UAE, EGYPT AND JORDAN JOIN HANDS FOR SUSTAINABLE ECONOMIC GROWTH

  • 31/05/2022

Abu Dhabi: The UAE, Egypt and Jordan are seeking industrial cooperation for sustainable economic growth. Abu Dhabi-based investment firm ADQ has announced plans to invest $ 1 billion in joint ventures in five areas. Sultan Al Jaber said.


The project follows a directive from UAE President Sheikh Mohammed bin Zayed Al Nahyan. It also aims to strengthen cooperation in various fields with different countries, including India. The project will be implemented in the areas of interest to all three countries, including petrochemicals, in the areas of metals, minerals, textiles, pharmaceuticals, agriculture, food and fertilizers.

The joint venture will increase productivity and create more jobs. With the strengthening of cooperation, it is possible to build a big business empire in the future. The announcement was made in the presence of Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed. Other important achievements are economic diversification and reduction of import costs. Wheat and maize production in the three countries is expected to increase from 1.65 crore tonnes per annum to 30 million tonnes per annum.

The construction of high-value products such as aluminum, iron, silica, potash, glass, electrical wires, automotive components and solar panels will pave the way for projects worth $ 23 billion. The joint press conference in Abu Dhabi was attended by Egyptian Prime Minister Mustafa Madbouli and Jordanian Prime Minister Bishar al-Khazaw.

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