UAE: Jordan, Bahrain, and the United Arab Emirates (UAE) recently inked a series of agreements and memorandums of understanding (MoUs) to foster economic collaboration and integration. The Jordan Phosphate Mines Company (PLC) and the Manaseer Group, in particular, played an important role in securing these agreements, highlighting the commitment of key players in the region to fortify economic ties.
The agreements, signed on the sidelines of the fourth meeting of the Supreme Committee for Integrated Industrial Partnership for Comprehensive Economic Development, encompassed diverse industrial projects in Manama, Bahrain.
One MoU involved PLC and the Manaseer Group, charting a course for the annual export of aluminium fluoride (13,000 tons) and silica (66,000 tons) with an estimated value of around $90 million.
Moreover, the Manaseer Group joined forces with Newton Motors, a UAE-based enterprise, to embark on a groundbreaking initiative – the establishment of an electric vehicle plant in Jordan. The partnership comes with a significant potential investment of up to $80 million.
Government officials played an important role in highlighting the broader context of these collaborations. During the meeting attended by representatives from Jordan, the UAE, Egypt, Bahrain, and Morocco, Minister of Industry, Trade, and Supply Yousef Shamali highlighted the current challenges in intra-Arab trade and investments. He pointed out that despite the remarkable economic prospects of Arab nations, over 75% of all Arab exports consist of raw materials. This stark reality, as Minister Shamali emphasized, represents a significant waste of resources and brings to light the need for a shift towards industrial investments that enhance the value of natural resources.
Furthermore, Minister Abdullah bin Adel Fakhro from Bahrain echoed this sentiment, expressing the government’s keen interest in nurturing the industrial sector to achieve the intended level of industrial integration among states. The sentiments were echoed by UAE’s Minister of Industry and Advanced Technology, Sultan Ahmed Al Jaber, who emphasized the essential role of strategic integrated alliances in accomplishing broader economic, social, and development goals.
The agreements between Jordan, Bahrain, and the UAE mark a noteworthy step towards transforming the economic landscape of the region. They exemplify a commitment to collaborative ventures that transcend traditional boundaries and leverage the unique capabilities of each nation.