Saudi Arabia and Jordan have signed 15 major agreements covering key investment and economic domains.
His Majesty King Abdullah II and Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, on Monday evening, oversaw the signing of the memorandum of association of the Saudi-Jordanian Investment Fund Company.
According to a Jordan News Agency (Petra) report, the investment fund company will launch investments with an estimated value of $3bn in Jordan.
The memorandum was signed by Musa Shehadeh, chairman of the Jordanian Banks Association, and Yasser bin Othman Al-Rumayan, supervisor-general of the Public Investment Fund of Saudi Arabia.
A $105m loan agreement between the Ministry of Planning and International Cooperation of Jordan and the Saudi Fund for Development was signed for the reconstruction and rehabilitation of the Amman-Aqaba Desert Highway.
Private sector officials from both countries also inked a memorandum covering a $320m treatment and rehabilitation city project in Riyadh. Another $54m agreement was also signed to establish a Jordanian-Saudi medical services development company.
Electric power companies from both countries, meanwhile, signed the memorandum of a $70m solar power station project, to be established on Jordan's eastern borders.
The areas covered by the other agreements and memoranda are social affairs, media, environment, culture, housing, uranium mining, and water desalination.
Construction Week Online