UAE, Egypt, Jordan and Bahrain sign $2bln of industrial agreements

UAE, Egypt, Jordan and Bahrain sign $2bln of industrial agreements

Industrial agreements exceeding $2 billion were signed in Amman, Jordan at the third Higher Committee meeting of Industrial Partnership for Sustainable Economic Development, a regional initiative for large projects involving the UAE, Egypt, Jordan and Bahrain.

Twelve agreements across 9 industrial projects were signed between companies from the UAE, Egypt, Jordan and Bahrain, according to a press statement issued by the UAE’s Ministry of Industry and Advanced Technology.

The Partnership also received 35 proposals for new projects, the statement said.

The 12 agreements are as follows:

- 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 tonnes 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 three electric vehicle (EV) plants in the UAE, Jordan and Egypt. Production capacity will reach 40,000 compact crossover SUVs during the first three years of operation.

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