Jordan-UAE MoUs uncover $5.5 billion investment opportunities

AMMAN — The memoranda of understanding (MoU) signed between Jordan and the UAE during His Majesty King Abdullah's visit to the UAE on Wednesday identify investment opportunities worth $5.5 billion, Investment Minister Khuloud Saqqaf and Planning and International Cooperation Minister Zeina Toukan said in Thursday. 

Saqqaf and Toukan said that the MoUs aim to expand cooperation aspects to realise sustainable development and prosperity in the two countries, according to a Prime Ministry statement.

One MoU covers investment fields signed between the Abu Dhabi Developmental Holding Company (ADQ) and the Jordan investment fund (JIF), while a second one was signed for an Emirati government grant worth $400 million to finance development projects in the Kingdom.

ADQ Director General Mohammed Al Suwaidi and Toukan signed the MoUs. 

The first memo, signed between the Jordanian and UAE ministries of investment, comprises investment in infrastructure and development projects in the Kingdom and exchanging expertise and cooperation in the field of investment.  

The second was signed between the JIF and ADQ to establish an investment fund in Jordan as per the JIF Law for investment in several infrastructure and development schemes with a value exceeding $5.5 billion. 

These ventures include sewage treatment plant/waste to energy plant, a project to operate the new Aqaba multipurpose terminal, funding a port community system and a railway project linking mining sites with the Aqaba port.

The $400-million memo covers the educational sector through establishing five technical schools with a total value of $40 million to achieve the goals of the Jordan Education Strategy 2018-2025.

It also aims at developing the literacy skills programme among children and the youth, with a total value of $20 million by developing comprehensive solutions for illiteracy in the Arabic language, in addition to allocating $20 million for the expansion of KG2 in public schools.

In the digitisation sector, the memo allocated $100 million for developing the digital infrastructure at the Health Ministry via providing it with necessary devices, equipment and servers.  

As for the energy sector, the MoU funds the connectivity of Al Muwaqqar Industrial City, Al Rawda Industrial City in Maan, and the Mafraq Development Zone to the natural gas pipeline with a value of $70 million, in a bid to reduce energy costs for national industries and increase the competitiveness of local products.  

For tourism, the MoU will finance a project to develop the land adjacent to the Baptism Site with a value of $75 million. The scheme seeks to transform Jordan Valley into a sustainable developmental zone and promote tourist services.

The memo will also support the state budget with $75 million for implementing capital projects in the state budget.

The MoU includes a project to build a road connecting the Aqaba Port to Al Karama border crossing with Iraq, which will be a logistic, economic corridor to boost the pan-region trade. The project is currently under consideration with the Emirati side and having an estimated cost of $1 billion.