Abu Dhabi’s sovereign wealth fund ADQ is allocating $10b towards an industrial partnership with Arab neighbors Egypt and Jordan. The agreement, which was signed on Sunday, involves making joint investments across sectors like agriculture, pharma, food, petrochemicals, minerals, and textiles.
The partnership has specific goals for two of these sectors: agriculture and petrochemicals. According to UAE Minister of Industry and Advanced Technology Dr. Al Jaber, the three nations aim to nearly double their production of wheat and corn and increase their contribution to the petrochemicals industry by 30%.
Dr. Al Jaber was quoted as saying the partnership “signifies our mutual interest in building industrial partnerships, combining our advantages, expertise, and capabilities to ensure we enhance our self-sufficiency as well as our food and health security.”
Why it matters
The UAE, Egypt, and Jordan have a combined GDP of around $765b as well as some of the world's most important supply chain hubs like the Suez Canal, Khalifa Port, and the Port of Aqaba. This newly-signed partnership will ensure these three nations make the best use of their resources and assets.
