ABU DHABI — The strong trade and investment partnership between the UAE and Jordan is being driven by the mutual interests of both countries’ leaderships, said UAE’s Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi.
“Jordan has become a regional investment hub of choice for the UAE’s direct investments, totaling US$4 billion. This represents 14 percent of the total foreign direct investments received by the Kingdom, making the UAE the largest global investor in Jordan, surpassing the United Kingdom and Kuwait, whose investments are 8.2 percent and 7.2 percent, respectively,” he added.
He emphasized that non-oil trade between the two countries reached US$4.5 billion in 2022, marking a 47.4 percent increase compared to 2021.
The UAE’s non-oil exports to Jordan were US$1.6 billion in 2022, while re-exports from the country were US$2.4 billion. In contrast, UAE imports from Jordan were valued at US$513 million, the minister explained.
The UAE and Jordan have shared close ties for over half a century, both at the governmental and grassroots levels. The two nations have strong bonds established by their late leaders, Sheikh Zayed bin Sultan Al Nahyan and King Hussein bin Talal.
The Hashemite Kingdom of Jordan was one of the first countries to recognize the establishment of the United Arab Emirates. This recognition came the day after the announcement of the UAE Federation’s founding on December 2, 1971. On December 3, the Jordanian government recognized the United Arab Emirates, welcomed the initiation of full bilateral diplomatic relations, and opened the Jordanian embassy in Abu Dhabi in 1972. The UAE embassy in Amman opened in 1973.
The two countries continue to enhance bilateral relations through ongoing dialogue and high-level meetings, including the Joint Economic Committee, as well as the signing of numerous agreements and memoranda of understanding in various areas of cooperation.
The relationship between the two countries is marked by a strong alignment in their stances on Arab, Islamic, and humanitarian issues of mutual concern. They share a vision for peace, stability, and prosperity in the region.
Both nations’ leaderships are committed to ongoing coordination and consultation on shared interests and regional and global developments. This collaboration bolsters efforts to ensure security, stability, and sustainable growth.
A significant emphasis is placed on enhancing regional development partnerships that benefit the region’s inhabitants, fostering stability, progress, and prosperity.
Their relationship serves as a benchmark for Arab nations, rooted in innovative cooperation methods and a mutual commitment to expanding its scope. Together, they strive to realize the aspirations of their countries and their people.
Military cooperation is a notable aspect of their ties, with an annual Joint Defense Cooperation Committee meeting. They have solidified their defense partnership with two agreements and seven memoranda of understanding.
Economic and investment relations are also prominent, underpinned by numerous agreements, memoranda of understanding, and economic, trade, and investment protocols. These have fortified bilateral ties and boosted trade and investment.
Since the UAE’s developmental inception, the Jordanian professional community has played a pivotal role in its projects. Over 200,000 Jordanians have found a welcoming home in the UAE, coexisting harmoniously with the Emirati populace.
Trade between the two nations has consistently grown. In 2022, non-oil trade reached $4.5 billion, a 47.4 percent increase from 2021. Meanwhile, non-oil UAE exports and re-exports amounted to about $4 billion in the same year.
The Abu Dhabi Fund for Development and the Government of Jordan share a notable partnership. The Fund has financed numerous development projects in Jordan, totaling AED6.5 billion. These projects span several crucial sectors such as education, health, transportation, energy, agriculture, irrigation, housing, infrastructure, and other strategic initiatives.
In 2021, the AD Ports Group inked a Heads of Terms agreement with the Aqaba Development Corporation. This agreement aims to establish a cutting-edge cruise terminal at Marsa Zayed in Aqaba.
Furthermore, last year saw the announcement of a comprehensive industrial partnership involving the United Arab Emirates, the Hashemite Kingdom of Jordan, the Arab Republic of Egypt, and the Kingdom of Bahrain.
This collaboration underscores the UAE’s commitment to bolstering industrial integration with Arab nations and the broader global community. It promises to drive industrial growth in the three countries, diversify their economies, and offer promising prospects for upcoming generations.
A significant aspect of this partnership is the allocation of a $10 billion investment fund, managed by ADQ, dedicated to investing in projects stemming from this collaboration in the agreed-upon sectors.