Part of the Signing of the agreements between Egypt, the United Arab Emirates, Jordan, and Bahrain in the presence of The industry ministers of the Four countries and Jordan s Prime Minister Bisher Al-Khasawneh in Aman, Jordan on Sunday 26 February, 2023. Photo courtesy of Egyptian Cabinet Facebook page.
The agreements would contribute to boosting the gross domestic product (GDP) of the four countries by more than $1.6 billion, creating around 13,000 direct and indirect job opportunities.
The industry ministers of the four countries witnessed the signing of the deals as they attended the third meeting of their Higher Committee of the Industrial Partnership for Sustainable Economic Growth held in Amman in the presence of Jordan’s Prime Minister Bisher Al-Khasawneh.
The signed agreements cover the sectors of agriculture, medicine, metals, chemicals, and electric cars.
The Committee also received 35 proposals for new projects, Omar Al-Suwaidi, Undersecretary of the UAE Ministry of Industry and Advanced Technology, said.
12 multi-billion deals
Egypt is part of several deals in the fields of electric vehicles, chemicals, pharmaceutics, out of the 12 multi-billion agreements announced on Sunday.
UAE-based automotive manufacturer M Glory Holding announced a $550 million project to establish three integrated factories for electric vehicles in Egypt, the UAE, and Jordan.
The factories will have a production capacity of 40,000 compact crossover SUVs during the first three years of operation.
In this regard, M Glory Holding signed an MoU with Egypt’s Arab Organisation for Industrialisation (AOI) and the Jordan Design and Development Bureau (JODDB) as manufacturing partners.
M Glory also signed an MoU with Bahrain's Gulf Aluminum Rolling Mill (GARMCO) to supply aluminum sheets in this field.
The agreements also included a project for Emirati investors-owned CFC Group to establish an industrial complex for fodder and chemicals in Egypt with $400 million investments.
The industrial complex’s annual production capacity will hit half-a-ton of fodder and potash fertilizers as well as 1.1 tons of chemicals.
CFC Group, in this regard, signed an MoU with Jordan-based Arab Potash Company and Egypt’s Misr Phosphate Company to supply raw materials.
Egyptian nutraceutical company Nerhadou International signed a partnership with the Dubai-based Globalpharma to work on developing advanced technology to produce medicines and supplements in the UAE.
Jordanian pharmaceutical company Itqan Pharma announced an MoU with Egypt’s Marcyrl Pharmaceutical Industries to transfer technology of manufacturing biosimilars in Jordan with a total investment of $10 million.
The project is set to be completed in the fourth quarter of 2024.
Egypt’s Soda Chemical Industries also announced a $500 million investment to produce sodium carbonate, a main raw material in many industries, including glass and detergents.
The facility is set to have an annual production capacity of 500,000 tons.
An MoU was signed for a strategic partnership with the Emirates Flat Glass Company, owned by Dubai Investments, to purchase the final product.
Earlier this month, Bahraini pharmaceutical company Gulf Biotech signed a deal on technology transference with Egypt’s BioGeneric Pharma, the statement said.
Egypt, UAE, and Jordan held their first meeting of their newly-launched industrial partnership virtually in June last year.
Bahrain joined the partnership during the committee’s second meeting, which was held in Cairo in July.
During the July meeting, the committee agreed to conduct feasibility studies on 12 projects to the tune of $3.4 billion, representing the first phase of a total of 87 projects that the committee discussed during the meeting.
The industrial partnership was launched in UAE’s Abu Dhabi last May to increase sustainable growth and explore opportunities for joint investments in priority sectors.
The partnership is meant to boost Arab economic integration amid the ongoing challenges.
Under this partnership, a $10 billion investment fund was created for the initiative and is moderated by the Abu Dhabi Holding Company (ADQ).