Jordan, Bahrain, UAE ink agreements on industrial projects

Amman: The Jordan Phosphate Mines Company (PLC) and the Manaseer Group inked agreements and memorandums of understanding, on the sidelines of the fourth meeting of the Supreme Committee for Integrated Industrial Partnership for Comprehensive Economic Development, with Emirati and Bahraini companies on industrial projects in Manama. A statement released on Thursday by the Ministry of Industry, Trade, and Supply said that the PLC and the Manaseer Group have signed a memorandum of understanding for the export of aluminum fluoride, with a volume of 13,000 tons annually, and silica, with a volume of 66 thousand tons annually, estimated to be worth approximately $90 million. Additionally, Manaseer Group and Newton Motors, a UAE-based business, inked a partnership agreement to build an electric vehicle plant in Jordan with a potential investment of up to $80 million. Minister of Industry, Trade, and Supply Yousef Shamali said, During a meeting, which was attended by Jordan, the United Arab Emirates (UAE), Egypt, Bahrain, and Morocco, since intra-Arab trade and investments still do not complement one another and do not take advantage of each nation's unique characteristics, Arab collaboration in a variety of economic sectors is incompatible with the capacities of the current Arab states. Shamali continued by saying that although the economies of the Arab nations offer excellent prospects for intra-industrial investments, more than 75 percent of all Arab exports are made up of raw materials, indicating the massive waste of resources required to create industrial chains that raise the value of natural resources. For his part, the Kingdom of Bahrain's Minister of Industry and Trade, Abdullah bin Adel Fakhro, emphasized that his government is keenly interested in growing the industrial sector due to its importance in attaining the intended level of industrial integration among states. Establishing strategic integrated alliances is essential to accomplishing economic, social, and development goals, according to UAE's Mi nister of Industry and Advanced Technology, Sultan Ahmed Al Jaber. He mentioned the integrated industrial cooperation, which began in Abu Dhabi in 2022 and is a well-known example of a success story. Source:Jordan News Agency