The UAE’s government announced on Sunday that it is allocating an investment fund of $10 billion for joint projects with Egypt and Jordan as part of a newly launched partnership industrial initiative meant to achieve sustainable economic development among the three countries.
The fund will be run by Abu Dhabi Development Holding (ADQ) to support and accelerate the projects arising from the initiative, according to Emirati Minister of Industry and Advanced Technology Sultan Ahmed Al-Jaber, who made the announcement during the launch of the tripartite partnership.
Earlier on Sunday, Egypt, the UAE, and Jordan launched a joint initiative of integrated industrial partnership for sustainable economic development in the Emirati capital of Abu Dhabi.
The initiative focuses on several strategic sectors, most importantly pharmaceuticals, agriculture, food, petrochemicals, metals, minerals, and textiles with the aim of achieving economic sustainable development and contribute to supporting industrial integration between the three Arab nations.
The partnership aims to achieve self-sufficiency in the three countries and ensure food and health security, he noted, expecting that it will provide industrial opportunities with added economic value estimated at billions of dollars in the near future.
For his part, Egypt's PM Mostafa Madbouly thanked the UAE’s president for his decision to establish the ADQ’s $10-billion-fund to implement the initiative’s projects.
Such a step, Madbouly noted, will promote integration and interdependence among Arab countries, representing an “inspiring” example for how to optimally allocate resources to create opportunities amid the current unfavourable economic and geopolitical conditions.
No comments:
Post a Comment