CAIRO, 27 February 2023: Egypt, Jordan, Bahrain, and the United Arab Emirates (UAE) signed 12 agreements in nine integrated industrial projects with an investment value exceeding $2 billion in the agriculture, medicine, metals, chemicals and electric vehicles sectors.
The agreements' signing came at the end of the activities of the third meeting of the “Higher Committee for Industrial Partnership for Sustainable Economic Growth,” which was hosted by the Jordanian capital, Amman, over two days, the Egyptian Cabinet said on Sunday.
The Higher Committee for the Industrial Partnership for Sustainable Economic Growth approved the recommendations of the Executive Committee and its report, as the agreed upon projects contribute to increasing local production in the partnership countries by a value exceeding $1.6 billion, and creating about 13,000 direct and indirect jobs.
The projects included the Egyptian company Soda Chemical Industries announcing an investment of $500 million to produce sodium carbonate, “soda ash”, which is the main raw material in many industries, the most important of which are; glass and detergent industry, with a production capacity of 500,000 tons annually. A memorandum of understanding was signed for a strategic partnership with the Emirates Flat Glass Company, owned by Dubai Investments, to purchase the final product.
A project was also announced for the Emirati “M Glory Holding” company for the automotive industry, with an investment value of $550 million, to establish three integrated factories for electric cars with specialized production and assembly lines in the UAE, Jordan and Egypt, with a production capacity of 40,000 “crossover compact” cars in the three years.
The Executive Committee of the Industrial Partnership for Sustainable Economic Growth held a meeting, Saturday, in the Jordanian capital, Amman, in which it prepared its recommendations and report to be submitted to the Partnership Higher Committee for final approval.
It also discussed a number of potential projects in the targeted sectors, and listened to representatives of industrial companies who presented proposed projects, in the partnership sectors, for implementation.