Jordanian, Saudi companies sign slew of cooperation agreements

• Jordan, S. Arabia sign MoU on bolstering cooperation in combating corruption 
• Jordanian-Saudi business convention aims to enhance economic, commercial ties

AMMAN — The Amman Chamber of Commerce, in cooperation with the Council of Saudi Chambers, on Tuesday evening organised a Jordanian-Saudi business convention, which also witnessed the signing of cooperation agreements between Jordanian and Saudi companies in the fields of mining, fertislisers and industry.

The convention featured an interactive dialogue in which ways to enhance economic and commercial relationships between the countries were explored. 

In his speech, Minister of Industry, Commerce and Supply Yousef Al Shamali expressed his pride in the “distinguished relations” both countries maintain in various sectors, “strengthened by the directives of His Majesty King Abdullah and Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz Al Saud”.

In 2021, the value of commercial exchanges between the countries reached roughly $4 billion, he added, stressing the importance of enhancing relations by exploring new investment and cooperation opportunities.

Head of the Jordan Chamber of Industry (JCI) Fathi Jaghbir said that the industrial sector aspires to open new doors of economic cooperation, ensuring “mutual benefit” for both countries. 

He also pointed out that Saudi investments in Jordan amount to roughly $13 billion. 

Vice President of the Jordan Chamber of Commerce Jamal Al Rifai expressed hope that the convention would shed light on various investment and economic opportunities, which can contribute to increasing the amount of commercial exchange between the countries. 

He also stressed the importance of intensifying visits between economic delegations, enhancing the role of businesspeople and making use of “the familial ties” that bring the two countries together to enhance and increase commercial exchange. 

Head of the Jordanian Businessmen Association (JBA) Hamdi Al Tabbaa said that the Jordanian private sector, including the JBA, always looks forward to “widening prospects of investment cooperation with Saudi businesses”. 

He also noted that Saudi investments in the Amman Stock Exchange are worth over $1.46 billion, in addition to a total of $399 million in registered securities. 

Ajlan Bin Abdul Aziz Al Ajlan, Chairman of the Council of Saudi Chambers of Commerce and Industry, noted that this convention presents an important opportunity, providing businesses with a platform to exchange expertise and explore joint ventures.

By the end of the convention, a number of agreements were signed between Saudi and Jordanian companies from various sectors, including Al Karam for Carpet Industry and Almorky and Blkhadr Company, the Northern Cement Company and the White Stars Company for Mining Investments, Akhtaboot Commercial Company and Naqa Al Zaytoun Company, Al Baraka for Import and Export and Doratalhail Factory for Paper Products.

Agreements were also signed between the Kemyea Yanbu for Industry (Kimpan) and the Jordan India Fertiliser Company, the Jordan Atomic Energy Commission and the Modern Nazaer Company for Industrialisation in addition to Allied Law and Arbitration and Al Shagdali Group for projects development and construction contracts.

Also on Tuesday, the Jordanian Integrity and Anti-Corruption Commission and the Saudi Oversight and Anti-Corruption Authority signed a memorandum of understanding which aims to bolster cooperation in combating corruption, the Jordan News Agency, Petra, reported.

In the presence of Saudi Ambassador in Amman Nayef Sudairi and a number of officials from both countries, Chairman of the Jordanian Integrity and Anti-Corruption Commission Muhannad Hijazi stressed that the memorandum reflects the two countries’ belief in the gravity of threats posed by corruption to the stability and security of societies.

He affirmed the two countries’ efforts to enhance international cooperation to confront corruption, as referred to in Article 48 of the UN Convention against Corruption, which encouraged state parties to consider concluding such memoranda.

Chairman of the  Saudi Oversight and Anti-Corruption Authority Mazen Kahmous indicated that the memorandum stipulates exchanging research and studies on measures to prevent corruption, information related to corruption crimes as well as laws and regulations followed in both countries.