The UAE's pledge to invest $10 billion in industrial projects in Jordan and Egypt will improve competitiveness in the two countries, but it is too early to know what shareholding structures will look like, Jordan’s Industry Minister Yousef Al Shamali has said.
The Emirates announced on Tuesday that Abu Dhabi's holding company ADQ will invest $10bn in mining, textiles, pharmaceuticals, food and fertiliser production in Jordan and Egypt.
This pledge expands a drive to invest in the two countries, which are among the closest regional allies of the UAE. It comes as global supply disruptions, caused by the war in Ukraine and lingering effects of the coronavirus pandemic, have affected production of critical goods.
Mr Al Shamali told The National that the initiative “is not essentially about one party financing the other”.
He said it is aimed at forming “partnerships between entities from the three counties where capital, terms and shares are to be decided by those involved".
"The basis of various contributions cannot be measured in advance,” he said.
He said the partnerships “can assume the form of either new investments or expanding the current enterprises" that are "based on the advantages of each country, such as the availability of natural resources and qualified manpower".
The announcement came after Abu Dubai Ports, a subsidiary of ADQ, struck deals in the past few months for multibillion-dollar projects to develop a 3.2-square-kilometre seafront property in Aqaba, Jordan’s only port and to build ports in Egypt.
ADQ manages about $110bn in assets. This includes a 45 per cent stake in commodities trader Louis Dreyfus.
Mr Al Shamali said that, apart from capital inflow, the agreement would also attract managerial expertise that "would contribute to expanding production, improving products and acquiring better competitiveness".
He said a factory built with the money could easily have personnel from the three countries.
"We are seeking integration," he said.
Ties between the UAE, Egypt, and Jordan expanded in the past two years and their foreign policy positions moved closer. All three have normal ties with Israel and are US allies, but they have also developed closer ties with Russia.
The three countries, however, differ in economic performance, with Jordan's unemployment rate officially at a record high of 23-24 per cent, compared to a 7 to 8 per cent official figure for Egypt. Jordan's gross domestic product, which stands at about $43bn, is also dwarfed by the UAE's and Egypt's.
World bank data shows that foreign investment declined to $718 million Jordan in 2020, compared to $730m in 2019. Egypt received $5.9bn and $9bn in the same period.
Jordan mainly exports raw phosphate and fertilisers mined and manufactured by the largely state-owned Jordan Phosphate Mines Company. The phosphate is mined at three main sites in the kingdom and carried mainly by lorries for export through Aqaba.
Mr Al Shamali said new investments could improve the transport infrastructure for the phosphate industry in the kingdom.
"Even as production is increasing vehicle transport is proving sufficient," he said.
"But we have other options that can be utilised including railway transport and establishing a pipeline network. This latter alternative would minimise transport costs and increase net profits, especially in the light of rising oil prices."
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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Global state-owned investor ranking by size
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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