Bahrain Steel, Qatar announce $1.3bn supply deal
Key announcements included a raw material supply agreement between Bahrain Steel and Qatar, valued at $1.3 billion. This agreement will facilitate the supply of 5 million metric tons of raw materials over the course of five years.
The meeting was attended by industry ministers from seven countries with Qatar and Türkiye joining partnership. They included: Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology in the UAE; Sheikh Faisal bin Thani bin Faisal Al Thani, Minister of Commerce and Industry, Qatar; Eng Yarub Falah Al Qudah, Minister of Industry, Trade and Supply, Jordan; Lieutenant General Engineer Kamel Al Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Egypt; Abdulla bin Adel Fakhro, Minister of Industry and Commerce, Bahrain; Ryad Mezzour, Minister of Industry and Trade, Morocco; and Mehmet Fatih Kaçir, Minister of Industry and Technology, Türkiye.
The inclusion of Qatar and Türkiye marks a significant regional expansion, enhancing cooperation and joint investment while supporting entry into new international markets, said a statement.
New projects and agreements covered pharmaceuticals, health foods, biotechnology and electrical industries announced. They included:
* A Memorandum of Understanding between the UAE's ISC Capital and Bahrain's Peninsula farms to establish a sustainable microalgae production facility in the kingdom, with an investment of $10 million. This project aims to advance microalgae production technology and provide industrial and medical solutions, aligning with Bahrain's Economic Vision 2030. Furthermore, it is expected to create job opportunities in areas such as research, agriculture, extraction, laboratory work, and production, contributing to the local economy and workforce development.
* Egypt's Giza Cable Accessories plans to establish a new facility in the UAE dedicated to producing cable accessories and electrical connectors, with an investment of nearly $7 million.
* Agreements were finalised for the supply of PET plastic containers from Jordan's Exceed Industries and plastic caps from Egypt's Delta El Nile to UAE's Hayatna - National Dairy, each valued at $10 million.
* A $15 million agreement was signed for the supply of animal feed from the UAE's National Feed Factory (NFFM) to Qatar's Al Rayyan Horse Essentials.
* In the pharmaceutical sector, key agreements included a collaboration between the UAE's Globalpharma and Morocco's Zenith Pharma to manufacture, licence, and transfer technology in areas such as injectable medications, biologics, and treatments for cholesterol and diabetes. This partnership, with an investment exceeding $50 million, aims to strengthen regional pharmaceutical security and enhance the capacity for local production of medical solutions.
* To enhance regional investments, the UAE's Mubadala Investment Company announced the acquisition of two factories – Adwia Pharmaceuticals in Egypt and PHI in Morocco. This move significantly bolsters Mubadala's pharmaceutical investments on both a regional and global scale.
* An MoU was signed between Morocco's Dolidol and the UAE's Intercoil. This collaboration aims to expand manufacturing capabilities for mattresses and foam production in the UAE.
These new projects underscore the commitment of the member countries of the Integrated Industrial Partnership for Sustainable Economic Development to achieving sustainable economic development. They aim to accelerate economic growth, support sustainability, and enhance collaboration in economic and investment initiatives. The initiatives are expected to create new job opportunities, strengthen food and industrial security, and foster innovation across crucial and advanced industries. Collectively, these efforts represent significant strides toward establishing the region as a leading global hub for industrial investment, the statement said.
The meeting also launched an ambitious plan to explore strategic opportunities and additional partnerships with new members.
Dr Sultan Al Jaber said: 'We are excited to witness the exceptional growth that comes with Qatar and Türkiye joining the Integrated Industrial Partnership for Sustainable Economic Development. We extend an open invitation to all countries to join our efforts in enhancing industrial development, strengthening economic relations, and fostering sustainable development in our region.
'The new projects within the partnership represent our commitment to enhancing industrial integration and unifying expertise and capabilities. This approach will contribute to establishing a sustainable industrial base and maximizing the competitive advantages of each participating country. We anticipate a new phase and a significant leap forward with the active involvement of the industrial and investment sectors from Qatar and Türkiye.'
This meeting reflects the commitment of the member countries to enhance industrial cooperation and foster sustainable economic development in the region, said participants.
The partnership, which originated in Abu Dhabi in 2022, reflects the shared ambition of member countries to improve industrial integration, strengthen cooperation, and build a resilient, competitive, and sustainable economy.
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