Saudi-Jordanian Economic Project Development Company launched

AMMAN — The Saudi-Jordanian Business Council on Tuesday launched the Saudi-Jordanian Economic Project Development Company, with a capital of $2 million, in an aim to establish several investment projects in 5 to 10 economic sectors in the two countries..

The announcement was made during the Saudi-Jordanian economic forum held in Amman in the presence of Industry, Trade and Supply Minister Yarub Qudah and Saudi Minister of Commerce and Investment Majid Bin Abdullah Al Qasabi, the Jordan News Agency, Petra, reported.

Qudah highlighted the importance of enhancing economic and commercial ties between the two kingdoms, urging both countries’ business communities to benefit from opportunities available in Jordan and Saudi Arabia. He also encouraged them to establish joint schemes and enhance economic cooperation.

Saudi Arabia is the biggest Arab commercial partner for the Kingdom, Qudah said, noting that the gulf kingdom’s investments in Jordan exceeded $10 billion in various economic sectors.

For his part, Qasabi stressed the need to enhance economic, commercial and investment relations with Amman, as well as developing such ties in other domains, in order to realise the aspirations of the two countries’ people, Petra added.

He expressed hope that the forum will achieve positive results that will directly reflect on bilateral ties, referring, in this regard, to the important role of both countries’ private sectors in developing economic and commercial ties.

President of Jordan’s Chamber of Commerce Nael Kabariti said that holding the forum and the meeting of the joint council contributes to expanding economic relations and shedding light on investment opportunities that would eventually lead to increasing the commercial exchange volume that is still below the desired level.

Jordan has a big diversity of commodities that can cover the needs of the Saudi market, Kabariti noted.

He added that the Kingdom desires to increase the commercial exchange volume with Saudi Arabia, as a first step towards achieving the joint Arab economic integration  necessary for overcoming several challenges in the Arab world. 

Chairperson of the Council of Saudi Chambers Hamdan Al Samreen said that Saudi Arabia in 2015 became the biggest commercial partner for Jordan with a commercial exchange volume of $4.1 billion.

Jordan Chamber of Industry President Adnan Abul Ragheb said that the commercial exchange volume between the two kingdoms in 2016 stood at $3.328 billion, of which some $1 billion was Jordanian exports, noting that the value in 2016 dropped by 21.4 per cent, when compared to 2015. 

Jordan Investment Commission Secretary General Mikhled Omari stressed the institution’s commitment to presenting all facilities to Saudi investors and businesspeople and ensuring they finish public transactions promptly.