UAE’s ADQ allocates $10 billion for projects with Egypt and Jordan

UAE’s ADQ allocates $10 billion for projects with Egypt and Jordan
Source: WAM

UAE, Egypt and Jordan announced an industrial partnership for sustainable economic growth in Abu Dhabi to unlock new industrial opportunities and enhance sustainable economic growth in the three countries, across 5 sectors.

The partnership is designed to achieve sustainable economic growth across food and agriculture, fertilizers, pharmaceuticals, textiles, minerals, and petrochemicals. A $10 billion investment fund has been allocated to accelerate the partnership objectives and will be managed by ADQ Holding.

According to the statement, the three nations’ combined industrial capacity represents around 26% of the total industrial capacity of the MENA region.

“Through collaboration across expertise and resources, we will be able to add industrial value and reduce production costs, create more jobs, and achieve positive results for all parties,” Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, said in the signing ceremony.

Read more: Egypt signs a deal with Siemens, Orascom and Arab Contractors to build high-speed rail

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