Ammon News - The government and the Saudi Jordanian Investment Fund (SJIF) Monday signed an investment and development agreement in Amman to implement a project worth $400 million in healthcare and medical education.
During the signing ceremony, Prime Minister Bisher Khasawneh said the educational hospital project implemented by SJIF is one of the vital projects stipulated in the Jordan Investment Fund Law, approved five years ago to spur investment in Jordan.
"This government has worked hard with its partners and brothers in the Kingdom of Saudi Arabia under the shade of deep strategic ties between the two kingdoms and the leadership of His Majesty King Abdullah II and his brother the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz," Khasawneh said.
He noted the Jordanian-Saudi relationship is "exemplary and ideal," adding that this relationship has included many areas of security, investment and economic cooperation, as well as areas related to human development and border security.
He added the educational hospital project gained additional importance after the world was impacted by the COVID-19 pandemic as it seeks the establishment of a medical centre equipped with the best medical capabilities.
He added the government, in its partnership with the SJIF, is looking forward to signing more agreements, highlighting the government is looking into signing the establishment of an educational hospital within the framework of a network of relations that will link this hospital with universities abroad.
Khasawneh also pointed out this project serves as a launchpad for future investments mentioned in the Jordan Investment Fund Law, indicating that it is the first project to be implemented within the list of projects stipulated in the Law.
The Prime Minister said: "We have pioneering partners in the field of investment, led by fraternal countries such as Saudi Arabia and the UAE, and we also have partners from fraternal countries such as Kuwait, Qatar and other countries."
Khasawneh said the state is carrying out many structural reforms aimed at enabling and localising the work of the private sector as a key partner in the development and in finding solutions to unemployment, adding that the Jordanian workforce grows by 130,000 annually.
The agreements were signed by SJIF chairman Mr Hisham Attar, SJIF CEO Mr Omar Alwir, Amman Mayor Dr Yousef Al Shawarbeh, who is also the chairman of Amman Vision Investment and Development Company, JIF Director Mr Zaher Qatarneh and acting CEO of Amman Vision Investment and Development Company Ala’a-Eddin Beano.
The project will be implemented based on a build-operate-transfer (BOT) model, as ownership of the project will be transferred to the Jordanian Government after the end of the investment period, as the project is included under the provisions of Jordan Investment Fund Law No. (16) of 2016 as per the decision of the Jordanian Cabinet issued on October 18, 2020.
The healthcare project will consist of a university hospital with 300 beds, more than 60 outpatient clinics, an ambulatory care building and a medical school with a total capacity of 600 students, with a projected annual student intake of 100.
The project is expected to create more than 5,000 employment opportunities.
The project will be strategically located on the airport road, providing access to patients from across Jordan.
It will be implemented in partnership with the University College London (UCL) Medical School, as the academic partner, and UCLA Health in Los Angeles, California, as the clinical partner.
At the event, SJIF Chairman Hisham Attar expressed his appreciation for the efforts of the Jordanian government in supporting and attracting investments, reiterating the commitment of SJIF to continue working with the government and the private sector to explore and implement sustainable and value-added investments in Jordan.
Attar indicated that one of the main objectives of SJIF is to contribute to economic growth in Jordan through the long-term investments in key strategic sectors, reflecting the vision of His Majesty King Abdullah II and King Salman Bin Abdulaziz Al-Saud to boost economic and investment collaboration between the two countries.
He noted the objectives of the Saudi Vision 2030 and the strategy of the Public Investment Fund of Saudi Arabia that seeks to achieve regional economic integration, stressing that SJIF seeks to be a leader in impactful investments in Jordan.
SJIF CEO Omar Alwir indicated that the project seeks to bring global knowledge and expertise to Jordan, contribute to improving the health sector in the country, strengthen the model of accountable care, provide high-quality healthcare services and stimulate medical tourism and boost Jordan's position in this field.
By providing access to distinguished medical education, the project also seeks to build medical competencies aimed at graduating a new generation of doctors, researchers and future leaders in medicine, Alwir said.
"We’re proud to collaborate with UCLA Health, one of the top healthcare providers in the United States, and with UCL Medical School, which is ranked among the top 10 institutions in medicine worldwide", Alwir stated.
UCL, founded in 1826, is ranked eighth in the world (QS World University Rankings 2022), second in the UK for research power (REF 2021) and has 30 Nobel Prize laureates among its alumni and current or former staff to date.
UCL Medical School (UCLMS) is a recognised international centre of excellence for medical education.
Professor Mahmoud Sarhan, CEO of SJIF’s Healthcare Project said the project will include five medical centres of excellence, focused on providing expertise around the most common and fastest-growing, non-communicable diseases in Jordan and the region, including cardiology, oncology, neurology, gastroenterology and orthopaedics.
Another major goal, he added, is to focus on advanced scientific research by establishing four scientific research centres in the fields of genomics and precision medicine, stem cells and regenerative medicine, health systems and public health, and Bioinformatics.
Saudi Ambassador to Jordan Naif bin Bandar Al-Sudairi pointed out the distinguished relations between Saudi Arabia and Jordan across all fields, expressing his appreciation of the efforts exerted towards launching this flagship project in Jordan by SJIF.
The ambassador added that Saudi Arabia is Jordan’s largest trade partner and has always been eager to explore investment opportunities aiming at boosting economic cooperation between the two countries.
In his remarks, U.S. Ambassador Henry Wooster highlighted the importance of this project and its contribution to economic growth by creating jobs for Jordanians. "I am thrilled about the role UCLA Health will play in designing and operating the new hospital."
He added this kind of technology transfer and exchange of know-how represents the best the United States has to offer.
British Ambassador to Jordan Bridget Brind stated, "I am delighted that the UK in Jordan has been able to support the establishment of this major long-term partnership between the Saudi Jordanian Investment Fund (SJIF) and University College London (UCL), one of the top universities in the UK and internationally, alongside UCLA."
The project will contribute positively to the vital sectors of healthcare and education in Jordan, as well as to the economy and it is expected to create around 5,000 jobs, the ambassador added.
Construction works for the healthcare project are expected to start following the completion of the design works, expected to be ready in the second half of 2022.
The signing ceremony was attended by several ministers, top officials and the ambassadors of the Kingdom of Saudi Arabia, the UK and the U.S.
The Saudi Jordanian Investment Fund (SJIF) is a Jordanian Limited Public Shareholding Company formed in 2017 as a partnership between the Public Investment Fund of Saudi Arabia, which owns around 92% of the company, and 16 conventional and Islamic Jordanian banks, which own the remaining 8%.
The company was registered per Jordan Investment Fund Law number 16 for 2016, and its formation is an outcome of the Jordanian Saudi Cooperation Council and an MOU signed between the Public Investment Fund of Saudi Arabia and the Jordan Investment Fund on August 25, 2016.
SJIF’s investment strategy focuses on three pillars: infrastructure projects based on public and private partnerships, especially in the transport, energy, tourism, and water sectors; new projects in vital sectors, especially healthcare, education and tourism; in addition to expanding capital investments through supporting successful and promising Jordanian companies.
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