Abu Dhabi: Jordan, Egypt, and the UAE are looking for industrial cooperation to achieve sustainable economic growth. Abu Dhabi-based investment company ADQ announced plans to invest $ 1.25 billion in joint ventures across five areas. Sultan Al Jaber stated.
This project was initiated by Sheikh Mohammed bin Zayed Al Nahyan, UAE President. It also seeks to improve cooperation with other countries, including India. It will focus on areas that are of mutual interest to the three countries. This includes petrochemicals in the areas metals, minerals and textiles as well as pharmaceuticals, agriculture, food, and fertilizers.
This joint venture will improve productivity and create more job opportunities. It is possible to create a large business empire with the help of strengthened cooperation. In the presence of Sheikh Mansour bin Zyed, Deputy Prime Minister and Minister for Presidential Affairs, the announcement was made. Economic diversification and a reduction in import costs are other important achievements. The three countries are expected to see an increase in wheat and maize production, from 1.65 crore tonnes per year to 30 million tonnes.
Projects worth $ 23 billion will be possible through the construction of high-value products like aluminum, iron and silica. At the Abu Dhabi press conference, Mustafa Madbouli, the Prime Minister of Egypt, and Bishar Al Qasaw the Prime Minister from Jordan attended.
Today, the UAE and Israel will sign an agreement for free trade
Abu Dhabi: Today, Israel and the UAE will sign a free trade deal. The Finance Ministry announced that 96% of customs duties will be waived on food, agricultural products and medical devices. Israel signed the free trade agreement with an Arab nation for the first time in 2021, after signing peace agreements with Bahrain, UAE and Morocco.