Abu Dhabi sovereign wealth fund ADQ will invest USD 10 bn in industrial projects in Egypt, the UAE and Jordan as part of a partnership signed in Abu Dhabi yesterday, cabinet said in a statement, citing UAE Industry and Advanced Technology Minister Sultan Al Jaber. The ADQ-managed fund will finance large-scale projects in “key industries” that “create jobs, support growth, boost industrial production and increase exports,” Al Jaber said.

Target sectors: The fund will invest in industries of “mutual interest” to Egypt, Jordan, and the UAE, including pharma, agriculture, food, petrochemicals, metals, and textiles, Al Jaber said.

This is part of a new industrial partnership between the three countries: ADQ’s investment is designed to accelerate the joint industrial strategy signed yesterday by Egypt, the UAE and Jordan, which aims to support sustainable economic growth, increase industrial production, and strengthen regional supply chains.

Plenty of details are still “TK”: It remains unclear how much Egypt and Jordan will invest in the partnership or when the three countries plan to begin identifying projects for investment and allocating the funds.

From the PM: “The partnership can be a stepping stone for deeper cooperation between Arab countries,” Prime Minister Moustafa Madbouly said in a speech during the event (watch, runtime: 9:12). Madbouly told Sky News Arabia (watch, runtime: 20:35) that the agreement could help the three countries to become self-sufficient in some commodities, and said that collaboration was more important than ever in light of the war in Ukraine, which has threatened Egypt’s food security and driven up our energy bill.

ADQ has been one of Egypt’s biggest investors so far this year: The wealth fund invested USD 1.8 bn to acquire stakes in several EGX-listed companies owned by the government under an agreement to provide Egypt with emergency liquidity in response to the war in Ukraine.

Other countries are welcome to join: “We welcome our brothers from other Arab states to join us,” Madbouly told Sky News.

PITCHING EMIRATIS ON INFRASTRUCTURE-

While in the Emirates, Madbouly pitched Emirati investors on his government’s infrastructure plans. The pitch on the attractiveness of new LNG terminals and pipelines, renewable energy projects, and airports seemed to have been well-received — the head of the UAE International Investor Council (UIIC) saying that investors could invest another USD 15 bn in the Egyptian economy over the next five years.

Big plans: The government wants to attract USD 40 bn of fresh private sector investment into the country over the next four years by selling stakes in state-owned assets to local and international investors.