Jordan, Saudi Arabia sign major agreements | Business | Ammon News

Jordan, Saudi Arabia sign major agreements

[3/27/2017 5:07:39 PM]

AMMONNEWS - Following a summit meeting between His Majesty King Abdullah II and Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud on Monday evening, public and private sectors officials from Jordan and Saudi Arabia signed 15 major agreements in key investment and economic domains.

The two leaders oversaw the signing of the memorandum of association of the Saudi-Jordanian Investment Fund Company LTD, which will launch various investments in Jordan in key areas at an estimated value of $3 billion.

The memorandum was signed by on behalf of the Jordanian side by Musa Shehadeh, Chairman of the Jordanian Banks Association, representing the Jordanian banks contributing to the company, and Supervisor-General of the Public Investment Fund of Saudi Arabia, Yasser bin Othman Al-Rumayan. Another $105-million loan agreement between the Ministry of Planning and International Cooperation and the Saudi Fund for Development was signed for the reconstruction and rehabilitation of the Desert Highway (Amman-Aqaba).

Private sector officials from both countries inked the memorandum of a $320-million treatment and rehabilitating city project in Riyadh. Another $54-million agreement was also signed to establish a Jordanian-Saudi medical services development company.

Both countries' electric power companies signed the memorandum of a $70-million solar power station project to be established on Jordan's eastern borders.

Additionally, Director-General of the Jordan News Agency (Petra), Faisal al-Shboul, and Director of the Saudi Press Agency (SPA), signed a memorandum of understanding for cooperation in the media domain.

Other agreements and memoranda covered areas of social affairs, environment, culture, housing, post, uranium mining and water desalination.

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