UAE, Egypt, Jordan, Bahrain Sign $2 Bn Industrial Agreements

Jordan's Prime Minister Bishr al-Khasawneh, surrounded by ministers of Egypt, UAE, Jordan, and Bahrain at the signing ceremony in Amman (Asharq Al-Awsat)
Jordan's Prime Minister Bishr al-Khasawneh, surrounded by ministers of Egypt, UAE, Jordan, and Bahrain at the signing ceremony in Amman (Asharq Al-Awsat)
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UAE, Egypt, Jordan, Bahrain Sign $2 Bn Industrial Agreements

Jordan's Prime Minister Bishr al-Khasawneh, surrounded by ministers of Egypt, UAE, Jordan, and Bahrain at the signing ceremony in Amman (Asharq Al-Awsat)
Jordan's Prime Minister Bishr al-Khasawneh, surrounded by ministers of Egypt, UAE, Jordan, and Bahrain at the signing ceremony in Amman (Asharq Al-Awsat)

Egypt, the UAE, Jordan, and Bahrain signed 12 agreements and partnerships in nine integrated industrial projects with an investment value of more than $2 billion at the third Higher Committee meeting of the Industrial Partnership for Sustainable Economic Growth in Amman, Jordan.

The projects are expected to boost the national GDP in the partnering countries by more than $1.6 billion and create approximately 13,000 job opportunities.

Jordan's Prime Minister Bishr al-Khasawneh, Egypt's Minister of Industry and Trade, Ahmed Samir, UAE Minister of Industry and special envoy for climate change Sultan bin Ahmed Al Jaber, Jordan's Minister of Industry Yousef al-Shamali, and Bahrain's Minister of Industry Abdulla Adel Fakharo attended the signing ceremony.

Diverse agreements

The Egyptian company Soda Chemical Industries announced an investment of $500 million to produce sodium carbonate, 'soda ash,' the primary raw material in many industries, such as the glass and detergent sector.

The facility will have a production capacity of 500,000 tons annually.

A Memorandum of Understanding (MoU) was signed for a strategic partnership with the Emirates Float Glass Company, owned by Dubai Investments, to purchase the final product.

UAE-based automotive manufacturer M Glory Holding announced the launch of a large manufacturing project with an investment of $550 million to establish three electric vehicle factories with specialized production and assembly lines in the UAE, Jordan, and Egypt.

Production capacity will reach 40,000 compact crossover SUVs during the first three years of operation.

M Glory Holding signed another MoU with the Jordan Design and Development Bureau and Egypt's Arab Organization for Industrialization as manufacturing partners and with Bahrain's GARMCO to supply aluminum sheets.

The agreement exemplifies how the partnership aligns with sustainability objectives and the UAE's presidency of COP28.

Emirati investor-owned CFC Group announced it would invest $400 million to establish an industrial complex for fertilizers and chemicals in Egypt.

It signed MoUs with Jordan-based Arab Potash and Egypt's Misr Phosphate Company to supply raw materials.

The industrial complex will have an annual production capacity of half a ton of fodder, potash fertilizers, and 1.1 tons of chemicals.

Emirates Global Aluminum (EGA) announced a $200 million investment to establish a silicon metal plant in the UAE with a production capacity of 55,000 tons annually.

The company signed an MoU with Jordan's Manaseer Group to supply the required crystalline silica.

Manaseer Group announced the expansion of a $70 million magnesium oxide plant in Jordan. Once completed, the plant will have a total production capacity of 270,000 tons annually, which will be exported to the UAE.

It will sell its product to EGA., and production is set to commence in 2024.

UAE's Globalpharma partnered with Egypt's Nerhadou International to develop advanced technology for manufacturing medicines and food supplements.

An agreement was also signed to transfer technology to two Jordanian companies: Savvy Pharma and Triumph. Both projects will commence in 2023 with a total investment value of $60 million and a production capacity of five million packages annually per product.

Jordanian company Itqan announced a technology transfer partnership and contract manufacturing agreement with Globalpharma and ADCAN Pharma to manufacture syringes, aerosols, and inhalers.

It also signed an MoU with Egypt's Marcyrl to transfer technology in manufacturing biosimilars in Jordan with an investment value of $10 million to launch products by Q4 2024.

Bahrain-based Alpha Biotic signed two MoUs for knowledge and technology transfer and contracted manufacturing with Jordan's Dar Al Dawa and Egypt's EIPICO to produce generic, oncology, medical solutions, and other pharmaceutical products.

At an investment value of $174 million over two phases, the project's production capacity is expected to reach 350 million pills annually.

Gulf Biotech, another Bahraini company, announced plans to establish a plant to manufacture raw materials for vaccines and other products at an investment value of $103 million and a production capacity of 105 doses per year.

Gulf Biotech signed a technology transfer agreement with Egypt's BioGeneric Pharma earlier this month.

Developments in the industrial partnership

During the meetings, the Undersecretary of the UAE Ministry of Industry and Advanced Technology Head of the Partnership's Executive Committee, Omar al-Suwaidi, presented an update on the partnership's progress, the findings of the partnership's workshops, investment opportunities, and plans for developing the partnership.

Suwaidi noted that more than 100 companies have participated in the metals, textiles, and petrochemical workshops held over the past six months.

The partnership has also received 35 proposals for new projects, discussed during workshops held by the Executive Committee in Amman.

The workshops also helped to prepare an implementation plan for enablers in the agriculture, food, fertilizers, and pharmaceutical sectors.

The official announced that the UAE and Jordan made a pharmaceutical mutual recognition agreement.

The committee studies the feasibility and economic impact of projects in various sectors and partnership opportunities with the private sector.

The committee will continue to search for new projects and evaluate and enable projects, including a fertilizer factory in Jordan at an estimated cost of $800 million.

The Executive Committee of the Integrated Industrial Partnership for Sustainable Economic Growth submitted recommendations and a report to the Higher Committee for approval.

It also discussed several potential projects and listened to representatives of industrial companies who presented project proposals.

Egypt's President of the Industrial Development Authority, Mohamed Abdel Kareem, briefed the committee on agricultural, fertilizer, and food developments.

Jordan's Secretary General of the Ministry of Industry, Trade, and Supply, Dana al-Zoubi, gave a presentation on developments in the pharmaceutical sector in her country.

Bahrain's Undersecretary of the Ministry of Industry, Iman al-Dosari, also briefly discussed the developments in minerals, petrochemicals, and textiles.



Gold Rises, but on Track for Weekly Loss as Fed Rate Hike Expectations Build

FILE PHOTO: A raw gold bar is displayed at Nigeria’s booth at the 8th China International Import Expo (CIIE) venue in Shanghai, China, November 5, 2025. REUTERS/Maxim Shemetov/File Photo
FILE PHOTO: A raw gold bar is displayed at Nigeria’s booth at the 8th China International Import Expo (CIIE) venue in Shanghai, China, November 5, 2025. REUTERS/Maxim Shemetov/File Photo
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Gold Rises, but on Track for Weekly Loss as Fed Rate Hike Expectations Build

FILE PHOTO: A raw gold bar is displayed at Nigeria’s booth at the 8th China International Import Expo (CIIE) venue in Shanghai, China, November 5, 2025. REUTERS/Maxim Shemetov/File Photo
FILE PHOTO: A raw gold bar is displayed at Nigeria’s booth at the 8th China International Import Expo (CIIE) venue in Shanghai, China, November 5, 2025. REUTERS/Maxim Shemetov/File Photo

Gold prices rose on Friday but was on track for a weekly loss, as rising US Treasury yields and growing expectations of Federal Reserve rate hikes weighed on the metal.

Spot gold was up 0.6% at $4,303.19 per ounce by 1210 GMT, but was down about 1.7% so far this week. US gold futures rose 1% to $4,339.

US and Iranian negotiators in New York are seeking a deal that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran, sources close to the talks said.

"Gold finds support today as oil prices pull back on renewed hopes for a US-Iran deal," said Nikos Tzabouras, a senior market analyst at Jefferies-owned Tradu.com.

"That said, the precious metal is heading for weekly losses, as higher Fed rates and bond yields raise the opportunity cost of holding gold."

The Fed raised interest rates by a quarter-point last week, its first hike in three years, and flagged more hikes follow. Traders are pricing in a 71% chance of an October hike and a 95% chance of an increase in December, according to the CME FedWatch Tool.

Although gold is traditionally seen as a hedge against inflation, higher rates dampen demand as investors shift to yield-bearing assets.

Gold demand in India picked up modestly this week as lower prices drew in buyers ahead of the festive season.

Oil prices fell, and the dollar eased about 0.3%, making greenback-priced bullion more affordable for holders of other currencies.

"Lingering deficit fears could revive the debasement trend that drives investors toward hard assets like gold. Alongside persistent central bank demand, the precious metal has a credible case for a strong fourth-quarter recovery, should the macro winds begin to shift," said Tzabouras.

Spot silver gained 1.4% to $64.82 per ounce, platinum added 1.7% to $1,777.38 and palladium fell 0.4% to $1,269.77. All three metals were poised for weekly losses.


Dollar Falls as Oil Eases, Yen Rallies on Japan Remarks

US dollar banknotes (Reuters)
US dollar banknotes (Reuters)
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Dollar Falls as Oil Eases, Yen Rallies on Japan Remarks

US dollar banknotes (Reuters)
US dollar banknotes (Reuters)

The dollar fell on Friday as oil prices eased, but was poised for a second straight weekly advance on growing rate hike bets, while the yen rallied after Japan said Tokyo and Washington remain committed to the stance behind July's joint intervention.

The dollar was on track to snap a four-day streak of gains as crude prices fell more than 1%.

Global oil prices have eased but still they remain above $100 a barrel, maintaining upward pressure on inflation.

Comments from central bank officials flagging inflation concerns and support for more rate increases after last week's rate hike of 25 basis points have boosted market expectations for a more aggressive path of monetary policy and helped spark a jump in US Treasury yields.

"We've had like a pretty aggressive rally in the dollar over the last couple of days and maybe it's a little stretched, just taking a little breather. So I wouldn't really say that the dollar is really weakening materially today," said Eugene Epstein, head of trading and structured products at Moneycorp in Stamford, Connecticut.

"It's just a combination of those factors that you have not only a slight increase in odds of a second hike before year-end, but also just general bond yields going up and the market getting a bit concerned about that, so that's really what we have, what's been driving the dollar stronger overall."

DOLLAR INDEX POISED FOR BIGGEST DROP IN THREE WEEKS

The dollar index, which measures the dollar against five other currencies, fell 0.34% and was on track for its biggest daily percentage drop since September 3, to 100.95. The euro was up 0.2% at $1.1402 but on pace for a third straight weekly decline.

Expectations for a rate hike from the Fed at its October meeting stood at about 66%, according to CME FedWatch, up from about 58% a week earlier.

On the data front, new orders for US-manufactured capital goods increased more than expected in August and data for the prior month was revised sharply higher, pointing to another quarter of robust growth in business spending as part of artificial intelligence infrastructure is created.

In a separate report, the University of Michigan's Surveys of Consumers said its Consumer Sentiment Index ticked up to 48.1 from the prior reading of 47.8, above the 47.6 estimate of economists polled by Reuters.

Sterling strengthened 0.24% to $1.3247, supported by hawkish comments from Bank of England Governor Andrew Bailey. Yet it remained close to a three-month low hit on Thursday.

YEN STRENGTHENS AS JAPAN STEPS UP INTERVENTION WARNINGS

The Japanese yen strengthened 1.09%, on pace to snap a four-day streak of declines and its biggest daily gain against the dollar since September 7, to 157.13.

The currency rose after Japan's Finance Minister Satsuki Katayama said US President Donald Trump raised concern about yen weakness during a summit with Japanese Prime Minister Sanae Takaichi earlier this week.

Katayama said this reaffirmed the shared US-Japan stance behind July's joint intervention, adding she and Treasury Secretary Scott Bessent would stay in close contact as policymakers stepped up warnings over renewed yen weakness.

Still, the yen was on track for a second weekly fall, after markets judged the Bank of Japan's rate hike last week to a 31-year high and its latest guidance as insufficiently hawkish.

Elsewhere, the dollar strengthened 0.14% to 6.725 versus the offshore Chinese yuan, as a Trump-Xi summit in Washington showed no signs of breakthroughs at a closed-door meeting on thorny issues such as AI, trade, Taiwan and the Iran war.


Gasoline Shipped to Syria Begins Moving by Road to Iraq, Syrian Official Says

FILE - This file photo released on April 7, 2019, by the Syrian official news agency SANA, shows a worker filling a pickup at a gas station, in Homs, Syria. (SANA via AP, File)
FILE - This file photo released on April 7, 2019, by the Syrian official news agency SANA, shows a worker filling a pickup at a gas station, in Homs, Syria. (SANA via AP, File)
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Gasoline Shipped to Syria Begins Moving by Road to Iraq, Syrian Official Says

FILE - This file photo released on April 7, 2019, by the Syrian official news agency SANA, shows a worker filling a pickup at a gas station, in Homs, Syria. (SANA via AP, File)
FILE - This file photo released on April 7, 2019, by the Syrian official news agency SANA, shows a worker filling a pickup at a gas station, in Homs, Syria. (SANA via AP, File)

Gasoline shipped to Syria has begun moving by road to Iraq, a senior Syrian oil official told Reuters, establishing a two-way energy corridor through a route Baghdad has used to export fuel since disruption to shipping through the Strait of Hormuz.

Iraq began using the Syrian route after the Iran war cut off the Strait of Hormuz, its main Gulf trade route. Baghdad has said it plans to develop alternative routes through Syria even if traffic through Hormuz normalizes.

Transport of fuel oil had so far been from Iraq to Syrian ports before establishment of the return leg.

The first cargo to Iraq, about 32,800 metric tons of gasoline aboard the Marshall Islands-flagged tanker Avanti, was unloaded into storage tanks at Syria's Baniyas refinery before being loaded onto trucks this week, said Tareq Shallash, director of the Refining Directorate at state-owned Syrian Petroleum Company (SPC).

Shallash said 77 tanker trucks have already left Baniyas for the Iraqi border and loading was continuing, adding that further shipments were expected.

The gasoline was neither produced in Syria nor drawn from stocks intended for the Syrian market, he said.

The operation is being carried out under a transit contract between SPC and Qatar's UCC Holding, which Shallash said was the supplier and was overseeing transportation.

"A contract was signed between SOMO and the Qatari company to supply Iraq with improved gasoline through the port of Banias by road tankers, and the supplies have in fact been delivered on a regular basis," Iraqi oil ministry spokesperson Saleem al-Rikabi told Reuters on Friday when asked for comment.

Another Marshall Islands-flagged tanker, Gaita, loaded gasoline at the Port of Houston before sailing to Baniyas for discharge, LSEG shipping data showed.