Industrial partnership initiative for sustainable economic growth
The UAE, Egypt and Jordan signed an industrial partnership across key sectors on May 29. Image Credit: Ahmed Ramzan/ Gulf News

Abu Dhabi: Ministers from the UAE, Egypt and Jordan have met for the first time since the signing of the industrial partnership last week to boost sustainable economic growth.

The trilateral higher committee meeting was held virtually to discuss a roadmap for implementing initiatives related to the new partnership.

Ministers discussed timeframes for implementing the initiatives and measures to gauge the performance. They also discussed the mechanisms for expanding the partnership by adding new members, facilitating cooperation and integration by involving more sectors, and coordinating with government entities and the private sector. The meeting focused on the importance of private sector participation and its role in enabling the industrial partnership.

UAE, Egypt, Jordan
Ministers from the UAE, Egypt and Jordan along with newly appointed secretary-general of the tripartite higher committee, Omar Al-Suwaidi, met virtually on June 3.

“This partnership focuses on integration and leveraging the competitive advantages and the unique capabilities of each of the three countries,” said Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology. “The partnership will be the nucleus of broader collaboration that contributes to building a more sustainable economic base for each member country.”

Dr. Al Jaber added: “Investors will benefit from the competitive advantages provided by the three countries, such as logistics, infrastructure, and the availability of raw materials. These advantages can help to ensure robust supply chains, stimulate sustainable economic growth, and enhance value-added industries for the economies of the UAE, Egypt and Jordan.”

During the meeting, members approved the appointment of Omar Al-Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, as secretary-general of the tripartite higher committee.

The steering and executive committee is tasked with connecting private sector entities with investors and will meet the next month to review progress.

ADQ's $10b commitment
The UAE, Egypt and Jordan signed an industrial partnership across key sectors on May 29, an agreement that will also see Abu Dhabi’s sovereign fund ADQ allocate $10 billion towards its projects.

The agreement spans sectors such as agriculture, pharma, food, petrochemicals, minerals and textiles.