ABU DHABI- UAE Minister of Industry and Advanced Technology Dr Sultan Al Jaber said that an investment fund has been allocated to be managed by the holding company “ADQ” with a value of 10 billion dollars to invest in projects emanating from partnership between the UAE, Egypt and Jordan in the sectors that have been agreed upon.
Addressing a three-way meeting here on Sunday, the minister expressed his aspiration that through this fund the partnership plans would be activated as soon as possible with the highest possible efficiency.
The meeting was held to launch the “Integrative Industrial Partnership for Sustainable Economic Development” initiative.
The UAE has historical brotherly relations at all levels and in all sectors with Jordan and Egypt and is keen to develop these relations in a way that would promote sustainable development and ensure security, safety, stability and prosperity.
He pointed out that the industrial sector is an essential element for growth in light of potentials of the three nations in this field, expressing his country’s aspiration, through this partnership, to present a new model for integration, cooperation and coordination, and for qualitative partnerships with brothers in the Arab world, and friends in various countries around the world.
The launch of this partnership reflects keenness to establish constructive development partnerships that benefit from the areas of integration among them. This step will contribute to the development of highly competitive industries with the highest quality standards, especially in priority sectors such as pharmaceuticals, agriculture, food, chemicals, and minerals, textiles, and others.
He added that in 2019, the contribution of the petrochemical industry to the GDP in Egypt, the UAE and Jordan combined was about $16 billion, which provides promising opportunities for the development of this sector and related industries by more than $21 billion, pointing out to the UAE’s focus on future industries and advanced technology.
He pointed out that the UAE launched its national strategy for industry and advanced technology in 2021, adding that it includes a set of ambitious goals and possibilities to support the growth of this important sector, with the aim of building a competitive national industry and increasing the contribution of the industrial sector to the GDP, and achieving self-sufficiency.
He said that the UAE has launched a set of initiatives to stimulate and empower the industrial sector, through advanced technology and applications of the Fourth Industrial Revolution, and to provide a supportive legislative environment and solutions
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