Bahrain joins UAE’s industrial partnership

Bahrain joined today an industrial partnership founded by the United Arab Emirates. 

The kingdom formally joined the Integrative Industrial Partnership for Sustainable Economic Development during the group’s first meeting in Cairo. Egypt and Jordan were already part of the partnership, in addition to the UAE. Bahrain’s Industry Minister Zayed bin Rashid Al Zayani said he hopes the partnership will lead to more investment opportunities and solidify relations among the countries, the official Bahrain News Agency reported. 

Why it matters: The UAE founded the industrial partnership in May as a means to establish joint industrial projects and increase the industry sector’s contributions to the Emirati gross domestic product, according to the Emirates News Agency. 

The UAE is seeking to diversify its economy and reduce its dependence on oil. To this end, Emirati entities are particularly pursuing renewable energy, cryptocurrency and other high-tech endeavors. 

Bahrain’s construction sector contracted in 2020 during the COVID-19 pandemic. The government has invested billions in infrastructure recently, according to the US International Trade Administration. 

Know more: The UAE capital Abu Dhabi signed an agreement with a Chinese province last month to cooperate on industry.