UAE, Egypt, Jordan tie up for growth
Fund set up for accelerating economic collaboration among the three nations
The UAE has set up a $10 billion (Dh36.7 billion) investment fund for Industrial Partnership for Sustainable Economic Growth with Egypt and Jordan. The partnership was launched in Abu Dhabi on Sunday.
Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said the fund, which has been allocated to the initiative based on the directives of the President, His Highness Sheikh Mohamed bin Zayed Al Nahyan, will be managed by the Abu Dhabi Holding Company (ADQ).
The partnership aims to achieve sustainable development between the UAE, Egypt and Jordan, and will contribute to supporting industrial integration among the three countries. “This strategic partnership is in line with the directives of the visionary leadership of our three countries, which have historically strong relations across multiple sectors,” said Dr Al Jaber.
“The UAE leadership continues to be committed to expanding on
these relations and partnerships to enhance sustainable development in our region as well as security, safety, and prosperity for our people. The industrial sector is a key driver of our collective growth building on our capabilities and unique advantages,” he said.
Dr Al Jaber said that through these partnerships, the UAE looks forward to launching a new model of integration and partnership with “our brothers in the Arab world and across the globe”.
The three countries signed the partnership agreement in Abu Dhabi in the presence of Sheikh Mansour bin Zayed Al Nahyan, UAE Deputy Prime Minister and Minister of Presidential Affairs, Dr Bisher Al Khasawneh, Prime Minister of Jordan and Dr Mostafa Madbouly, Prime Minister of Egypt.
The partnership embodies the vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan to enhance industrial integration with Arab nations and the rest of the world.
Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs
The UAE, Egypt, and Jordan share a long history of economic, political, and social relations. The integrated industrial partnership for sustainable development represents a further deepening of those ties.
The partnership identified five common sectors of mutual interest which will serve as initial areas of focus to enhance economic development, industrial integration and further integrate the value chains in the three countries.
The mutual strategic objectives of the partnership include pursuing sustainability-led growth, achieving supply chain security and resilience, developing globally competitive industries, boost value-added manufacturing sectors and grow, and further integrate value chains and trade among the three countries.
According to Dr Al Jaber, the three countries enjoy combined advantages that include a GDP of approximately $765 billion and the energy and potential of more than 60 million young people.
“We have a world-class infrastructure, such as the Suez Canal, through which about 13 per cent of the world’s trade passes, and some of the largest commercial ports such as Jebel Ali, Khalifa Port and the Port of Aqaba,” he said.
“Our countries also enjoy significant resources such as oil and gas, renewable energy, and minerals such as gold, phosphates, silica sand and others. And in addition to the food, pharmaceutical, fertiliser and textile industries, these collective advantages can be harnessed to enhance multiple other sectors.”
The three countries also benefit from security, safety and stability, a supportive legislative and legal system, financing capabilities, as well as credibility and reliability in the international community as a trusted partner. “We have skilled labour, raw materials, a strategic geographic location, a large consumer market, and many other combined significant advantages that will enable the acceleration of our collective industrial development,” added Dr Al Jaber.
In 2019, the combined contribution of the petrochemical industry to the GDP of the UAE, Egypt and Jordan was $16 billion. “We will now create promising opportunities for the development of this sector and its related industries, which are valued at more than $21 billion,” said the UAE minister.
The UAE, Egypt, and Jordan represent a combined exports value of $419 billion and imports value of $380 billion.