The UAE, Jordan, Egypt and Bahrain will announce a “plethora” of industrial projects worth “millions of dollars” at a meeting in Amman next week.
“Some programmes involve co-operation between … all four countries,” Yousef Al Shamali, Jordan’s Minister of Industry, Trade and Supply, said at the World Government Summit in Dubai on Tuesday.
Last year, the UAE, Egypt and Jordan formed the Industrial Partnership for Sustainable Economic Development to boost sustainable growth while exploring opportunities for joint investments in priority sectors.
Bahrain, a major producer of raw aluminium and iron ore, joined the partnership in July.
A $10 billion investment fund has been set up and is being managed by Abu Dhabi holding company ADQ to accelerate work on the partnership across five priority sectors, including petrochemicals, agriculture and metals, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Cop28 President-designate, said last year.
“We managed to assess 100-plus projects in such a short period of time,” Omar Al Suwaidi, undersecretary at the ministry, said during the session on Tuesday.
“Several countries have expressed their interest to join the partnership. Hopefully, this will become a reality in Amman.”
The partnership is considered vital to bolster Arab economic integration.
It aims to establish large joint industrial projects, create job opportunities, contribute to increasing economic output, diversify the economies of the partner countries, support industrial production and increase exports.
The bloc of four nations has a combined population of 122 million, accounting for 27 per cent of the Mena region and 49 per cent of its youth aged under 24.
The industrial partnership is also expected to boost the gross domestic product of member countries by $809 billion, officials said last year.
In 2019, the UAE, Egypt, Jordan and Bahrain accounted for 30 per cent of the Mena region’s industrial contribution to gross domestic product, or $65 billion worth of industrial exports.
The Mena region is expected to grow by 3.2 per cent this year, after expanding by 5.4 per cent in 2021, according to the International Monetary Fund.
Trade activity within the region is still “low”, with consumer goods representing a large part of the flow, Mr Al Shamali said.
He called on other nations in the region to join the partnership to ensure economic “complementarity” among Arab countries and to avoid direct competition.
Mr Al Suwaidi said trade initiatives need to also look at the localisation of “value chains”, in addition to supply chains.
“We also focused on adding sustainability to these [priority] sectors.”
The UAE, the Arab world’s second-largest economy, aims to expand the industrial base under its Operation 300bn programme.
Launched in March 2021, the 10-year strategy seeks to increase the industrial sector's contribution to the country's GDP to Dh300 billion ($81.7 billion) by 2031.
Gulf economies are performing well due to the “relentless” pursuit of reforms and not just because of high oil and gas prices, IMF managing director Kristalina Georgieva said on Monday.
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Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of the Interior, concludes the World Government Summit with a talk entitled 'The Emirates: A Family of Solid Roots and a Vibrant Future'. WAM -
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, listens to Sheikh Saif. WAM -
Najla Bouden, Prime Minister of Tunisia, Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, Wavel Ramkalawan, President of Seychelles, Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, Dr Maeen Saeed, Prime Minister of Yemen and Panagiotis Pikrammenos, Deputy Prime Minister of Greece, at the summit. Photo: Presidential Court -
Joko Widodo, President, Government of the Republic of Indonesia speaking at the World Government Summit held at Madinat Jumeirah in Dubai. Pawan Singh / The National -
Huda AlHashimi, Deputy Minister of Cabinet Affairs for Strategic Affairs, United Arab Emirates during the interview at the World Government Summit held at Madinat Jumeirah in Dubai. Pawan Singh / The National -
Left to Right - Nasser Al-Khater, Chief Executive Officer, FIFA World Cup Qatar 2022 and Najeeb AlAli, Executive Director, Expo 2020 Bureau speaking during the session on Hosting Major Events: An Arab Success Story at the World Government Summit held at Madinat Jumeirah in Dubai. Pawan Singh / The National -
Elon Musk and Mohammad Al Gergawi, Minister of Cabinet Affairs, speak on day three of the World Government Summit in Dubai. Mr Al Gergawi is also chairman of the summit. Pawan Singh / The National -
Ian Bremmer, president and founder of Eurasia Group, speaking during a session called 'Beyond 2023: A Global Outlook'. Pawan Singh / The National -
Delegates gather at Madinat Jumeirah for the summit. Pawan Singh / The National -
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, presents the World Data Visualisation Award to Lindsey Poulter. Pawan Singh / The National -
Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, addresses delegates at the summit. Pawan Singh / The National -
National flags displayed at the global event. Pawan Singh / The National -
Turkish President Recep Tayyip Erdogan speaks at the event using a video link. Antonie Robertson / The National -
People gather for the second day of the summit. Antonie Robertson / The National -
Huda Al Hashimi, right, Deputy Minister of Cabinet Affairs for Strategic Affairs, on stage with Waleed Al Ali, left, Secretary General of the Digital School, and Reda Hegazy, Egypt's Minister of Education. Antonie Robertson / The National -
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Cop28 President-designate, speaks during a session titled The Road Map to Cop28: Prioritising Action. Pawan Singh / The National -
Dr Al Jaber, who is also the UAE's special envoy for climate change, addresses delegates in Dubai. Pawan Singh / The National -
Day two of the World Government Summit. Antonie Robertson/The National -
Omar Al Olama, Minister of State for Digital Economy, AI and Remote Work System, and Nick Clegg, president of Global Affairs at Meta, at the summit. Pawan Singh / The National -
Delegates at the World Government Summit held at Madinat Jumeirah in Dubai. Pawan Singh / The National -
Mina Al-Oraibi, Editor-in-Chief of The National newspaper, Kersti Kaljulaid, fifth President of Estonia, and Mona Al Marri, vice president of the UAE Gender Balance Council. Pawan Singh / The National -
Delegates during the session on Women in Government: Powering the Future. Pawan Singh / The National -
President Sheikh Mohamed, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Egyptian President Abdel Fattah El Sisi. Photo: Dubai Media Office -
Sheikh Mohamed greets Mr El Sisi. Photo: Presidential Court -
Mr El Sisi presents the Global Best M-Gov Award to the winners as Mohammed Al Gergawi, Minister of Cabinet Affairs, looks on. Photo: Presidential Court -
Mr El Sisi presents the Global Best M-Gov Award. Photo: Presidential Court -
Mr El Sisi presents the Global Best M-Gov Award. Photo: Presidential Court -
Sky News Arabia's media relations director Faisal bin Huraiz sits alongside Mr El Sisi at the summit. EPA -
Francesco La Camera, Director General of International Renewabale Energy Agency, speaks at the summit. Antonie Robertson / The National -
Omar Sultan Al Olama, Minister of State for Artificial Intelligence at the summit. Antonie Robertson / The National -
Mohamed Al Ramahi, Chief Executive Officer, Masdar. Antonie Robertson / The National -
Marco Dunand, CEO and Co-founder, Mercuria Energy Group. Antonie Robertson/The National -
Christian Bruch, President and CEO, Siemens Energy. Antonie Robertson / The National -
Ahmed Bahrozyan, chief executive of the Public Transport Agency at the RTA. Antonie Robertson / The National -
RTA's flyng taxi and sky port project powered by Joby. Virtual simulation of the flying experience. Antonie Robertson / The National -
will.i.am speaking during the session on Accelerating Tech: The New Frontier for Policy-making at the World Government Summit in Dubai. Pawan Singh / The National -
Doron Avni, Google VP of Government Affairs and Public Policy Emerging Markets speaking during the session on Accelerating Tech: The New Frontier for Policy-making at the World Government Summit in Dubai. Pawan Singh / The National -
Sujay Jaswa, Founder and Managing Partner, WndrCo speaking during the session on Accelerating Tech: The New Frontier for Policy-making at the World Government Summit in Dubai. Pawan Singh / The National -
Mohammed Al Gergawi, Minister of Cabinet Affairs and the chairman of the World Government Summit, delivers the opening speech. Pawan Singh / The National -
Al Gergawi highlighted the rapid change the world has seen in the decade since the event was first held. Pawan Singh / The National -
Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, speaks at the summit. Pawan Singh / The National -
Georgia's Prime Minister Irakli Garibashvili speaks at the World Government Summit in Dubai. Pawan Singh / The National -
Al Gergawi and Schwab held a joint discussion. Pawan Singh / The National -
Delegates standing during the moment of silence for the Turkey – Syria earthquake before the start of World Government Summit in Dubai. Pawan Singh / The National -
Delegates at the World Government Summit held at Madinat Jumeirah in Dubai. Pawan Singh / The National
