The UAE’s government through Abu Dhabi sovereign wealth fund ADQ is $10 billion for joint industrial projects with Egypt and Jordan as part of a newly launched partnership industrial initiative meant to achieve sustainable economic development among the three countries.
The ADQ-managed fund will finance large-scale projects in “key industries” that “create jobs, support growth, boost industrial production and increase exports,” UAE Industry and Advanced Technology Minister Sultan Al Jaber said.
Target sectors: The fund will invest in industries of “mutual interest” to Egypt, Jordan, and the UAE, including pharma, agriculture, food, petrochemicals, metals, and textiles, Al Jaber said.
This is part of a new industrial partnership between the three countries: ADQ’s investment is designed to accelerate the joint industrial strategy signed yesterday by Egypt, the UAE and Jordan, which aims to support sustainable economic growth, increase industrial production, and strengthen regional supply chains.
On different note, The PM held a meeting with leading Emirati investors yesterday in a bid to draw fresh investment, cabinet said in a separate statement.
ADQ has been one of Egypt’s biggest investors so far this year: The wealth fund invested USD 1.8 bn to acquire stakes in several EGX-listed companies owned by the government under an agreement to provide Egypt with emergency liquidity in response to the war in Ukraine.
