DUBAI: The United Arab Emirates, Egypt, and Jordan have established a $10 billion fund (36.7 billion dirhams) that will strengthen sustainable economic growth across five industries in the three countries.
Through food and agriculture, fertilizers, pharmaceuticals, textiles, minerals, and petrochemicals, the partnership aims to achieve growth, according to the Emirates News Agency WAM.
The fund will be managed by ADQ Holding, a strategic partner.
WAM added that Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed Al Nahyan, Egypt’s Prime Minister Mostafa Madbouly, and Jordan’s Prime Minister Bisher Al Khasawneh were present for the signing of the Industrial Partnership for Sustainable Economic Growth.
Sheikh Mansour bin Zayed Al Nahyan said in a statement: “Through its capabilities, effective policies and current focus on developing advanced technology and logistics infrastructure, we are confident that the UAE can build a global economic powerhouse by leveraging industrial partnerships across the region.”
According to Al-Nahyan, developing the industrial sector in the UAE, Egypt, and Jordan would help strengthen and diversify the economies of each nation and increase the contribution of industry to the GDP of each nation.
In the MENA region, the UAE, Egypt, and Jordan account for 25 percent of GDP, which is worth 2.8 trillion dirhams annually.
Together, they account for 26 percent of the region’s total population (122 million consumers) and are ranked 14th in the world in exports and imports, with 22.3 billion dirhams in exports and imports.
To achieve self-sufficiency as well as to integrate value chains across UAE, Egypt, and Jordan, joint industrial projects will be launched between the three countries, the statement said.
As part of the UAE’s plans to promote growth and prosperity in the next fifty years, this strategic partnership will enhance the contribution of the industrial sector to developing a global economy, said WAM.
$2.3 billion in real estate deals in Dubai in one week
Dubai recorded 2,884 property transactions valued at $2.3 billion (8.7 billion dirhams) during the week ending 27th May, according to the Dubai Land Department.
DLD weekly report stated that 297 plots were sold for 1.59 billion dirhams, as well as 2,116 apartments and villas for 4.75 billion dirhams, according to Dubai Media Office.
The three top land transactions were an Al Wasl land sold for 218 million dirhams, an Al Warsan First land sold for 110 million dirhams, and a Saih Shuaib 2 land sold for 38.04 million dirhams.
Al Hebiah Fifth recorded the most sales with 89 transactions for 216.11 million dirhams, followed by Jabal Ali First with 57 sales transactions for 188.42 million dirhams, and Al Merkadh with 37 sales transactions for 292 million dirhams for third place.
An apartment in Burj Khalifa was sold for 635 million dirhams, an apartment in Business Bay was sold for 563 million dirhams, and an apartment in Al Wasl was sold for 495 million dirhams.
In addition, there were 2.02 billion dirhams worth of mortgaged properties last week. A total of 89 properties worth 413 million dirhams were granted between relatives.
