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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)
    Amman, Cairo - 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.

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Business

Bulgaria Adopts the Euro, Nearly 20 Years After Joining the EU

A map of Bulgaria with the EU symbol is projected on the Bulgarian National Bank as people celebrate New Year's Eve and Bulgaria's adoption of the euro in Sofia, Bulgaria, Thursday Jan. 1, 2026. (AP)
A map of Bulgaria with the EU symbol is projected on the Bulgarian National Bank as people celebrate New Year's Eve and Bulgaria's adoption of the euro in Sofia, Bulgaria, Thursday Jan. 1, 2026. (AP)
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Bulgaria Adopts the Euro, Nearly 20 Years After Joining the EU

A map of Bulgaria with the EU symbol is projected on the Bulgarian National Bank as people celebrate New Year's Eve and Bulgaria's adoption of the euro in Sofia, Bulgaria, Thursday Jan. 1, 2026. (AP)
A map of Bulgaria with the EU symbol is projected on the Bulgarian National Bank as people celebrate New Year's Eve and Bulgaria's adoption of the euro in Sofia, Bulgaria, Thursday Jan. 1, 2026. (AP)

Bulgaria became the 21st country to switch to the euro as it entered the New Year on Thursday, a milestone met with both cheers and fears, nearly 20 years after the Balkan nation joined the European Union.

At midnight (2200 GMT Wednesday), Bulgaria gave up the lev currency, which has been in use since the late 19th century, and Bulgarian euro coins were projected onto the central bank's building.

Successive governments in the country of 6.4 million people have advocated joining the euro, hoping that it will boost the economy of the European Union's poorest member, reinforce ties to the West and protect against Russia's influence.

But Bulgarians have long been divided over the switch, with many worrying the introduction could usher in higher prices and add to the political instability rattling the country.

In a speech broadcast shortly before midnight, President Rumen Radev hailed the euro adoption as the "final step" in Bulgaria's EU integration, as thousands of people braved sub-zero temperatures in the capital Sofia to celebrate the New Year.

Radev however voiced regret that Bulgarians had not been consulted by referendum on the adoption.

"This refusal was one of the dramatic symptoms of the deep divide between the political class and the people, confirmed by mass demonstrations across the country."

Anti-corruption protests swept a conservative-led government from office in mid-December, leaving a country anxious about inflation on the verge of its eighth election in five years.

"People are afraid that prices will rise, while salaries will remain the same," a woman in her 40s who declined to give her name told AFP in Sofia.

At one of the city's largest markets, stalls displayed prices of everything from groceries to New Year's Eve essentials like sparklers in both levs and euros.

"The whole of Europe has managed with the euro, we'll manage too," retiree Vlad told AFP.

- Easier trade, travel -

European Commission president Ursula von der Leyen said Wednesday that Bulgaria's move into the eurozone marked "an important milestone" that would bring "practical benefits" to Bulgarians.

"It will make travelling and living abroad easier, boost the transparency and competitiveness of markets, and facilitate trade," she said.

Central bank governor Dimitar Radev said the euro symbolized much more than "just a currency -- it is a sign of belonging".

But according to the latest Eurobarometer survey, 49 percent of Bulgarians are against the switch.

Outgoing prime minister Rossen Jeliazkov sought to reassure the public ahead of the move, saying he was "counting on the tolerance and understanding of citizens and businesses".

He added that inflation in the Black Sea nation, which joined the EU in 2007, was not linked to the euro's adoption.

But the concerns of Bulgarians about inflation are not idle.

Food prices rose by five percent year-on-year in November, more than double the eurozone average, according to the National Statistical Institute.

"Unfortunately, prices no longer correspond to those in levs," pastry shop owner Turgut Ismail, 33, told AFP, saying that prices have already begun surging.

A euro protest campaign earlier this year tapping into a generally negative view of the single currency among much of the population also fanned fears of price hikes.

- Queues and possible disruptions -

Given Bulgaria's ongoing political instability, any problems with euro adoption would be seized on by anti-EU politicians, warned Boryana Dimitrova of the Alpha Research polling institute.

Some people, including business owners, have complained that it has been difficult to get their hands on euros, with shopkeepers saying they haven't received the euro starter packages they ordered.

Banks said there could be some disruption at cash machines in the hours surrounding the switch. Earlier this week, people queued outside the Bulgarian National Bank and several currency exchange offices in Sofia to obtain euros.

The euro was first rolled out in 12 countries on January 1, 2002. Croatia was the latest to join, in 2023.

Bulgaria's accession will bring the number of Europeans using the euro to more than 350 million.

Business

Saudi Industry Ministry Concludes Ninth Licensing Round, with 24 Companies and Consortia Awarded 172 Mining Sites

Saudi Industry Ministry Concludes Ninth Licensing Round, with 24 Companies and Consortia Awarded 172 Mining Sites
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Saudi Industry Ministry Concludes Ninth Licensing Round, with 24 Companies and Consortia Awarded 172 Mining Sites

Saudi Industry Ministry Concludes Ninth Licensing Round, with 24 Companies and Consortia Awarded 172 Mining Sites

The Saudi Ministry of Industry and Mineral Resources announced on Wednesday the names of 24 companies and consortia that have won licenses in the ninth exploration licensing round, the largest in the Kingdom’s history to date.

The winning entities were awarded 172 mining sites, including 76 sites that advanced to a multi-round public auction, across three mineralized belts in the regions of Riyadh, Madinah, and Qassim, with total committed exploration spend of over SAR671 million during the first two years of their work programs.

This milestone comes as part of the ministry’s ongoing efforts to accelerate mineral exploration and development in the Kingdom, in line with the objectives of Vision 2030, which positions the mining sector as the third pillar of the national industrial economy, said the ministry in a statement.

The ninth round offered over 24,000 km2, spanning the Ad-Duwaihi/Nabitah gold belt in Riyadh Region, as well as the Nuqrah and Sukhaybirah/As-Safra gold belts in Madinah and Qassim regions. These areas are rich in strategic minerals, including gold, copper, silver, zinc, and nickel. The round witnessed strong interest and high-quality competition from leading local and international companies, reflecting growing confidence in Saudi Arabia’s mining investment environment and its attractiveness at both regional and global levels.

The list of winning companies includes several leading international firms and prominent local companies, namely: Desert EX Pty Ltd Company; Batin Alard for Gold Company; Royal Roads Arabia Company; Sierra Nevada Gold Inc. Company; Aurum Global Group; Brunswick Exploration Incorporated; EQLEED-INDOTAN Mining Company; Helderberg Limited Company; Rawafed Alola for Mining Company; Saudi Gold Refinery Limited Company; Arabian Discovery Mining Company; Al Ghazal Al Arabi Mining Company; Almasar Minerals Holding Limited Company; Al Tasnim Enterprises LLC Company; Arabian Gulf Skylark. The Distinguished Consortium Mining Company, Two Limited Company; Maaden Ivanhoe Electric Exploration and Development Limited Company.

Several newly formed consortia also emerged winners in the licensing round, such as Demir Engineering Ltd, Dahrouge Geological Consulting Ltd, and Kaz United Mining LLC Consortium; KENZ Global Resources Ltd, and Manahil Al Sharq Mining and Al Rayyan Mining Resources Co. Consortium; Maaden Barrick Technology Experts Co. and Andiamo Exploration Ltd Company; Shandong Gold (Beijing) Industrial Investment Co., Ltd., Development Co., Ltd., and Ajlan & Bros Company for Mining; Midana Exploration Pty Ltd and Saudi Arabian Mining Company (Maaden) Consortium; and McEwen Mining Inc. and Sumou Holding Company Consortium.

The ninth round saw 26 qualified companies participate via the electronic bidding platform. The round was conducted in several stages with the highest levels of transparency: prequalification, site selection via the platform, and a multi-round public auction for sites attracting more than one bidder.

The ministry further noted that the scale of investment commitments in this round supports the development of underexplored greenfield areas and helps unlock the Kingdom’s estimated mineral wealth of SAR9.4 trillion, thereby strengthening the resilience of mineral supply chains.

The ministry confirmed that licensing will continue through the 10th round, spanning 13,000 km2 across Madinah, Makkah, Riyadh, Qassim, and Hail. It will include new sites that extend the mineralized belts offered in the ninth round.

The ministry will announce additional exploration and investment opportunities for 2026 at the fifth edition of the Future Minerals Forum (FMF), scheduled to take place in Riyadh from January 13 to 15.

These efforts are part of the Kingdom’s comprehensive strategy for the mining and mineral industries, aimed at maximizing the value of mineral resources, attracting global investment, creating jobs, enhancing value-chain integration, and reinforcing Saudi Arabia’s position as a global mining hub, in line with the ambitions of Vision 2030, it stressed.

Business

Expo 2030 Riyadh Awards the Main Utilities and Infrastructure Works Package

The milestone demonstrates the project’s increasing momentum as it shifts from early works to large-scale construction activity. (SPA)
The milestone demonstrates the project’s increasing momentum as it shifts from early works to large-scale construction activity. (SPA)
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Expo 2030 Riyadh Awards the Main Utilities and Infrastructure Works Package

The milestone demonstrates the project’s increasing momentum as it shifts from early works to large-scale construction activity. (SPA)
The milestone demonstrates the project’s increasing momentum as it shifts from early works to large-scale construction activity. (SPA)

In a step aimed at advancing construction activities, Expo 2030 Riyadh awarded its Main Utilities and Civil Works package to Nesma and Partners - marking a significant moment in the journey to bring to life one of the most ambitious global mega-events ever developed.

The milestone demonstrates the project’s increasing momentum as it shifts from early works to large-scale construction activity.

In a statement on Wednesday, Expo 2030 Riyadh Company said the Main Utilities and Infrastructure Works package aims to prepare the site for subsequent construction phases and supports the operational requirements of the event itself.

The scope of work includes constructing roads within the Expo site and installing essential utilities that will form the infrastructure backbone of the entire development.

Around 50 kilometers of infrastructure networks will be delivered as part of this package – including water, sewage, EV charging stations, and electrical and communication systems. Together, these works are essential to support the next stages of master plan development and allow Expo 2030 Riyadh’s experience-defining structures to take shape.

CEO of Expo 2030 Riyadh Company Talal Al-Marri said: “This milestone marks an important step in accelerating construction activities in the Expo 2030 Riyadh site. By moving early on the infrastructure that underpins the entire site, we are creating the conditions for safe, coordinated, and high-quality delivery across all future phases of development, while ensuring a lasting legacy well beyond 2030.”

“The contract has been awarded ahead of schedule to accelerate the delivery timeline as part of a phased approach that will see construction across infrastructure, buildings, and public spaces advance steadily through 2026 and into early 2027,” he stressed.

President and Chief Executive Officer of Nesma and Partners Samer Abdul Samad said: “We are proud to be entrusted with delivering this phase of infrastructure for Expo 2030 Riyadh. This project is not only about scale, but also about precision, integration, and responsibility.”

“Our focus will be on delivering high-quality infrastructure that supports the ambition of Expo 2030 Riyadh and sets a strong foundation for everything that follows,” he added.

Expo 2030 Riyadh Company has embedded high standards for quality, sustainability, innovation, worker welfare, and health and safety into the delivery of the works, reinforcing its commitment to responsible construction and creating a safe, inclusive environment for everyone involved in the program.