023 with a total investment value of $60m. Production capacity will reach 5 million packages annually per product.
  8. Jordanian company Itqan announced a technology transfer partnership and contract manufacturing agreement with Globalpharma and ADCAN Pharma to manufacture syringes, aerosols, and inhalers.
  9. Itqan also entered an MoU with Egypt’s Marcyrl for the transfer of technology in manufacturing biosimilars in Jordan at a total investment value of $10m, with the aim of launching products by Q4 2024.
  10. Bahrain-based Alpha Biotic signed two MoUs for knowledge and technology transfer as well as contract manufacturing with Jordan’s Dar Al Dawa and Egypt’s EIPICO, to produce generic products, oncology products, medical solutions, and other pharmaceutical products. At an investment value of $174m over two phases, the project’s production capacity is expected to reach 350 million pills per year.
  11. Gulf Biotech, another Bahraini company, announced plans to establish a plant to manufacture raw materials for vaccines and other products at an investment value of $103m and a production capacity of 105 doses per year. Earlier this month, it signed a technology transfer agreement with Egypt’s BioGeneric Pharma.

35 new projects proposed

During the meetings, Omar Al Suwaidi, Undersecretary of the UAE Ministry of Industry and Advanced Technology Head of the Partnership’s Executive Committee, presented an update on the partnership’s progress, reported WAM.

He noted that more than 100 companies have participated in the metals, textiles and petrochemical workshops held over the past six months. The partnership has also received 35 proposals for new projects, he said.

Bahrain’s capital will host the fourth meeting of the Higher Committee for the Integrated Industrial Partnership for Sustainable Economic Development, where more joint projects will be discussed.

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