GulfBase Live Support
Leave a message and our representative will contact you soon
29/03/2017 05:08 AST
The establishment of a joint fund to launch an estimated $3 billion worth of investments was a milestone in the implementation of a project that would serve the interests of both the kingdoms, a senior Saudi official said.
Chief Executive, Managing Director, and Secretary-General of the Board at Public Investment Fund Yasir Al-Rumayyan told the Jordan news agency, Petra, that the new company is a joint investment between his agency, which manages around 200 investments worldwide, and two local bank groupings: Jordan Commercial Banks Group and Jordan Islamic Banks Group.
The fund will be investing in vital sectors in Jordan, such as energy and tourism, he said.
The project comes in line with the Saudi development plan for 2030, which seeks diversification of investments and destinations.
Rumayyan explained that the investment decisions of the company will be taken based on specific criteria that “ensure long-term revenue”.
Each of the two banking groups was registered as a private shareholding company, with the first including Arab Bank, Housing Bank for Trade and Finance, Jordan Ahli Bank, Jordan Kuwait Bank, Ettihad Bank, Bank of Jordan, Cairo Amman Bank and others.
The Islamic Banks include the Jordan Islamic Bank, Arab International Islamic Bank and Jordan Dubai Bank.
Jordanian Prime Minister Hani Mulki expected the joint fund to implement economically feasible projects.
He assured every help to facilitate such investments, Petra reported.
Planned projects include reconstruction and rehabilitation of a north-south highway in Jordan and setting up a power plant on Jordan’s eastern border.
Saudi Arabia has been one of Jordan’s main financial backers.
Jordan and Saudi Arabia on Monday signed 15 agreements and memoranda of understanding, involving public and private institutions.
They are:
1. Memorandum of association for a company to run the Saudi-Jordanian Investment Fund to implement investments in Jordan in several key sectors, whose value can reach up to $3 billion.
2. A draft loan agreement to rebuild and rehabilitate the Desert Highway (Amman-Aqaba) with a value of $105 million.
3. A draft agreement on environment protection.
4. A draft executive program in the field of social care.
5. A draft executive program in the field of culture.
6. A draft memorandum of understanding on postal services.
7. A draft memorandum of understanding between health ministries.
8. A draft memorandum of understanding on cooperation in the housing sector.
9. A draft agreement on mutual promotion and protection of investments.
10. A draft contract on research and development on mining the uranium in the central region of Jordan.
11. A draft memorandum of understanding to study the economic feasibility of building two reactors of micro built-in units in Jordan for electricity generation and water desalination.
12. A draft memorandum of understanding on news cooperation.
13. A memorandum of understanding for a mega medical project in Riyadh, worth $320 million.
14. A memorandum of understanding to establish a Saudi-Jordanian company for developing medical services at a cost of $54 million.
15. A memorandum of understanding for the Reisheh project to develop, build and operate a 50-megawatt solar station on the eastern borders of Jordan with a value of $70 million.
Saudi Gazette
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
STC | 83.41 | 257,644 |
DARALARKAN | 13.47 | 74,648,349 |
05/04/2018
Saudi Arabia's Public Investment Fund (PIF) has signed an agreement with Six Flags to develop and design an amusement park in Riyadh. Six Flags, the world’s leading international amusement park compa
Arab News
05/04/2018
In an exclusive interview with Arab News, Turki Mohammed Al-Shehri explains how an expanding renewables industry will boost employment as well as pave the way for a greener future.
A massiv
Arab News
05/04/2018
Dubai’s residential property market continued to soften in the first three months of this year, in line with analysts’ forecasts, with rental values recording a more pronounced fall than sales prices
The National
05/04/2018
Buoyed by a strong oil price of $70 per barrel, Saudi Arabia’s Tadawul shot up by over 6 per cent in March 2018, according to Kuwait Financial Centre’s (Markaz’s) recently released Monthly Markets Re
Times of Oman
05/04/2018
Qatar banks’ combined credit facilities to real estate sector rose by QR17bn to QR147.7bn in 2017. The banks’ credit to various sectors stood at QR911bn at the end of 2017, up from QR839bn recorded i
The Peninsula