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June 26 2022 7:39 PM ˚
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Saudi-Jordanian fund earmarks $3b for major projects in Jordan

(File photo: Ameer Khalifeh/Jordan News)
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AMMAN — The CEO of the Saudi Jordanian Investment Fund (SJIF), Omar Alwir, said on Sunday that the fund is committed to invest $3 billion in major projects in Jordan, Al-Mamlaka TV reported.اضافة اعلان

Alwir told the news station that “we have many promising sectors, and in the past few years several investments have been made in pilot projects” at the individual level and in small and medium-sized businesses.

The fund’s commitment of $3 billion, “the largest in the history of the Kingdom”, will be directed towards “major” investments in infrastructure and other strategic sectors, he said.

The SJIF was established in 2017 and came as part of the cooperation between the two kingdoms, according to Alwir.

“The establishment of this partnership came under the Jordan Investment Fund Law, which allows Arab sovereign funds and other investment funds from anywhere in the world to be invested in infrastructure projects and major strategic sectors on a build-operate-transfer basis, where the ownership of all assets will revert to the Jordanian state after the end of the investment period,” he added.

“Any project that is invested in must have a reasonable and feasible economic return, but this is not enough. Any investment must have a clear long-term development return, not ... (for) the overall economy of Jordan, but ... (for the) communities in which the investment is made.” Alwir said.

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