Egypt, the UAE, Jordan and Bahrain have signed agreements to set up nine integrated industrial projects with an investment of over $2 billion.
The 12 agreements, which were signed in Jordan, cover nine sectors including agriculture, medicine, minerals, chemicals and electric cars. The projects are expected to create approximately 13,000 job opportunities and boost the national GDP in the partnering countries by more than $1.6 billion.
“The economic crisis the world is currently experiencing demonstrates the necessity of achieving industrial integration among Arab states. 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,” said Ahmed Samir Saleh, Egypt’s Minister of Industry and Trade.
Egypt’s Soda Chemical Industries unveiled a $500 million investment 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 an annual production capacity of 500,000 tons. UAE’s M Glory Holding will invest $550 million to set up three electric car production and assembly plants in the UAE, Jordan and Egypt.
The automaker’s three plants will have a production capacity of 40,000 compact crossover SUVs during the first three years of operation. Emirati investor-owned CFC Group plans to invest $400 million to set up an industrial complex for feed and chemicals in Egypt.
The company signed MoUs with Jordan-based Arab Potash and Egypt’s Misr Phosphate Company to supply raw materials.
Jordan’s Itqan signed an MoU with Egypt’s Marcyrl for the transfer of technology in manufacturing biosimilars in the Hashemite Kingdom at a total investment value of $10 million. Itqan and Marcyrl plan to launch products by Q4 2024.
