Egypt, the United Arab Emirates and Jordan have decided to join forces in an industrial partnership, with a view to sustainable economic growth.
Egypt, Jordan and the United Arab Emirates have set up a special fund of 10 billion dollars intended to strengthen their cooperation. The information comes from a press release from the Egyptian presidency published on June 1 on its website.
Managed by the Emirati company ADQ Holding, this fund aims to support the initiatives of the tripartite partnership. It will intervene in several sectors according to the capacities and expertise of each partner. These include skilled labor, raw materials, strategic geographic location and advanced infrastructure.
“Egyptian President Abdel Fattah al-Sissi has called for close coordination and cooperation to be encouraged between all ministries, state agencies and authorities concerned, in order to speed up the process of activating the partnership and implementing implementation of its projects in various sectors to achieve economic integration between the three brotherly countries“, specifies the information note.
This partnership is part of a framework for the development of exchanges between the country of the pharaohs and the Arab world. In 2021, trade between Cairo and Arab countries increased by 18% on a yearly basis, according to Trade and Industry Minister Nevine Gamea.
According to a statement from the country’s General Federation of Chambers of Commerce, in the same year around 30% of total Egyptian exports, or $9.5 million worth of products, went to Arab countries.