The United Arab Emirates (UAE) announced on Sunday that it will allocate $10 billion in joint investment projects with Egypt and Jordan in the field of industry and agriculture. The corresponding agreement was signed in Abu Dhabi. According to the UAE news agency WAM, the funds allocated by the state holding ADQ will be directed to a special investment fund.
According to the Egyptian agency MENA, the parties plan to develop a joint partnership in agriculture, light industry, pharmaceuticals, petrochemistry, as well as in the extraction of natural resources.
The fund will be managed by an Abu Dhabi holding company, UAE Minister of Industry and Advanced Technology Sultan bin Ahmed Al Jaber told reporters.
The partnership aims to achieve sustainable economic development between the UAE, Egypt and Jordan and will help support industrial integration between the three countries. It is the industrial sector that is a key factor in our collective growth and advantage.
Through this partnership, the UAE hopes to launch a new model of integration and cooperation with brothers in the Arab region and around the world, the minister said. “The three countries have combined advantages, including a GDP of about $765 billion and a 60 million workforce,” he said. “We have world-class infrastructure, such as the Suez Canal, through which about 13% of world trade flows, as well as the largest trading ports - Jebel Ali, Khalifa and Aqaba.”
ADQ Holding has become the leading vehicle for outbound investment from Abu Dhabi, managing approximately $110 billion in assets.