UAE, Egypt, Jordan Sign Industrial Partnership in 5 Sectors for Sustainable Economic Growth

Part of the signing event of the integrated Industrial Partnership for Sustainable Economic Growth in Abu Dhabi on Sunday, May 29, 2022. (WAM)
Part of the signing event of the integrated Industrial Partnership for Sustainable Economic Growth in Abu Dhabi on Sunday, May 29, 2022. (WAM)
TT

UAE, Egypt, Jordan Sign Industrial Partnership in 5 Sectors for Sustainable Economic Growth

Part of the signing event of the integrated Industrial Partnership for Sustainable Economic Growth in Abu Dhabi on Sunday, May 29, 2022. (WAM)
Part of the signing event of the integrated Industrial Partnership for Sustainable Economic Growth in Abu Dhabi on Sunday, May 29, 2022. (WAM)

The United Arab Emirates, Egypt and Jordan announced on Sunday an integrated Industrial Partnership for Sustainable Economic Growth in Abu Dhabi.

The partnership agreement aims to unlock new industrial opportunities and enhance sustainable economic growth in the three countries, across five promising industrial sectors, namely food and agriculture, fertilizers, pharmaceuticals, textiles, minerals, and petrochemicals.

In order to accelerate the partnership objectives, a $10 billion investment fund has been allocated and will be managed by Abu Dhabi state holding firm ADQ.

The UAE Minister of Industry and Advanced Technology, Dr. Sultan bin Ahmed Al Jaber, Egyptian Minister of Industry and Trade Dr. Nevein Gamea, and Jordan’s Minister of Industry, Trade and Supply Yousef al-Shamali signed the partnership agreement.

Egyptian and Jordanian Prime Ministers Mostafa Madbouly and Dr. Bisher al- Khasawneh attended the signing event, along with UAE’s Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed Al Nahyan.

Sheikh Mansour said the partnership reflects President Sheikh Mohamed bin Zayed Al Nahyan’s vision to enhance industrial integration with Arab and world countries for the UAE to be able to achieve a major leap in the industrial sector to become an economic driver.

“Industry is the backbone of the world’s largest economies. Through its capabilities, effective policies and current focus on developing advanced technology and logistics infrastructure, we are confident that the UAE can build a global economic powerhouse by leveraging industrial partnerships across the region.”

He pointed out that advancing the industrial sector in the three countries will help boost and diversify their economy and increase the industry’s contribution to the national GDP.

This partnership further affirms the three countries’ ability to bolster their ties and introduce new projects and industries within an integrated industrial ecosystem, while unlocking promising opportunities for future generations.

According to the information obtained, Abu Dhabi, Cairo and Amman have diverse resources and unique competitive advantages, including access to raw materials.

They enjoy robust capabilities in the pharmaceutical industries, with clear ambition to develop and expand them further and increase their production capacity.

They also wish to strengthen manufacturing capabilities in the steel, aluminum, petrochemicals and derivatives sectors.

Their combined industrial capacity represents around 26% of the total industrial capacity of the MENA region.

They also enjoy a highly developed logistical infrastructure, including airports, ports and strategic transport corridors such as the Suez Canal, major companies with distinct capabilities in the partnership’s focus areas, as well as access to capital and smart financing solutions.

Almost half the total population of the partner countries comprising 122 million people are young and represent both a large market and an emerging workforce.

Khasawneh said that the partnership is an evidence of the depth of the historic ties among the three countries, noting that it enhances integration, protects supply chains, empowers import substitution, and promotes sustainable economic development, resulting in economic growth, job creation and other benefits.

“The continued active interaction and coordination at the leadership level affirms the strong political and economic ties.”

He revealed that the industrial sector in Jordan contributes to 24% of the GDP and accounts for 21% of the country’s workforce.

Jordan exports to many countries around the world and is empowered by supportive laws and regulations.

Madbouly, for his part, said the pandemic and the Russian-Ukrainian crises underlined the importance of this integration to achieve the interests of the three countries’ peoples, adding that it could become the cornerstone for a stronger and broader cooperation among Arabs.

He stressed that the current regional and international conditions make it imperative for Arab countries to maximize opportunities for integration, especially since each country has its unique competitive advantage and capabilities.

The projects that have been agreed upon will create an added value for the three countries and will have a positive impact on national security, local industry, and supply chain activities, the PM noted.



Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
TT

Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region's tourist industry.

Construction on the "Monte Galala Towers and Marina" project would ‌start in ‌the second ‌half ⁠of the ‌year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the ⁠housing ministry and other state bodies ‌including the armed ‍forces' engineering authority - ‍would cost about 50 ‍billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square meters on the Gulf of Suez, about ⁠35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.


Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
TT

Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA

The Saudi-Polish Investment Forum was held today at the headquarters of the Federation of Saudi Chambers in Riyadh, with the participation of Minister of Investment Khalid Al-Falih, Minister of Finance of the Republic of Poland Andrzej Domański, and Vice President of the Federation of Saudi Chambers Emad Al-Fakhri.

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation, expanding investment partnerships in priority sectors, and exploring high-quality investment opportunities that support sustainable growth in Saudi Arabia and Poland.

During a dedicated session, the forum reviewed economic and investment prospects in both countries through presentations highlighting promising opportunities, investment enablers, and supportive legislative environments.

Several specialized roundtables addressed strategic themes, including the development of the digital economy, with a focus on information and communication technologies (ICT), financial technologies (fintech), and artificial intelligence-driven innovation, SPA reported.

Discussions also covered the development of agricultural value chains from production to market access through advanced technologies, food processing, and agricultural machinery. In addition, participants examined ways to enhance the construction sector by developing systems and materials, improving execution efficiency, and accelerating delivery timelines. Energy security issues and the role of industrial sectors in supporting economic transformation and sustainability were also discussed.

The forum witnessed the announcement of two major investment agreements. The first aims to establish a framework for joint cooperation in supporting investment, exchanging information and expertise, and organizing joint business events to strengthen institutional partnerships.

The second agreement focuses on supporting reciprocal investments through the development of financing and insurance tools and the stimulation of joint ventures to boost investment flows.

The forum concluded by emphasizing the importance of continued coordination and dialogue between the public and private sectors in both countries to deepen Saudi-Polish economic relations and advance shared interests.


Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
TT

Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose on Monday, buoyed by a softer dollar as investors braced for a week packed with US economic data that could offer more clues on the US Federal Reserve's monetary policy.

Spot gold rose 1.2% to $5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4% rally from Friday.

US gold futures for April delivery also gained 1.3% to $5,042.20 per ounce.

The US dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the US dollar," said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front, Reuters reported.

Investors are closely watching this week's release of US nonfarm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll.

Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

"The debasement trade continues, with ongoing geopolitical risks driving people into gold," Melek said, adding that China's purchases have had a psychological impact on the market.

Spot silver climbed 2.9% to $80.22 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Spot platinum was down 0.2% at $2,092.95 per ounce, while palladium was steady at $1,707.25.

"A slowdown in EV sales hasn't really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down," after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.