UAE, Egypt and Jordan indication industrial partnership for sustainable financial advancement
- A US$ten billion expense fund has been allotted to speed up the partnership aims and will be managed by ADQ Keeping
Abu Dhabi, UAE – The United Arab Emirates, the Arab Republic of Egypt and the Hashemite Kingdom of Jordan have introduced an Industrial Partnership for Sustainable Financial Development in Abu Dhabi right now to unlock new industrial prospects and improve sustainable financial advancement in the 3 nations around the world, throughout five sectors.
His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Key Minister of the UAE and Minister of Presidential Affairs, witnessed the signing of the partnership, which is made to reach sustainable financial advancement throughout meals and agriculture, fertilizers, prescribed drugs, textiles, minerals, and petrochemicals. In buy to speed up the partnership aims, a US$10bn expense fund has been allotted and will be managed by ADQ Keeping
H.E. Dr. Mostafa Madbouly, Key Minister of Egypt, and H.E. Dr. Bisher Al Khasawneh, Key Minister of Jordan, witnessed the signing together with His Highness.
The partnership arrangement was signed by H.E. Dr. Sultan Al Jaber, UAE Minister of Business and Sophisticated Engineering, H.E. Dr. Nevein Gamea, Egyptian Minister of Business and Trade, and H.E. Yousef Al Shamali, Jordan Minister of Business, Trade and Offer.
H.H. Sheikh Mansour bin Zayed Al Nahyan mentioned: “The partnership embodies the eyesight of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, to improve industrial integration with Arab nations and the relaxation of the environment so we can reach a significant leap in the industrial sector and rework its possible an financial driver. Business is the spine of the world’s most significant economies. By its abilities, successful insurance policies and existing aim on acquiring state-of-the-art technological innovation and logistics infrastructure, we are assured that the UAE can develop a world-wide financial powerhouse by leveraging industrial partnerships throughout the area.”
H.H. Sheikh Mansour included: “Advancing the industrial sector in the UAE, Egypt and Jordan will enable fortify and diversify the financial state in every country and enhance the contribution of business to the countrywide GDP. This partnership is also a testomony to its signatories’ capability to fortify their relations and introduce new jobs and industries inside an built-in industrial ecosystem, although unlocking promising prospects for potential generations.”
The 3 nations who are social gathering to this partnership have numerous sources and one of a kind aggressive pros, like obtain to uncooked components. In unique, they appreciate strong abilities in the pharmaceutical industries, with distinct ambition to produce and extend them additional and enhance their output capability. They also want to fortify production abilities in the metal, aluminum, petrochemicals and derivatives sectors.
The 3 nations’ put together industrial capability signifies close to 26% of the whole industrial capability of the MENA area. These nations around the world also appreciate a really produced logistical infrastructure, like airports, ports and strategic transportation corridors these kinds of as the Suez Canal significant organizations with distinctive abilities in the key aim spots of the partnership and obtain to cash and clever funding alternatives. Pretty much 50 percent the whole inhabitants of the spouse nations around the world comprising 122 million people today are younger people today, who stand for equally a significant industry and an rising workforce.
His Excellency Dr. Bishr Al-Khasawneh shipped remarks at the signing ceremony highlighting that the partnership is a testomony to the depth of the historic romance involving the three nations around the world emphasizing that that the partnership improves integration, shields source chains, empowers import substitution, and encourages sustainable financial advancement all of which will consequence in financial advancement, task generation and other rewards.
Dr. Al-Khasawneh thanked the management of the UAE for their endeavours toward strengthening relations and financial cooperation in the area.
Al-Khasawneh explained, “The ongoing lively conversation and coordination at the management degree confirms the energy of these relations with the industrial sector at the centre of the partnership. In Jordan, an eye-catching expense location, business contributes to 24% of the GDP, and account for 21% of the nations around the world work. Jordan exports to a lot of nations around the world close to the environment and is empowered by supportive rules and laws.
Jordan is keen to extend its world-wide trade as the environment recovers from the Covid 19 pandemic and proceeds to handle world-wide difficulties.
For his component, Egyptian Key Minister His Excellency Mostafa Madbouly thanked the leaders of Egypt, Jordan and the UAE for a substantial partnership that embodies the depth of relations involving the nations around the world. He pressured that the assist of the management in the 3 nations facilitated successful consultations and conversations involving the stakeholders and professionals, ensuing in the summary of these critical agreements.
His Excellency Mostafa Madbouly explained: “The pandemic and the Russian-Ukrainian crises unveiled outside of any question the need to have for integration involving our Arab nations around the world in a way that will help reach the passions of our peoples in Egypt, the UAE and Jordan and could come to be the seed for a more powerful and broader cooperation.”
Dr. Madbouly pressured that the existing regional and intercontinental disorders make it crucial for Arab nations around the world to increase prospects for integration, specially considering that every place has its one of a kind aggressive edge and its abilities.
He included, “The jobs that have been agreed on will make an included price for the 3 nations around the world and will have a optimistic impression on countrywide safety, neighborhood business, and source chain things to do. There will be a ongoing comply with-up to the implementation of these jobs, facilitating strategies, and conquering obstructions. We goal to swiftly experience the rewards of these jobs, specially as the to start with stage achieves a lot of gains in phrases of improving meals and drug safety. The jobs will also bring in international expense and present task prospects for our youth.”
In his speech at the starting of the signing ceremony, His Excellency Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Business and Sophisticated Engineering, explained: “In line with the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, the Ministry of Business and Sophisticated Engineering focuses on acquiring and empowering the industrial sector, improving its contribution to the GDP and on financial diversification.”
He included, “We increase an open up invitation to our companions to assist this collaboration by encouraging non-public sector participation, improving state-of-the-art technological innovation purposes, giving clever funding alternatives, and opening marketplaces to motivate the advancement of the industrial sector in these and other nations around the world.”
He ongoing: “In line with the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and with the goal of accelerating the aims of this partnership involving the 3 nations, a US$ten billion expense fund has been allotted to speed up the partnership aims and will be managed by ADQ Keeping.”
H.E Dr Al Jaber included: “This partnership will add to strengthening relations and cooperation with our brothers in Jordan and Egypt, and are in line with the aims of the Rules of the Fifty that have been introduced by the UAE with the goal of developing a superior potential. Creating distinguished financial partnerships is a person of the most critical priorities of the UAE management and authorities. The partnership will enable diversify our economies and endorse advancement by escalating the in-place price of industrial items, specially in precedence industries these kinds of as petrochemicals, prescribed drugs, agriculture, meals, and other folks. By collaboration throughout experience and sources, we will be capable to include industrial price and lower output charges, make additional work opportunities, and reach optimistic effects for all functions.”
He concluded: “This partnership demonstrates our endeavours to develop constructive advancement partnerships that improve our countrywide economies, endorse sustainable financial advancement, assist the awareness sharing, deepen integration of the one of a kind pros of every taking part place, strengthen self-sufficiency, improve meals and well being safety, combine price chains, and produce additional joint industrial ventures.”
Throughout his remarks, His Excellency Mohamed Hassan Al-Suwaidi, Controlling Director and CEO of ADQ, explained: “In line with the directives of His Highness Sheikh Mohamed bin Zayed, President of the United Arab Emirates, the US10billion expense fund allotted and managed by the Abu Dhabi Keeping Organization will catalyze the jobs determined in this partnership throughout the agreed sectors and will fortify the financial infrastructure in the three nations around the world.
He included: “The allocation of this fund confirms ADQ’s dedication to industrial expense, instantly or by means of its portfolio of organizations, to improve and allow the partnership and reach sustainable financial rewards for the 3 taking part nations and their people today and is aligned with our aim of solidifying the UAE and Abu Dhabi’s place as a foremost world-wide expense and partnership location throughout many significant sectors and specially in the industrial sector.”
His Excellency Al-Suwaidi ongoing: “ADQ is dedicated to driving additional investments and infrastructure, specially in the industrial sectors agreed to in this partnership, which are of very important value and will improve the industrial GDP contribution for all 3 nations around the world and consequence in substantial optimistic impression on their endeavours of financial diversification and advancement as effectively as task generation in the yrs to occur.”
Business is the spine of financial state
The partnership is centered on improving expense prospects in every country’s industrial sector, acquiring the 3 nations’ human and normal cash, and discovering a collective client industry that features prospects for equally the neighborhood non-public sector and intercontinental traders. The partnership features launching joint industrial jobs involving the nations around the world to endorse financial advancement and industrial integration, reach self-sufficiency, and combine price chains throughout the UAE, Egypt and Jordan.
Regional and World wide Industrial Partnerships
The Built-in Industrial Partnership For Sustainable Financial Development demonstrates the UAE’s dedication to developing crucial partnerships at the regional and world-wide ranges, specially in the industrial sector. This is in line with its eyesight to improve the industrial sector’s position in the countrywide financial state, combine state-of-the-art technological innovation, and use the aggressive pros and abilities of every place. This tends to make the UAE a foremost world-wide location for the industries of the potential and a hub that appeals to the most notable industries. The UAE is a launching pad for industrial traders focusing on world-wide marketplaces because of to its state-of-the-art logistical solutions and infrastructure, modern day transportation networks, and the availability of uncooked components. Taken alongside one another, these be certain source-chain overall flexibility in, enhance sustainable financial advancement, and improve price-included industries.
The partnership also embodies the shut relations involving the 3 nations around the world, their typical eyesight and mutual belief. This partnership offers a system for cooperation in the potential, and is centered on the value of integration and openness, and the shared dedication to acquiring the industrial sector, exchanging financial rewards, and employing human sources and activities by means of the institution of significant joint industrial jobs in additional than a person place.
5 Crucial Sectors
Agriculture, Foods and Fertilizers
Foods safety is a crucial aim of this partnership. The taking part nations around the world have all the crucial things throughout the meals price chain to scale up expense in fertilizers, cereal, animal protein, and meals output capability. The UAE, Egypt and Jordan have the necessary mix of renewables and mineral sources to deliver the primary components to be certain sustainable advancement. Egypt, for occasion, enjoys a world-wide foremost place as a producer and processor of meals and agricultural procedures that can satisfy the increasing requirements of the populations. The Jordan Valley is blessed with range of agricultural spots, bio-climatic and environmental disorders, and a wide range of agricultural items with superior complex technical specs, many thanks to the software of modern day output technological innovation. The modern systems, fertilizer elements and primary plastic items out there in the UAE will be harnessed in agriculture and irrigation, with latest cross-border transactions reflecting these sectors’ increasing energy and affect.
The price of the agricultural and meals items industry in the 3 nations around the world was believed at US$fifty two billion in 2019, with an once-a-year advancement amount of eleven per cent. The price of imports these kinds of as wheat, fodder, fruits, greens, meat and fish attained US$37 billion in 2019.
There are prospects for promising jobs to enhance fertilizer output and agriculture, specially wheat and corn, and feed output to satisfy the advancement requirements in the dairy, meat, poultry, meals processing and meals packaging sectors. The price of wheat and corn imports for the 3 nations around the world reaches US$five.eight billion every year (21 million tons), which signifies a excellent option to enhance output. Wheat and maize elevated from sixteen.five million tons to about thirty million tons every year to satisfy desire, and the price of meat and fish imports amounted to US$four.nine billion (one.eight million tons).
The 3 nations around the world also have a superior possible in fertilizer output, believed at seven.six million tons every year, which features an critical system for enlargement jobs in fertilizer output to satisfy the escalating desire.
Prescribed drugs
The UAE, Egypt and Jordan are among the most significant drug production facilities in the area, with additional than two hundred pharmaceutical factories and exports to ninety nations around the world value additional than US$one billion. The price of the pharmaceutical industry in these nations around the world is believed at US$nine billion, with an once-a-year advancement amount of seven per cent. The price of the pharmaceutical industry of imports attained US$five billion in 2019.
The business is characterised by qualified labor, innovation, and superior regulatory and output benchmarks. The partnership will leverage the UAE’s chemical inputs, its production abilities and storage and distribution amenities. It will also capitalize on Egypt’s pharmaceutical mega jobs to develop the most significant pharma production centre in MENA, in addition to leveraging Egypt’s sizeable industry measurement and obtain to a significant pool of experienced physicians, pharmacists, engineers and qualified experts.
Jordan has a substantial experience in spots these kinds of as compact molecule production, in addition to its world-wide competitiveness and arrive at, with its items achieving ninety nations around the world throughout the world. The partnership also seeks to profit from the escalating advancement of the UAE in the pharmaceutical sector, which exports medications to forty eight nations around the world.
There are prospects for jobs in medications believed at about US$five billion, specially in the subject of creating different medications and production lively elements for medications (uncooked components).
Apparel and Textiles
The textile business throughout the 3 nations around the world is value US$five billion right now. Collectively, they source some of the foremost world-wide models with superior-good quality materials and completed clothes. All 3 nations around the world convey inherent strengths throughout the price chain to make sizeable financial prospects.
Egypt provides a vertically built-in textile sector, leveraging aggressive labor value and capabilities, comprehensive material and garment amenities, a strategic spot and exports equal to three hundred,000-additionally tons of fabric and attire every year. Jordan has a aggressive export-oriented completed garment sector, benefitting from several absolutely free-trade agreements with many nations around the world like the US. The UAE is effectively positioned to present aggressive uncooked components to assist the scaling up of material production in equally Egypt and Jordan. In addition, it also has completely ready obtain to significant regional marketplaces, these kinds of as India with which it lately signed a Extensive Financial Partnership Settlement.
The price of garments and textile imports for the 3 nations around the world quantities to about US$nine billion every year, which offers substantial prospects for new jobs, specially in the polyester business, whose imports quantity to additional than US$600 million.
Petrochemicals
Petrochemicals are crucial enablers for the agriculture, meals, fertilizer, textile, pharmaceutical and other sectors. In 2019, the put together contribution of the petrochemical business to GDP in the UAE, Egypt and Jordan exceeded US$sixteen billion. The 3 nations around the world have obtain to a assortment of electricity resources, specially normal fuel, which is believed at about 278 trillion cubic ft, in addition to state-of-the-art abilities in the subject of petrochemical output and derivatives, which are believed at about twenty million tons for each yr. This paves the way for enlargement jobs in the petrochemical sector and production industries which could exceed US$21 billion.
Metals
The 3 nations around the world have ample resources of metals that will make an critical contribution to price-included items. The price of the iron, aluminum, metallic and metal industry in the 3 nations around the world is believed at US$thirteen billion, with an once-a-year advancement amount of two per cent.
Egypt and Jordan also have significant reserves of superior-good quality silica, which is the developing block for a lot of production industries, giving a system for larger price-included industries. For its component, the UAE is a person of the world’s 5 most significant aluminum producers, benefiting from its obtain to bauxite ore, aggressive and sustainable electricity resources, and state-of-the-art technological innovation. There are prospects in the metals sector (aluminum, iron, silica and potash) for jobs value US$23 billion by working with these components to manufacture larger price items these kinds of as glass, electrical wires, automobile elements, photo voltaic panels and microelectronic chips.
Supreme Committee and Govt Committee
Beneath the partnership, a tripartite supreme committee, headed by the signing ministers, will be recognized. In addition, there will be an government committee composed of undersecretaries of the ministries and reps from appropriate authorities and sectors. This committee will get the job done with the non-public sector to enhance prospects, and the taking part nations will determine the stakeholders and the programs of motion necessary to reach the aims of these partnerships. The committee will also critique accomplished development, aid and supervise cooperation, and contemplate following ways and new jobs of the strategic financial partnership. It will speed up the introduction of economically practical prospects and coordinate the pool of non-public-sector members.
Cooperative financial relations involving the 3 nations around the world are of excellent value. For case in point, the UAE Keeping Organization (ADQ) has invested in two Egyptian organizations: MOPCO (US$266 million) and Abu Qir Fertilizers (US$391 million). ADQ also invested in the Business Global Lender Egypt with a price of US$987 million, and in the Alexandria Container and Cargo Dealing with Organization (US$186 million) with the goal of acquiring the river transportation procedure and developing ports.
The UAE’s investments in Jordan exceed US$seventeen billion, and are qualified mostly at infrastructure, transportation, tourism, agriculture, business and renewable electricity. Jordan’s expense in the UAE quantities to US$two billion, generally in the actual estate sector. There is also a joint financial, professional and expense application involving the UAE and Jordan that features enterprise incubators, non-oil trade trade, expense jobs, and joint jobs in economical technological innovation, well being and agriculture.
Necessary industrial exports
The UAE’s key exports are oil and fuel, plastics, rubber, foodstuffs, chemical industries, metallic industries, and developing components. Egypt exports gold, fuel, electrical wiring, iron, textiles, and citrus fruits, although Jordan’s principal exports are phosphates, potassium fertilizers, medications and metals.
Powerful economies and booming industries
The economies and industries of the 3 nations around the world stand for a one of a kind design in the area. The industrial sector in Jordan is a crucial spouse in the nation’s financial options. Operate is remaining completed to produce and employ financial insurance policies that will add to strengthening the Jordanian industrial sector, enabling it to obtain regional and intercontinental marketplaces and improving its contribution to sustainable financial advancement.
This sector contributes twenty five per cent to the GDP and ranks to start with amid Arab nations around the world, with its once-a-year output amounting to US$twenty five billion pounds. The industrial sector employs about 250,000 employees in seventeen,000 institutions. The exports of the industrial sector amounted to eight billion pounds, although industrial exports represent ninety three per cent of the whole countrywide exports. Jordanian exports arrive at additional than one hundred forty nations around the world close to the environment, and the normal once-a-year advancement amount of the industrial sector’s exports in the course of the earlier ten years was two.three per cent. Business accounted for eighty per cent of the move of international immediate expense to Jordan in the earlier ten years.
Jordan provides a wide range of items inside many production industries, the most critical of which are the pharmaceutical, chemical, garments, engineering and meals sectors. Jordan also has the fifth most significant reserves of phosphate in the environment. It is the world’s seventh most significant producer of potash, and has one of a kind Useless Sea items. The expense in silica sand in Jordan is an eye-catching option because of to its good quality, purity, and availability in ample portions. Silica is utilised in a selection of industries these kinds of as glass, photo voltaic cells and technological items. If technological investments are manufactured out there, it will add to developing state-of-the-art and aggressive industries, offered that Jordan’s reserve of silica sand exceeds twenty billion tons.
The contribution of the industrial sector to the GDP in the UAE has elevated to US$forty.eight billion, and industrial exports exceeded US$31.six billion, an enhance of additional than fifty per cent in contrast to 2019. Additional than 220 new industrial output models have been certified US$eleven.three billion was directed again into the UAE industry by means of the Countrywide In-Nation Benefit Method. The UAE jumped 5 sites in the UNIDO Aggressive Industrial Functionality Index centered on the contribution of the industrial sector to the countrywide GDP.
The UAE has an state-of-the-art industrial ecosystem with a diversified combine of electricity, state-of-the-art electronic infrastructure, environment-course details and conversation technological innovation. It also has a distinguished geographical spot that connects peoples with every other inside 8 hrs of traveling, and a logistical infrastructure consisting of ten civil airports and twelve ports with once-a-year dealing with capability of eighty million tons. The UAE also ranks really in phrases of relieve of performing enterprise, good quality of lifestyle, and political and financial steadiness.
As for Egypt’s industrial sector, the country’s GDP attained US$394.three billion in 2021, although the enhance in GDP for each capita totaled six.eight per cent. Egypt’s financial state accomplished nine per cent advancement in the to start with 50 percent of the 2021/2022 fiscal yr. The price of industrial output stands at US$fifty two.seven billion (2020/2021), which signifies close to fifteen per cent of countrywide GDP.
The whole price of investments ins business amounted to US$two.six billion (2020/2021), which signifies close to five.nine per cent of all community investments. The price of export products attained US$34.32 billion (2021), which demonstrates a 27 per cent enhance on 2020.
Egypt is property to a diversified industrial foundation that includes additional than a hundred and twenty industrial zones throughout the place. It also features an ecosystem of specialised industrial amenities that features seventeen industrial complexes throughout fifteen governorates and five,046 industrial models that present close to forty eight,000 immediate task prospects.
The Emirati-Egyptian-Jordanian industrial partnership establishes a new developmental start toward potential potential clients in the industrial sector supported by state-of-the-art technological innovation. The put together capability of the 3 nations around the world constitutes about 22 per cent of the gross domestic products of the Center East and North Africa, value about US$765 billion in accordance to Earth Lender stats in 2019. The trade bloc of the 3 nations around the world ranks 14th in phrases of the price of exports to the environment, which stand at US$419 billion, although imports whole US$380 billion, which signifies sizeable prospects for the advancement of production built-in items in the 3 nations around the world.
From the UAE aspect, the signing ceremony was attended by: H.E. Sarah Al Amiri, UAE Minister of Condition for General public Instruction and Long run Engineering and H.E. Dr. Thani Al Zeyoudi, UAE Minister of Condition for International Trade. They have been joined by several officers, like: H.E. Mohamed Al Shorafa Al Hammadi, Chairman of the Division of Financial Improvement – Abu Dhabi Her Excellency Maryam Al Kaabi, UAE Ambassador to Egypt H.E. Omar Suwaina Al Suwaidi, Undersecretary at the Ministry of Business and Sophisticated Engineering (MoIAT) H.E. Mohamed Hassan Alsuwaidi, CEO of ADQ H.E. Abdullah Mohamed Al Mazrui, Chairman of the Federation of the UAE Chamber of Commerce and Business Mr. Mohammed Saif Al Suwaidi, Director Normal of Abu Dhabi Fund for Improvement Khaled Salmeen is the Govt Director of Downstream Business, Advertising and marketing and Buying and selling at the Abu Dhabi Countrywide Oil Organization (ADNOC) His Excellency Khadim Al Darei, Chairman of the Egyptian-UAE Company Council His Excellency Jamal Saif Al Jarwan, Secretary Normal of UAE Global Traders Council and Ahmed Mohamed Al Naqbi, CEO of Emirates Improvement Lender.
Also in attendance have been H.E. Abdullah Al Shamsi, Assistant Undersecretary for Business Development at MoIAT H.E. Osama Amir Fadhel, Assistant Undersecretary for Business Accelerators at MoIAT together with a selection of professionals and professionals in the industrial and production sector.
From Egypt’s aspect, the ceremony was attended by His Excellency Al-Sayed Al Quseir, Minister of Agriculture and Land Reclamation Her Excellency Dr. Hala Al-Saeed, Minister of Organizing and Financial Improvement Dr. Tamer Essam, Chairman of the Egyptian Drug Authority Counselor Mohamed Abdel-Wahab, CEO of the Normal Authority for Expense Engineer Ayman Al-Suwaidi, Chairman of the Federation of Egyptian Industries Ayman Soliman, CEO of the Sovereign Fund of Egypt, and a selection of officers.
From Jordan’s aspect, the signing was attended by Dana Al-Zoubi, Secretary-Normal of the Ministry of Business, Trade and Offer Zaher Al-Qatarneh, Secretary-Normal of the Ministry of Expense Kholoud Al-Saqqaf, CEO and Vice-Chairman of the Social Protection Expense Fund His Excellency Nassar Al-Habashneh, Jordan’s Ambassador to the UAE, in addition to the Chairman of the Chamber of Business, Chairman of the Chamber of Commerce, Chairman of Amman’s Chamber of Commerce, Chairman of Amman’s Chamber of Business, and a selection of officers.
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About the Ministry of Business and Sophisticated Engineering
The UAE’s Ministry of Business and Sophisticated Engineering (MoIAT), recognized in July 2020, is mandated with strengthening the UAE’s industrial sector, specially by accelerating the adoption of state-of-the-art systems and Fourth Industrial Revolution (4IR) alternatives throughout the price chain.
MoIAT has 3 overarching aims: Strengthening the UAE’s industrial foundation, making sure in place price, and boosting the competitiveness of neighborhood industries. By improving the contribution of state-of-the-art technological innovation, the Ministry will assist the country’s sustainable financial advancement, and be certain GDP contribution from the business sector.
The Ministry will draft insurance policies, rules and applications to make a environment-course industrial advancement framework for the country that will enable bring in international immediate expense, strengthen In-Nation Benefit generation, assist countrywide entrepreneurship, travel task generation, and strengthen exports of ‘Made in UAE’ items.
From encouraging the institution of industrial complexes to boosting neighborhood capability in state-of-the-art technological innovation, the Ministry will speed up industrial advancement in a bid to travel financial advancement, diversification, price retention and countrywide self-reliance.
For additional details, you should speak to MoIAT’s group at: [email protected]
