Egypt, UAE, Bahrain and Jordan sign 13 agreements worth more than two billion dollars

Yesterday, Sunday, the UAE, Egypt, Bahrain and Jordan signed 13 agreements worth more than two billion dollars, during the third meeting of the Higher Committee for the Integrated Industrial Partnership for Sustainable Economic Development in Jordan.

The integrated industrial partnership for sustainable economic development was launched between the UAE, Egypt and Jordan in May 2022 - and Bahrain joined it last July - and aims to achieve qualitative growth in the industrial sector in the four countries through integration in resources and industries.

According to the official Jordanian News Agency (Petra), the signed agreements relate to 9 industrial projects, which will contribute to increasing the gross domestic product in the four countries by more than $1.6 billion.

The agreements cover the sectors of agriculture, medicine, metals, chemicals, electric cars and waste management. These projects are expected to provide about 13,000 direct and indirect job opportunities in the four countries.

The agency mentioned the details of some projects as follows:

- A $550 million project for the Emirati Automotive Industry Holding Company, M-Glory, to establish 3 electric car factories with production and assembly lines in the UAE, Jordan and Egypt, with a production capacity of 40,000 cars in the first three years.

The Egyptian Soda Chemical Industries Company invested $500 million to produce sodium carbonate - the main raw material in many industries, including glass and detergents - with a production capacity of 500,000 tons annually.

A project for CFC Feed and Chemicals, owned by Emirati investors, to establish an industrial complex for feed and chemicals in Egypt, with an investment of $400 million.

- An agreement for the Bahraini Alpha Biotech Company with the Jordanian Itqan Pharma Company for the manufacture of oncological drugs, preparations, medical solutions, and others, with a production capacity of 350 million tablets annually, with a total investment value of $174 million for the first and second phases of the project.