Integrated Industrial Partnership: UAE pledges $10 billion

The activities of the second meeting of the Higher Committee of the Integrated Industrial Partnership for Sustainable Economic Development, which includes Egypt, the United Arab Emirates and Jordan, began today, Monday, in the Egyptian capital,

The committee was chaired by the Ministers of Industry of the three countries, Nevine Gamea, Minister of Trade and Industry of the Arab Republic of Egypt, and His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and advanced technologies, and His Excellency Yousef Al-Shamali, Minister of Industry, Trade and Supply of the Hashemite Kingdom of Jordan.

The meetings were marked by the announcement of the accession of the State of Bahrain to the Integrated Industrial Partnership Initiative with the three founding countries of the partnership, in the presence of His Excellency Zayed bin Rashid Al Zayani, Minister of Industry and Commerce of the Kingdom of Bahrain.

The High Committee adopted the recommendations issued by the Executive Committee of the Industrial Partnership, which met for two days in Cairo with the participation of companies operating in the fields of agriculture, food, fertilizers and medications. A list of 87 proposed projects in the targeted sectors has been prepared, including 12 projects eligible to enter the feasibility study stage in the agriculture and food, fertilizer and medicine sectors, with initial investments of $3.4 billion. , with a focus in the next phase on the metals, chemicals, plastics, textiles and apparel sectors.

In his speech at the meeting, Dr Sultan bin Ahmed Al Jaber highlighted the vision of Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, on the importance of cooperation, concerted efforts and integration to achieve economic development “which we see as a catalyst”. It is essential for the stability, growth and prosperity of societies, and for benefiting from the areas of integration, competitive advantages and capabilities of the participating brotherly countries in order to build a sustainable economic base.

Al-Jaber said that “His country is seriously committed to the partnership through the investment fund, which will be managed by the company “Holding” worth 10 billion dollars to invest in the projects emanating from this partnership in the agreed sectors. ”

The Emirati official welcomed Bahrain’s joining as a key and active partner in this partnership, where the industrial sector plays a vital and essential role in sustainable economic development, and Bahrain has its successful industrial experience, industrial strategy and its initiatives that will strengthen this four-way partnership today.

Al Jaber pointed out that Bahrain also stands out for its strategic location, the availability of advanced logistics services, trained and innovative human resources, and a business environment that supports investments, in addition to the compatibility of their industrial strategy with the objectives of the integrated market industrial partnership for sustainable economic development.

The Minister of Industry and High Technology of the United Arab Emirates thanked the Arab Republic of Egypt, a brother country, for hosting the Committee meeting, and he also underlined the active role played by the partners of the Brother Hashemite Kingdom of Jordan and the Arab Republic of Egypt, in order to make this partnership a success by all means and efforts.

The UAE Minister called on companies to make the most of qualitative partnerships and competitive advantages in participating countries, and move to advanced stages of feasibility studies for implementation, overcome obstacles and to provide support and assistance to ensure the optimal implementation of projects, and to achieve the maximum sustainable economic and social benefits.

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