12 agreements between UAE, Egypt, Jordan and Bahrain signed across 9 industrial projects valued at $2 billion
Companies from the UAE, Egypt, Jordan and Bahrain 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 included the signing of 12 agreements across 9 industrial projects. The projects are expected to create approximately 13,000 job opportunities and boost national GDP in the partnering countries by more than $1.6 billion.
The projects
Egypt-based Soda Chemical Industries announced an investment of $500 million to produce sodium carbonate. The facility will have a production capacity of 500,000 tons annually. A 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 an investment of $550 million on the launch of a large manufacturing project that will establish 3 electric vehicle factories with specialized production and assembly lines in the UAE, Jordan and Egypt. M Glory Holding signed MoU with the Jordan Design and Development Bureau and Egypt's Arab Organization for Industrialization as manufacturing partners, and with Bahrain's GARMCO to supply aluminium sheets.
Emirati investor-owned CFC Group 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 a MoU with the 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 Globalpharma 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 a 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.
His Excellency Dr Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology said, “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.
Bahrain’s capital will host the next meeting of the Higher Committee where more joint projects will be discussed.
