Jordan Times
Sunday, May 20, 2007
Jordan signs $2.5b
business agreements
By Khalid Neimat and Mohammad Ghazal
DEAD SEA — Jordan on Saturday signed 24 strategic business agreements valued at
over $2.5 billion on the second day of the World Economic Forum.
“Today’s agreements reiterate our commitment to strengthening our economy
through private sector-led investment and growth, as well as our commitment to
cross-border partnerships,” said King Abdullah, who attended the signing
ceremony.
The investment agreements were signed with companies from the UAE, Saudi Arabia,
Kuwait, Turkey, the US, Ireland, France, the UK, Japan, China and India covering
energy, transportation, finance and light industry sectors.
The agreements included seven deals signed with anchor tenants for the King
Hussein Ben Talal Economic Zone in Mafraq, in addition to a $21 million
production facility by Petra Engineering Industries to manufacture
air-conditioning units, a $49.4 million modern cable manufacturing facility by
MESC Specialised Cables in association with the Japanese Fujikura, a $14 million
logistics park for warehousing by Specialised Investment Compounds and a $28.2
million investment to develop a shipping logistics centre by Future Arab.
ADP Consortium, composed of Aéroports de Paris Management, Abu Dhabi Investment
Company, Kuwait’s Noor Financial Investment Company, Jordan EDGO Investment
Holdings, Greece’s J&P-Avax and British-Cypriot Joannou & Paraskevaides Overseas
signed a deal to invest $550 million in the rehabilitation, expansion and
operation of the Queen Alia International Airport.
A $500 million deal was signed between Emaar Properties PJSC and a number of
regional investors for the implementation of the Samarah Dead Sea Golf & Beach
Resort.
In addition, two agreements were also signed with anchor tenants for the Irbid
Economic Zone to establish a nursing college at a total of $35 million as well a
deal with Jordan Telecom to provide state-of-the-art services in the zone.
Another $20 million deal by Emmar for Industry and Investments MultiForms
entails the establishment of an aluminum manufacturing plant.
Also yesterday, the Jordan Dubai Capital (JDC) announced a $50 million project
to create the Dibbeen Woodland Resort.
Under another deal, the JDC will acquire 51 per cent of the Central Electricity
Generating Company.
The JDC and Dubai Islamic Bank also signed a $100 million memorandum of
understanding to acquire majority stake in the Industrial Development Bank.
Also, the JDC and the Social Security Investment Unit announced the
establishment of a $75 million Inwan Mortgage Finance.
In addition, Optimiza, a Jordan-based company listed on the Amman Stock
Exchange, signed agreements to acquire eight local and regional companies for a
total of $16 million and announced that the Arab Bank acquired a 10 per cent
share in the company and Dubai-based Rasmala acquired a 5 per cent stake.
A $50 million investment bank in Jordan was also launched by the Bahrain-based
Kuwait Finance House.
An agreement was also signed to create a 1,200-unit residential compound outside
Amman at a cost of $211 million.
A $65 million memorandum of understanding was signed between the Jordan
Phosphate Mines Company, the Bahrain-based Venture Capital Bank and Jordan Arab
Fertilisers and Chemicals Company for the development of a fully integrated
fertiliser and chemical industrial complex in Jordan.