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Signatories to deals include entities in UAE, Bahrain, Qatar, Egypt, Jordan, Morocco Companies in the Middle East and North Africa (MENA) have signed more than $2 billion worth of agreements to pursue industrial projects that will accelerate economic growth and create jobs in the region. The deals were signed by entities in the UAE, Bahrain, Qatar, Egypt, Jordan and Morocco at the fifth meeting of the Higher Committee for Integrated Industrial Partnership for Sustainable Economic Development, which kicked off on Sunday in Doha, Qatar. The agreements include setting up of factories, supply of raw materials and products, as well as technology transfer and enhanced collaboration among countries in key sectors like metals, pharmaceuticals and plastic industries. The deals also seek to develop health food industries and promote innovation in biotech and advancements in electrical and high-tech sectors. Among the entities, Bahrain Steel signed an agreement worth $1.3 billion with Qatar for the supply of 5 million metric tonnes of raw materials over a five-year period. The UAE’s ISC Capital and Bahrain’s Peninsula farms also agreed to set up a sustainable microalgae production facility in the kingdom, for an investment of $10 million. Egypt’s Giza Cable Accessories is also expected to set up a new facility in the UAE to produce cable accessories and electrical connectors, with an investment pegged at nearly $7 million. Organisers of the meeting also confirmed that the UAE’s Mubadala Investment Company has acquired two factories – Adwia Pharmaceuticals in Egypt and PHI in Morocco – but no further details were disclosed. The UAE’s Globalpharma and Morocco’s Zenith Pharma also agreed to manufacture, license and transfer technology in areas such as injectable medications, biologics and treatments for cholesterol and diabetes, with an investment exceeding $50 million. In the plastics industry, Jordan’s Exceed Industries and Egypt’s Delta El Nile also finalised deals, each valued at $10 million, for the supply of PET plastic containers and plastic caps, respectively, to UAE’s Hayatna – National Dairy. In another deal, worth $15 million, the UAE’s National Feed Factory is expected to supply animal feed to Qatar’s Al Rayyan Horse Essentials. |
