Gov’t seeking local, int’l partners in projects handled by investment fund

AMMAN — The government will invite in August 50 to 60 major international companies, businesspeople, expatriates and other interested parties to acquaint them with mega projects on the drawing board.

The projects were presented at the latest World Economic Forum at the Dead Sea last year, with the aim of attracting investments to implement them. The government’s plan, announced Wednesday by Prime Minister Hani Mulki, is meant to be part of these efforts, according to officials.

The Jordan Investment Fund, which was established through a recently endorsed law, will replace the government in managing investment-related issues, such as allocating lands, exemptions and facilities, provided that the full ownership of the project is eventually transferred to the fund, Mulki said during a visit to the Jordanian Businessmen Association (JBA).

Under the fund law, a Jordanian company has to be established and enlisted in Amman Stock Exchange as a public shareholding company, the premier said, which means that funds, banks and individuals can invest in this company through buying stakes in the envisioned firm. The company will implement projects listed in the Investment Fund Law.

Mulki also said that the government wants the private sector to have the largest share in these projects, the Jordan News Agency, Petra, reported.

He noted that companies that give priority in employment to Jordanians will be granted additional technical points, which, in turn, gives them an edge over other bidders when they compete for public tenders. 

JBA President Hamdi Tabbaa reviewed some issues of concern to the sector, especially the lingering lawsuits. 

Also speaking at the meeting, Deputy Prime Minister for Economic Affairs and Minister of Industry, Trade and Supply Jawad Anani reiterated that the government’s main mission is to encourage investment and provide a suitable environment to attract more investments that would contribute to addressing poverty and unemployment.

The Jordan Investment Fund is known to be established as part of a deal with Saudi Arabia, after both sides formed the Saudi-Jordanian Coordination Council in April. Riyadh is supposed to invest billions in a list of projects stipulated in the law, which offers several incentives and ensures protection for the investments. 

The projects include the national railway network, the electricity interconnectivity project with Saudi Arabia, the pipeline to transfer crude oil and fuel derivatives to the Jordan Petroleum Refinery Company and consumption and storage points, along with developing infrastructure at the Custodian of the Two Holy Shrines City project and a recreational estate project in Matal in Aqaba. 

Upon Cabinet’s approval of recommendations from the fund’s board of directors, more projects can be added to the jurisdiction of the fund.

The joint council has not held its
first meeting yet.

In a related development, Anani chaired a meeting comprising several chairpersons of Jordanian banks and leading companies, Petra, reported.

Anani encouraged the executives to invest in the mega-projects managed by the state fund through buying stakes in the public shareholding company when it is enlisted in the stock market.  

The deputy premier said the company should commence on its mission this year, without specifying its capital, but said it would be in billions.