The agreement covers sectors such as agriculture, pharmaceuticals, food, petrochemicals, minerals and textiles, reported the Emirati news website Gulf News, while the financial resources will be managed by the Abu Dhabi Holding (ADQ) group.

UAE Minister of Industry and Advanced Technology Sultan bin Ahmed al Jaber said the agreement is aimed at doubling wheat and corn production in the three combined countries, as well as increasing the petrochemical industry’s contribution to their gross domestic product (GDP) by 30 percent.

The industrial sector is a key driver of our collective growth based on our unique capabilities and advantages, Al Jaber said, stressing that through these partnerships they hope to launch a new model of integration in the Arab world.

The minister considered the partnership as strategic in the long term to enhance stability, achieve socio-economic prosperity and leverage resources, and gave as an example that the three nations add up to a GDP of around $765 billion.

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