The Memorandum of Understanding (MOU) opens new horizons for exchanging technical and regulatory expertise in economic zone development.
The agreement enhances competitiveness through innovation, investment incentives, and infrastructure, contributing to job creation and an improved investment climate.
اضافة اعلان
The Saudi Cabinet, in its session held yesterday, approved the Memorandum of Understanding signed between the Jordanian Ministry of Investment and the Saudi Economic Cities and Special Zones Authority (ECZA) for cooperation within their respective fields.
The signing of this MOU between the two brotherly nations opens new avenues for the exchange of technical and regulatory expertise in the development of economic zones. It aims to bolster the competitiveness of these zones through innovation, investment incentives, and modern infrastructure, ultimately contributing to the creation of new job opportunities and the enhancement of the overall investment environment.
In October of last year, the Jordanian and Saudi governments signed the amended annex to the agreement for the Promotion and Protection of Mutual Investments, along with the MOU, on the sidelines of the Future Investment Initiative (FII9) conference in Riyadh.
Growing Economic Ties
Saudi investments in Jordan have witnessed significant growth in recent years, with an average growth rate of 5.6% over the past four years. Currently, Saudi investments account for approximately 7% of the total Foreign Direct Investment (FDI) in Jordan. These figures underscore the depth of mutual trust and the established economic and investment ties between the two countries.
Strategic Alignment
The Economic Modernization Vision of Jordan and Saudi Arabia's "Vision 2030" converge on clear, measurable objectives, serving as a shared compass for progress. The Jordanian Ministry of Investment, in coordination with relevant Saudi authorities, is working to implement and follow up on these agreements through a joint action plan. This plan includes specific projects in sectors such as:
Energy and Transport
Logistics and Tourism
Modern Technologies
These signed agreements reflect a future of integrated economic cooperation based on trust, commitment, and mutual respect, aimed at achieving prosperity for both the Jordanian and Saudi peoples.
Source: PETRA
