UAE Companies Sign $2B of Industrial Agreements

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industrial agreements (Credit:Industrial Partnership for Sustainable Economic Development)

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 the national GDP in the partnering countries by more than $1.6 billion.

These 12 agreements included:

  • The Egyptian company Soda Chemical Industries announced an investment of $500 million to produce sodium carbonate, ‘soda ash’, which is the main raw material in many industries, such as the glass and detergent sector. 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 the launch of a large manufacturing project with an investment of $550 million. The project will establish 3 electric vehicle factories with specialized production and assembly lines in the UAE, Jordan, and Egypt. Production capacity will reach 40,000 compact crossover SUVs during the first three years of operation. M Glory Holding signed memoranda of understanding with the Jordan Design and Development Bureau and Egypt's Arab Organisation for Industrialization as manufacturing partners, and with Bahrain's GARMCO to supply aluminum sheets. The agreement exemplifies how the partnership aligns with sustainability objectives and the UAE’s presidency of COP28
  • Emirati investor-owned CFC Group announced it 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 an MoU with 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 tonnes 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

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