Egypt s President Abdel-Fattah El-Sisi meets with Prime Minister Mostafa Madbouly, 1 June 2022. Egyptian Presidency
In a meeting with Prime Minister Mostafa Madbouly on Wednesday, El-Sisi urged starting implementing the projects included in the initiative in various sectors to achieve economic integration between Egypt, Jordan, and the UAE.
The president's remarks come days after the three countries launched joint initiative of integrated industrial partnership for sustainable economic development in Abu Dhabi on Sunday.
The initiative was launched in a tripartite meeting during a visit by a delegation from the Egyptian government headed by Madbouly to the Emirati capital.
As part of the initiative, the UAE’s government announced on Sunday that it is allocating an investment fund of $10 billion for joint projects with Egypt and Jordan.
The fund will be run by Abu Dhabi Development Holding (ADQ) to support and accelerate the projects arising from the initiative.
During his meeting with the premier, El-Sisi underlined the importance of the three-way cooperation with Jordan and the UAE, saying the partnership initiative manifests the hoped-for goal of achieving Arab economic integration.
The newly-launched initiative focuses on several strategic sectors, most importantly pharmaceuticals, agriculture, food, petrochemicals, metals, minerals, and textiles with the aim of achieving economic sustainable development and contribute to supporting industrial integration between the three Arab nations.
The partnership aims to achieve self-sufficiency in the three countries and ensure food and health security and is also expected to provide industrial opportunities with added economic value estimated at billions of dollars in the near future.
The combined GDP of Egypt, the UAE, and Jordan is approximately $800 billion, Emirati Minister of Industry and Advanced Technology Sultan Ahmed Al-Jaber said earlier this week.
The three countries are rich in different resources that can be promoted through this new partnership, he added.