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 kicked off in Amman on Sunday.
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 national GDP in the partnering countries by more than $1.6 billion.
Industrial projects
The agreements included the Egyptian company Soda Chemical Industries announcing an investment of $500 million to produce sodium carbonate – or soda ash – a main raw material in many industries, such as the glass and detergent sector.
The company signed a strategic partnership agreement 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.
M Glory Holding signed memoranda of understanding (MoUs) with the Jordan Design and Development Bureau and Egypt’s Arab Organisation for Industrialisation as manufacturing partners, and with Bahrain’s GARMCO to supply aluminum sheets.
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.
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 a MoU with the Jordan’s Manaseer Group to supply the required crystalline silica.
Manaseer Group also announced the expansion of a $70 million magnesium oxide plant in Jordan.
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.
Jordanian company Itqan announced a technology transfer partnership and contract manufacturing agreement with Globalpharma and ADCAN Pharma to manufacture syringes, aerosols, and inhalers.
It also entered a MoU with Egypt’s Marcyrl for the transfer of technology in manufacturing biosimilars in Jordan at a total investment value of $10 million, with the aim of launching products by Q4 2024.
Bahrain-based Alpha Biotic signed two MoUs for knowledge and technology transfer as well as contract manufacturing with Jordan’s Dar Al Dawa and Egypt’s EIPICO to produce general products, oncology products, medical solutions, and other pharmaceutical products.
At an investment value of $174 million over two phases, the project’s production capacity is expected to reach 350 million pills per year.
Gulf Biotech, another Bahraini company, announced plans to establish a plant to manufacture raw materials for vaccines and other products at an investment value of $103 million and a production capacity of 105 doses per year.
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