Agreements worth more than $2 billion have been signed to boost industrial investment and support economic growth in the Middle East and North Africa (MENA) region. The agreements, announced at the meeting of the High Committee for Integrated Industrial Partnership for Sustainable Economic Development in Doha, Qatar, include joint projects by companies from the UAE, Bahrain, Qatar, Egypt, Jordan and Morocco. The collaborations include a wide range of investments, including the establishment of new factories, raw material supply, technology transfer and industrial cooperation. While important projects in the metal, pharmaceutical and plastics industries stand out, innovative initiatives are also planned in the fields of health foods, biotechnology and advanced technology.
One of the highlights was Bahrain Steel's $1.3 billion deal with Qatar to supply 5 million metric tons of raw materials over five years. UAE-based ISC Capital and Bahrain's Peninsula Farms will build a sustainable microalgae production facility with a $10 million investment. Egypt-based Giza Cable Accessories plans to open a new facility in the UAE to produce cable accessories and electrical fasteners, with an investment of $7 million. In addition, the UAE's state fund Mubadala Investment Company acquired the factories of Adwia Pharmaceuticals in Egypt and PHI in Morocco. Globalpharma and Morocco-based Zenith Pharma cooperated in the field of pharmaceutical production and biotechnology with an investment of more than 50 million dollars.
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