Egypt seals multimillion-dollar industrial agreements with 3 Arab states
Updated 2/26/2023 2:49:00 AM
Arab Finance: Egypt signed 12 agreements and partnerships with the UAE, Jordan, and Bahrain for 9 integrated industrial projects with an investment value exceeding $2 billion in the sectors of agriculture, medicine, chemicals, and electric vehicles (EVs), Egypt’s Ministry of Trade and Industry stated on February 26th.
This came during the conclusion of the activities of the higher committee of the Integrated Industrial Partnership for Sustainable Economic Development’s meeting, which was hosted by the Jordanian capital, Amman, for two days.
The agreed-upon projects would contribute to increasing local production in the partner countries by a value exceeding $1.6 billion, and creating about 13,000 direct and indirect jobs.
During the meeting, Egypt’s Soda Industries announced an investment worth $500 million to produce sodium carbonate, which is the main raw material in many industries, with a production capacity of 500,000 tons annually. A memorandum of understanding (MoU) was signed for a strategic partnership with the Emirates Float Glass, owned by Dubai Investments, to purchase the final product.
Also, a project was announced by the Emirati M Glory Holding for the auto industry, with an investment value of $550 million, to establish 3 integrated factories for EVs in the UAE, Jordan and Egypt, with a production capacity of 40,000 EVs in the first three years.
Feed and chemicals firm CFC, owned by Emirati investors, announced the establishment of an industrial complex for feed and chemicals in Egypt, with investments amounting to $400 million.
In addition, the Emirati Global Pharma entered into a technology transfer partnership with the Egyptian Pharmaceutical firm Nerhadu to work on developing advanced manufacturing technology for the production of medicines and nutritional supplements in the UAE.
Furthermore, the Jordanian firm Itqan Pharma announced a partnership with the Egyptian Marcyrl Pharmaceutical Industries for technology transfer in the field of manufacturing biosimilars in Jordan, with a total investment totaling of $10 million.
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