Jordan's Industry Minister Yousef Al Shamali. Photo: Government of Jordan
Jordan's Industry Minister Yousef Al Shamali. Photo: Government of Jordan
Jordan's Industry Minister Yousef Al Shamali. Photo: Government of Jordan
Jordan's Industry Minister Yousef Al Shamali. Photo: Government of Jordan

Jordan's industry minister says $10bn UAE investment can boost competitiveness


Khaled Yacoub Oweis
  • English
  • Arabic

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."

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For more information: www.koreafestivaluae.com

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Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.

The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020. 

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Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.

The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.

“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.

“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”

Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.

Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.

“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.

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Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.

Identifying lice

Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.

Treating lice at home

Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.

Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital

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For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.

Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.

It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.

The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.

The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.

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UAE currency: the story behind the money in your pockets
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Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.

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Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

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Updated: June 02, 2022, 9:05 AM`