The “Industrial Partnership for Sustainable Economic Growth” is a tripartite strategy that aims to support and boost industrial integration between the three countries to serve their development goals
Egypt has entered an industrial partnership with the UAE and Jordan as it works towards boosting sustainable economic growth and exploring opportunities for joint investments in vital sectors of “mutual and strategic interest.”
The “Industrial Partnership for Sustainable Economic Growth” is a tripartite strategy that aims to support and boost industrial integration between the three countries to serve their development goals.
It will focus on 5 sectors; petrochemicals; metals, minerals and downstream products; textiles; pharmaceuticals and agriculture; food and fertilizers.
Prime Minister Mostafa Madbouly, along with Ministers of Electricity and Renewable Energy, Planning and Economic Development, Trade and Industry, and Agriculture, flew to Abu Dhabi yesterday for the launch of the initiative.
Madbouly said that Egypt is always open to partnership with the Emirates in a wide variety of fields, and pointing out the importance of the real estate sector which he said was “very successful” for the UAE in Egypt.
UAE Minister of Industry and Advanced Technology Sultan Al Jaber revealed that a $10 billion investment fund has been allocated, which will be managed by holding company Abu Dhabi Developmental Holding Company (ADQ), to accelerate work on the partnership across the five priority sectors.
“This ambitious partnership will lead to creating industrial opportunities worth billions of dollars by identifying joint industrial projects in the future, focused on creating world-class competitive industries with the highest standards of quality, especially in priority sectors,” explained the Al Jaber during the announcement’s press conference.
According to Madbouly, industrial zones have been allocated in the new fourth-generation cities, especially the New Administrative Capital and the new al-Alamein to establish industries.
The Prime Minister added that additional incentives will be granted to investors within these areas in a specific timeframe to encourage accelerating the pace of development in the new areas.
The industrial partnership will work towards establishing large joint industrial projects, providing job opportunities, contributing to increasing economic output, supporting industrial production and increase exports, and diversifying the 3 countries’ economies.
