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Jordan, Saudi investors to set up 700-million-dollar joint venture

Amman- Jordanian and Saudi businesses planned to launch a 700-million-dollar joint venture during a gathering of leading figures from the private sectors of the two countries due to be held in Amman next week, a leading Jordanian businessman said Wednesday. The venture, The Development of Jordanian-Saudi Projects Company, will be set up at the behest of the Joint Saudi-Jordanian Business Council with participation from several investment funds in the two countries, Chairman of the Jordan Chamber of Commerce Haider Murad said.

The event, due to open in the Jordanian capital on Monday, is organized by the chambers of commerce and industry in the two countries, he added.

"The meeting will provide a forum for building up real partnerships between businesses in the two countries," Murad said.

Saudi Arabia, Jordan's key oil supplier, emerged as the country's top trade partner over the past few years, replacing Iraq which was forced to stop its crude exports to the Hashemite Kingdom following the 2003 US-led invasion of the neighbouring country.

Murad put Saudi exports to Jordan at 2.8 billion dollars and Jordan's exports to Saudi Arabia at 350 million dollars in 2006.
 

 

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