Bahrain Joins Industrial Partnership for Sustainable Economic Development

The second Higher Committee meeting of the Industrial Partnership for Sustainable Economic Development kicked off in Cairo on Monday. (Asharq Al-Awsat)
The second Higher Committee meeting of the Industrial Partnership for Sustainable Economic Development kicked off in Cairo on Monday. (Asharq Al-Awsat)
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Bahrain Joins Industrial Partnership for Sustainable Economic Development

The second Higher Committee meeting of the Industrial Partnership for Sustainable Economic Development kicked off in Cairo on Monday. (Asharq Al-Awsat)
The second Higher Committee meeting of the Industrial Partnership for Sustainable Economic Development kicked off in Cairo on Monday. (Asharq Al-Awsat)

The second Higher Committee meeting of the Industrial Partnership for Sustainable Economic Development kicked off in Cairo on Monday.

The committee, which includes Egypt the United Arab Emirates and Jordan, announced and welcomed Bahrain as a new member, represented by Minister of Industry and Commerce Zayed bin Rashid al-Zayani.

Egyptian Minister of Commerce and Industry Nevine Gamea, UAE Minister of Industry and Advanced Technology Sultan bin Ahmed al-Jaber and Jordan's Minister of Industry, Trade and Supply Yousef al-Shamali co-chaired the meeting.

The committee shortlisted 12 projects worth $3.4 billion to move into feasibility studies.

The event was a continuation of the executive committee meetings held over the past two days and a culmination of weeks’ long sectoral workshops of experts in the fields of pharmaceuticals, agriculture, fertilizers and food.

The Executive Committee received 87 industrial project proposals focused on fertilizers, agriculture and food.

In the next phase, the Partnership will focus on the metals, chemicals, plastics, textiles and clothing sectors.

The Committee held its first meeting in early June and discussed mechanisms for expanding the partnership by welcoming new members.

It tackled accelerating the pace of economically feasible opportunities under the umbrella of the industrial sector in the participating countries.

The meeting also focused on the importance of the private sector’s participation and its key role in activating this industrial partnership that focuses on five sectors: agriculture and food, fertilizers, pharmaceuticals, textiles, minerals, and petrochemicals.

Gamea underscored the importance of the industrial partnership in addressing the economic consequences of global crises and highlighted the importance of the private sector’s engagement in sustainable development for the Arab World.

“This partnership is key to ensuring value and supply chains, reaching industrial self-sufficiency, and creating more jobs,” said Gamea, who welcomed Bahrain to join this partnership, “which will help maximize the benefit of the industrial capabilities of the four countries.”

“To make use of this initiative, partners will exchange science and technology expertise, set up industrial partnerships, and take advantage of the partners’ markets to promote multilateral trade.”

She stressed that her country is keen to do what it takes to support this partnership and pave its way to achieve its targets.

Jaber, for his part, said the UAE underscored its commitment to the partnership by allocating 10 billion investment in the projects it will yield and is managed by ADQ Holding.

“We welcome Bahrain as a vital and dynamic addition to the partnership,” he said, noting that the kingdom’s industrial sector plays a crucial role in sustainable economic development.

He called on companies to leverage the competitive advantages and opportunities for partnership available in each of the participating nations and to conduct their own feasibility studies to maximize their projects’ chances of success.

“As government agencies, we must identify the key enablers these projects require to succeed and do everything in our power to help companies overcome potential obstacles,” he remarked.

This combination of government support with private sector commitment will help the partnership achieve maximum sustainable economic and social benefits, Jaber added.

Shamali said Jordan is keen to support all aspects of joint Arab work, adding that the meeting shows how the leaders of the three countries share a common vision about joining efforts to create a comprehensive economic project.

“The meeting highlighted the political and economic ties binding our nations, and ushers in a new era of joint action and effective economic integration with tangible impacts,” the minister stated.

For his part, Zayani said Bahrain has achieved continuous success and growth in the industrial sector over the past decades.

This is a result of the policies adopted by the government since the 1960s that sought to reduce reliance on oil and natural gas, and diversify the industrial sector by setting up factories in the fields, such as aluminum.

It also established new industrial zones and attracted foreign investments by encouraging industrial projects and providing the necessary infrastructure.

In order to advance the industrial sector, Bahrain’s government launched the Industrial Sector Strategy (2022-2026) on December 30 as a pivotal part of the post-pandemic economic recovery plan.

The strategy, according to Zayani, aims to increase the industrial sector's contribution to GDP, increase exports, and provide jobs for citizens.

It is based on adopting the Fourth Industrial Revolution, implementing the concept of a circular carbon economy along with effective environmental and social governance policies, encouraging investment in technological infrastructure and manufacturing automation, and increasing the efficiency of supply chains to build a developed and sustainable industry.

In 2019, UAE, Egypt, Jordan, and Bahrain accounted for 30% of the Middle East and North Africa’s industrial contribution to GDP, totaling $65 billion worth of industrial exports.

The countries’ combined population is 122 million, representing 27% of the MENA region and 49% of the region’s youth population under 24.

The value of foreign direct investment in the UAE, Egypt and Jordan reached $151 billion between 2016-2020, comprising 42% of new foreign direct investment in the Middle East.

The total value of the countries’ exports stood at $433 billion in 2019, while imports amounted to approximately $399 billion.

Adding Bahrain, which has a GDP of $39 billion, will greatly enhance the Partnership and contribute significantly to its results.

The Partnership is expected to increase the GDP of member countries by $809 billion by unlocking billions worth of opportunities across sectors, including $1.7 billion in the food and agricultural sector, $4 billion in the minerals sector, $1.7 billion in chemicals and plastics, and $0.5 billion in medical products.



Iran's Central Bank Chief Resigns

A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
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Iran's Central Bank Chief Resigns

A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)

Iran's central bank chief, Mohammad Reza Farzin, has resigned, the semi-official ​Nournews agency reported on Monday, citing an official at the president's office, as the country battles a slump in its rial currency and high inflation.

The rial, which has been falling as the Iranian economy has suffered from the impact of Western sanctions, fell to a ‌new record low on ‌Monday at around 1,390,000 ‌to ⁠the ​dollar, according ‌to websites displaying open market rates.

Iranian media outlets reported there had been demonstrations in the capital Tehran, mainly by shop owners, against the economic situation.

Farzin has headed the central bank since December 2022. His resignation will be reviewed by President Masoud ⁠Pezeshkian, the official added, according to Nournews.

Iranian state media reported ‌later on Monday, citing the communications ‍and information deputy ‍at the Iranian president's office, that former Economy ‍Minister Abdolnaser Hemmati will be appointed as the new central bank chief.

Iranian media have said the government's recent economic liberalization policies have put pressure on the ​open-rate currency market.

The open-rate market is where ordinary Iranians buy foreign currency, whereas businesses typically ⁠use state-regulated rates.

The reimposition of US sanctions in 2018 during President Donald Trump's first term has harmed Iran's economy by limiting its oil exports and access to foreign currency.

The Iranian economy is at risk of recession, with the World Bank forecasting GDP will shrink by 1.7% in 2025 and 2.8% in 2026. The risk is compounded by rising inflation, which hit a 40-month high of ‌48.6% in October, according to Iran's Statistical Center.


Lebanon Signs Deal to Purchase Natural Gas from Egypt

A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
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Lebanon Signs Deal to Purchase Natural Gas from Egypt

A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh

Lebanon said Monday it plans to purchase natural gas from Egypt, seeking to reduce its reliance on fuel oil for its ageing power plants in a country hamstrung by regular electricity cuts.

The electricity sector has cost Lebanon more than $40 billion since the end of its 1975-1990 civil war, and successive governments have failed to reduce losses, repair crumbling infrastructure or even guarantee regular power bill collections.

Residents rely on expensive private generators and solar panels to supplement the unreliable state supply.

Prime Minister Nawaf Salam's office said in a statement that the memorandum of understanding between Lebanon and Egypt sought "to meet Lebanon's needs for natural gas allocated for electricity generation".

It was signed by Lebanese Energy Minister Joe Saddi and Egyptian Petroleum Minister Karim Badawi, according to AFP.

"Lebanon's strategy is first to transition to the use of natural gas, and second, to diversify gas sources," Saddi said, adding that "the process will take time because pipelines need rehabilitation".

Lebanon will "contact donor agencies to see how they can help finance the rehabilitation" of the Lebanese section of the gas pipelines, he said, adding that repair work would take several months.

President Joseph Aoun said the memorandum of understanding was "a practical and essential step that will enable Lebanon to increase its electricity production".

A statement from Cairo's petroleum and mineral resources ministry said that "Egypt is fulfilling its role in supplying Lebanon with natural gas, with the aim of supporting energy security for Arab countries".

In 2022, Lebanon signed a deal to import natural gas from Egypt and Jordan via Syria to boost power supply, but the contracts were never implemented due to financing issues and US sanctions on Syria.

Washington recently lifted it Syria measures following the fall of longtime ruler Bashar al-Assad last year.

In April, Lebanon signed a $250 million agreement with the World Bank to modernise its electricity sector.


Chile to Restore Global Leadership in Lithium Production

Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)
Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)
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Chile to Restore Global Leadership in Lithium Production

Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)
Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)

Chile's state-owned copper producer, Codelco, together with Chinese-backed private miner, SQM, announced on Saturday the creation of a giant company to exploit lithium, often referred to as "white gold."

The South American country is the world’s second-largest producer of lithium, a key component of EVs and other clean technologies and has about 40% of the world’s lithium reserves.

The partnership between the firms will allow them to jointly ramp up the exploration of lithium in the Atacama region of northern Chile.

The public-private partnership will be named Nova Andino Litio SpA, said Codelco, which described the agreement as one of the most significant deals in Chilean business history.

The Chinese firm Tianqi holds 22% stake in SQM.

In a statement, Codelco said the new partnership will carry out lithium exploration, extraction, production, and commercialization activities in the Atacama salt flat until 2060.

The agreement was approved by more than 20 national and international regulatory authorities, including those in China, Brazil, Saudi Arabia, and the European Union.

Chile was the last of the countries to clear the deal. Last month, China gave the green light to the planned partnership between Codelco and SQM.

The new venture is intended to help Chile regain global leadership in lithium production, a position it lost to Australia nearly a decade ago.

The partnership aims to expand lithium output in the Atacama region, with plans to increase production by around 300,000 tons per year. In 2022, Chile produced 243,100 tons of lithium.

The partnership also aligns with Chile’s National Lithium Strategy, announced in 2023 by the leftist government of President Gabriel Boric, aimed at reclaiming Chile’s global leadership in lithium production.