Feb 28, 2023

Arab companies sign industrial agreements worth 2 billion dollars

12 agreements on 9 projects were signed between companies of the UAE, Egypt, Jordan, and Bahrain in the framework of the Industrial Partnership initiated by these countries a year ago.

The projects are expected to create totally about 13,000 jobs in the field of automobile production, pharmaceuticals, mining, and to increase national GDP in the partner countries by 1.6 billion dollars. The project of M Glory Holding for the construction of 3 electrical crossover plants in the UAE, Egypt, and Jordan will be the largest one.

The project is estimated at 550 million dollars.

The aim of the Industrial Partnership between the UAE, Egypt, Jordan, and Bahrain is the integration of the industrial sector for the region sustainable economic development.

Egyptian Industry and Trade Minister Ahmed Saleh said that the global economic pressure left Arab countries no choice but to integrate.

See the most notable UAE business news online in the Telegram channel – “Russia-UAE Trade House”

(The National, February 26, 2023)