PLC, Manaseer Group sign agreements, MoUs with Bahraini, Emirati companies

AMMAN — The Jordan Phosphate Mines Company (PLC) and the Manaseer Group on Thursday signed agreements and memoranda of understanding (MoU) with Bahraini and Emirati companies on the sidelines of the Manama  fourth meeting of the Supreme Committee for Integrated Industrial Partnership for Comprehensive Economic Development.

The PLC signed a MoU to export 13,000  tonnes of aluminium fluoride per year, the Ministry of Industry, Trade and Supply said on Thursday according to the Jordan News Agency, Petra. At the same time, the Manaseer Group signed a MoU with the same company to export 66,000 tonnes of silica per year, valued at around US$90 million.

The Manaseer Group also signed a partnership agreement with the Emirati company Newton Motors to establish an electric car factory in Jordan with an investment of up to $80 million.

During the meeting, which was attended by representatives from Jordan, the UAE, Egypt, Bahrain and Morocco, Minister of Industry, Trade and Supply Yousouf Shamali said that Arab cooperation in various economic sectors is not in line with the existing potential of the countries.

Intra-Arab investment and trade are currently not integrated and do not take advantage of each country's relative advantages, Shamali said.

He added that while Arab economies offer significant opportunities for bilateral industrial investment, primary materials account for more than 75 per cent of total Arab exports.