Industrial Partnership for Sustainable Economic Development, a regional initiative for large projects involving the UAE, Egypt and Jordan has shortlisted 12 projects worth $3.4 billion for feasibility study.

The projects were shortlisted out of the 87 industrial project proposals focused on fertilisers, agriculture and food sectors received by the Partnership, according to a press statement issued by the UAE Ministry of Industry and Advanced Technology.

The announcement was made during the second Higher Committee meeting of the Industrial Partnership last month in Cairo, Egypt.

In the next phase, the Partnership will focus on the metals, chemicals, plastics, textiles and clothing sectors, the statement said.

At the meeting, the Higher Committee welcomed Bahrain as newest member of the Partnership.

The statement said Bahrain, a major producer of raw aluminium, will increase the partnership's total industrial manufacturing value add from $106.26 billion to $112.5 billion.

Industrial Partnership for Sustainable Economic Development, launched in Abu Dhabi earlier this year, aims to establish large joint industrial projects, create job opportunities, contribute to increasing economic output, diversify the economies of the partner countries, support industrial production and increase exports.

(Writing by Eman Hamed; Editing by Anoop Menon)