Companies from UAE, Egypt, Jordan & Bahrain sign 12 contracts worth $2bn

By Arya M Nair, Official Reporter
  • Follow author on
Partnership for Sustainable Economic Development meeting
Image Courtesy; WAM

The UAE, Egypt, Jordan and Bahrain have signed industrial agreements with an investment value exceeding $2 billion at the third Higher Committee meeting of the Industrial Partnership for Sustainable Economic Development.

The meeting kicked off in Amman in the presence of Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and the UAE’s special envoy for climate change, His Excellency Ahmed Samir Saleh, Egyptian Minister of Industry and Trade of Egypt, Mr. Yousef Al Shamali, Jordanian Minister of Industry, Trade and Supply, and Mr. Abdulla Adel Fakhro, Bahraini Minister of Industry and Commerce.

The meeting included the signing of 12 agreements across 9 industrial projects. 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.

Jordan’s Prime Minister Dr. Bisher Al-Khasawneh attended the signing ceremony of the partnership agreements along with the industrial ministers from the four countries.

Sultan Al Jaber_UAE_Bahrain_Jordan_Egypt industrial agreement
Dr. Sultan bin Ahmed Al Jaber
Minister of Industry and Advanced Technology

“We are grateful to His Majesty King Abdullah II for his continuous support for UAE-Jordanian relations, and for his support of the Integrated Industrial Partnership for Sustainable Economic Development. We thank the government of Jordan and its people for their hospitality in hosting the third meeting of the Higher Committee for the Integrated Industrial Partnership for Sustainable Economic Development. We are keen on collaborating and complementing regional efforts to achieve integrated sustainable economic development. The UAE is committed to enhancing collaboration with member states to ensure we all benefit from each other’s competitive advantages and capabilities.”

Mr. Al Shamali, said that “Since launching this partnership, we have witnessed a multi-faceted boom that heralds the start of a profound and sustainable transformation in the relations between our industrial sectors. The first aspect of this shift was reflected in the economic discourse adopted by officials and media, who highlighted the benefits that our countries will reap through pursuing industrial integration. This is an integrated Arab effort directed by the highest political levels of the four countries.”

Eng. Ahmed Samir Saleh, Egypt’s Minister of Industry and Trade, underlined Egypt’s commitment to enhancing multilateral efforts with the UAE, Jordan and Bahrain to boost industrial integration among Arab nations and support economic relations.

Mr. Adel Fakhro, stated that “The partnership offers a real opportunity to increase the efficiency of supply chains through the integration of industries in the region, which is a pillar of Bahrain’s industrial strategy. Bahrain has proposed more than 10 industrial projects with an estimated investment value of over $2 billion. These include mature projects and projects in their early stages. The locations of these factories vary, as we believe that all partner countries should benefit from them.”

The Egyptian company Soda Chemical Industries announced an investment of $500 million 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 a production capacity of 500,000 tons annually.

An MoU was signed for a strategic partnership with the Emirates Flat Glass Company, owned by Dubai Investments, to purchase the final product.

UAE-based automotive manufacturer M Glory Holding announced the launch of a large manufacturing project with an investment of $550 million. The project will establish 3 electric vehicle factories with specialized production and assembly lines in the UAE, Jordan and Egypt. Production capacity will reach 40,000 compact crossover SUVs during the first three years of operation.

M Glory Holding signed MoU with the Jordan Design and Development Bureau and Egypt’s Arab Organisation for Industrialization as manufacturing partners, and with Bahrain’s GARMCO to supply aluminum sheets. The agreement exemplifies how the partnership aligns with sustainability objectives and the UAE’s presidency of COP28.

Emirati investor-owned CFC Group announced it will invest $400 million to establish an industrial complex for fertilizers and chemicals in Egypt. It signed MoUs with Jordan-based Arab Potash and Egypt’s Misr Phosphate Company to supply raw materials. The industrial complex will have an annual production capacity of half-a-ton of fodder and potash fertilizers, and 1.1 tons of chemicals.

Emirates Global Aluminium announced a $200 million investment to establish a silicon metal plant in the UAE with a production capacity of 55,000 tons per year. The company signed an MoU with Jordan’s Manaseer Group to supply the required crystalline silica.

Manaseer Group announced the expansion of a $70 million magnesium oxide plant in Jordan. Once completed, the plant will have a total production capacity of 270,000 tons annually, which will be exported to the UAE. It will sell its product to Emirates Global Aluminium. Production is set to commence in 2024.

The UAE’s Global pharma entered a partnership with Egypt’s Nerhadou to develop advanced technology for the manufacturing of medicines and supplements. An agreement was also signed to transfer technology to two Jordanian companies, Savvy Pharma and Triumph. Both projects will commence in 2023 with a total investment value of $60 million. Production capacity will reach 5 million packages annually per product.

Jordanian company Itqan announced a technology transfer partnership and contract manufacturing agreement with Globalpharma and ADCAN Pharma to manufacture syringes, aerosols, and inhalers. It also entered an MoU with Egypt’s Marcyrl for the transfer of technology in manufacturing biosimilars in Jordan at a total investment value of $10 million, with the aim of launching products by Q4 2024.

Bahrain-based Alpha Biotic signed two MoUs for knowledge and technology transfer as well as contract manufacturing with Jordan’s Dar Al Dawa and Egypt’s EIPICO, to produce general products, oncology products, medical solutions, and other pharmaceutical products. At an investment value of $174 million over two phases, the project’s production capacity is expected to reach 350 million pills per year.

Gulf Biotech, another Bahraini company, announced plans to establish a plant to manufacture raw materials for vaccines and other products at an investment value of $103 million and a production capacity of 105 doses per year. Earlier this month, it signed a technology transfer agreement with Egypt’s BioGeneric Pharma.

Related: MODON signs several agreements to localize Saudi’s F&B industry