UAE-In-Focus – UAE, Egypt and Jordan establish economic partnership with $10 billion fund; Dubai records $2.3 billion in real estate deals in one week
Dubai: The United Arab Emirates, Egypt and Jordan have set up a $10 billion (Dh36.7 billion) fund that will promote sustainable economic growth across five industries in the three countries.
Through food, 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, the strategic partner.
WAM added that Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed Al Nahyan, Egyptian Prime Minister Mostafa Madbouly and Jordanian Prime Minister Bisher Al-Khasawneh attended the signing of the Industrial Partnership for Sustainable Economic Growth.
Sheikh Mansour bin Zayed Al Nahyan said in a statement: “With its effective capabilities and policies, and its current focus on developing advanced technology and logistical infrastructure, we are confident that the UAE can build a global economic powerhouse by leveraging industrial partnerships across the region.” .
According to Al Nahyan, the development of the industrial sector in the United Arab Emirates, Egypt and Jordan will help in strengthening and diversifying the economies of each country and increasing the industry’s contribution to each country’s GDP.
In the Middle East and North Africa region, the United Arab Emirates, Egypt and Jordan account for 25 percent of GDP, which is worth 2.8 trillion dirhams annually.
Together, they make up 26 percent of the region’s total population (122 million consumers) and rank 14th globally in exports and imports, with Dh22.3 billion in exports and imports.
The statement said that to achieve self-sufficiency and integrate value chains in the UAE, Egypt and Jordan, joint industrial projects will be launched between the three countries.
The Emirates News Agency (WAM) said that within the framework 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 the development of the global economy.
$2.3 billion real estate deals in Dubai in one week
Dubai recorded 2,884 real estate deals worth $2.3 billion (8.7 billion dirhams) during the week ending May 27, according to the Dubai Land Department.
The weekly report of the Land Department stated that 297 plots of land were sold for 1.59 billion dirhams, in addition to 2,116 apartments and villas at 4.75 billion dirhams, according to the Dubai Media Office.
The three most important land deals were Al Wasl land sold for 218 million dirhams, Al Warsan first land sold for 110 million dirhams, and Seih Shuaib 2 land sold for 38.04 million dirhams.
The fifth Habiya recorded the largest sales with 89 deals worth 216.11 million dirhams, followed by Jebel Ali First with 57 sales deals with 188.42 million dirhams, and the center with 37 sales deals with 292 million dirhams.
An apartment in Burj Khalifa sold for 635 million dirhams, an apartment in Business Bay for 563 million dirhams, and an apartment in Al Wasl sold for 495 million dirhams.
In addition, there were real estate mortgaged worth 2.02 billion dirhams last week. Relatives were given 89 properties, worth 413 million dirhams.
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