The UAE expects "tens of billions of dollars" worth of projects under a new industrial partnership with Egypt and Jordan. This comes amid a push for greater inter-Arab economic co-operation in the face of global challenges such as the Covid-19 pandemic and the Ukraine war.
Work on projects in the five critical sectors of agriculture, pharmaceuticals, petrochemicals, minerals and textiles will start immediately following feasibility studies, Omar Al Suwaidi, undersecretary at the Ministry of Industry and Advanced Technology (MoIAT), told The National following the agreement signing on Sunday.
"One of the main benefits of this partnership is an integrated industry between the three countries, so the focus is on integrating value chains for different industries," he said.
"The value-add will be in terms of creating more value industries between the three countries and job opportunities for a population of 60 million young people.
"In terms of the size of the projects, we're looking at tens of billions of dollars for the five sectors."
The countries are undertaking feasibility studies, which will determine the timescale for starting the projects.
"It depends on the timing that comes out of these feasibility studies, but the emphasis is for an immediate start and immediate reduction of imports," Mr Al Suwaidi said.
A tripartite supreme committee, headed by the three countries' signing ministers, will be established. An executive committee will work with the private sector to increase opportunities. It will also review the progress achieved, enable co-operation, and consider next steps and new projects.
Asked if the partnership will incentivise other Arab countries to join, Mr Al Suwaidi said: "The base of the partnership is with all friends and strategic partners who wish to join integrative industries with a focus on food and drug security. There is an open invitation to all partners to reap the opportunities for co-operation."
The deal comes amid the UAE's efforts to support the growth of the local industrial sector, enhance its role in stimulating the national economy, and double its contribution to gross domestic product to Dh300bn ($82bn) by 2031. The partnership is also part of a wider effort by the UAE to help to bolster Egypt's economy and capitalise on the investment potential of the most populous Arab country, following the Russian invasion of Ukraine. Egypt and Jordan both rely heavily on wheat imports.
The partnership will lead to economic integration between the three countries, particularly in the industrial sector. This will help in fulfilling the goals of supporting local products, substituting imports, increasing value-add and creating jobs, Egypt's Trade Minister Nevin Gamea told The National.
Joint projects by the UAE and Jordan in Egypt will lead to higher productivity, increased exports and more investments, she said.
"We've unified our goal so that we put a plan to translate this agreement into actual projects and real investments on the ground," she added.
In the first phase of the agreement, the countries decided on key sectors and ensuing projects, followed by feasibility studies that determine the level of FDI entering the country, the trade minister said.
Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and Vice Chairman of the Industrial Development Council, said the partnership will increase the competitiveness of the five prime sectors of common interest.
"The fact that the total value of foreign trade in the UAE, Egypt and Jordan amounted to $885bn in 2021 provides a promising foundation and ongoing opportunities for this strategic partnership," he said in a statement.
The agreement will boost the security, flexibility and sustainability of supply chains, and support the UAE's goals of diversifying the economy and stimulating industrial growth, while consolidating relations between the three countries, Dr Al Zeyoudi added.
"It will also unlock new opportunities for industrialisation and strengthen national industries in each country”, he said.
Sarah Al Amiri, UAE's Minister of State for Public Education and Advanced Technology, said the UAE believed that regional and global co-operation and partnerships are fundamental to opening new opportunities for industrial development.
"The vast resources and unique competitive advantages of the UAE, Jordan and Egypt are key to driving sustainable economic growth in the region," she said.
The UAE’s partnership with Jordan and Egypt represents an "unprecedented model" of co-operation at regional and global levels, paving the way for "a new era of collective growth and prosperity, as well as large-scale industrial development”, said Mohamed Al Suwaidi, director general of the Abu Dhabi Fund for Development.
Emirates Global Aluminium, the UAE's largest industrial company outside of oil and gas, currently supplies aluminium billets to companies in both Jordan and Egypt, and has continuing active technology discussions in Egypt.
The partnership will "promote greater value-chain integration and drive the development of our industry for the future", EGA chief executive Abdulnasser bin Kalban said.
The three countries’ combined industrial capacity represents around 26 per cent of the total industrial capacity of the Mena region, according to the UAE Ministry of Industry and Advanced Technology.
Almost half the total population of the partner countries comprising 122 million people are young people, who represent both a large market and an emerging workforce, it said.
Egyptian Prime Minister Mostafa Madbouly believes the agreement will pave the way for a lasting Arab partnership.
"The pandemic and the Russian-Ukrainian crises revealed beyond any doubt the need for integration between our Arab countries in a way that helps achieve the interests of our peoples in Egypt, the UAE and Jordan, and could become the seed for a stronger and broader co-operation," Mr Madbouly said.
Dr Sultan Al Jaber, UAE’s Minister of Industry and Advanced Technology, and managing director and group chief executive of Adnoc, said a $10bn investment fund had been allocated and managed by Abu Dhabi’s holding company ADQ to accelerate work on the partnership.
"We extend an open invitation to our partners to support this collaboration by encouraging private sector participation, enhancing advanced technology applications, providing smart financing solutions, and opening markets to encourage the growth of the industrial sector in these and other countries," he said.
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EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
The specs
Engine: 3.0-litre twin-turbo flat-six
Power: 480hp at 6,500rpm
Torque: 570Nm from 2,300-5,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 10.4L/100km
Price: from Dh547,600
On sale: now
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
- Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
- Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Mobile phone packages comparison
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Our legal advisor
Rasmi Ragy is a senior counsel at Charles Russell Speechlys, a law firm headquartered in London with offices in Europe, the Middle East and Hong Kong.
Experience: Prosecutor in Egypt with more than 40 years experience across the GCC.
Education: Ain Shams University, Egypt, in 1978.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
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The five pillars of Islam
HAJJAN
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The years Ramadan fell in May
Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
