Amman, 26.02. (Prensa Latina) The United Arab Emirates (UAE), Egypt, Jordan and Bahrain have signed industrial sector investment agreements worth two billion dollars here.
Official Jordanian media also indicated that the signing of the documents was carried out as part of an industry association announced by these four Arab countries in mid-2022.
The agreements, signed at a meeting of industry ministers from these countries, include nine strategic projects that aim to increase the countries’ gross domestic product (GDP) by $1.6 billion.
That meeting in Amman is the third of its kind since the United Arab Emirates, Egypt and Jordan announced in May the same year the establishment of an industrial integration association, which Bahrain joined in July, Jordanian TV sources said.
UAE Minister of Industry and Technology Suldan al Jaber reported that his country will set up a fund to invest around $10 billion in Egyptian and Jordanian areas, both driven by the economic crisis and post-launch inflation the military conflict between Russia and Ukraine would be punished.
He then reiterated the decision to strengthen this association so that its members can benefit from the competitive and quality advantages and the great potential that they have.
Al Jaber added that the purpose is to support sustainable economic development, boost growth, achieve economic and social goals, and lay a solid foundation for industrial cooperation that benefits our societies, he said.
The official, also quoted in a statement released by Egypt’s Ministry of Trade and Industry, noted that the volume of industrial exports from the UAE reached 174 billion dirhams (about $47.37 billion) in 2022.
In this context, he also mentioned a contribution of the industrial sector to GDP worth 180 billion dirhams ($49 billion).
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