Joint $3b fund to serve two kingdoms — Saudi official

AMMAN — The signing of the memorandum of association of a company that will run the Saudi-Jordanian Investment Fund was a milestone in the implementation of a project that would serve the interests of both neighbours, a senior official said.

Supervisor of the Saudi General Investments Fund Yasir Al Rumayyan told The Jordan News Agency, Petra, that the new company is a joint investment between his agency, which manages around 200 investments worldwide, and two local bank groupings: Jordan Commercial Banks Group and Jordan Islamic Banks Group.

The fund will be investing in vital sectors in Jordan, such as energy and tourism, the official said, adding  that the project comes in line with the Saudi development plan for 2030, which seeks diversification of investments and destinations.

Rumayyan explained that the investment decisions of the company will be taken based on specific criteria that “ensure long-term revenue”.

Each of the two banking groups was registered as a private shareholding company, with the first including Arab Bank, Housing Bank for Trade and Finance, Jordan Ahli Bank, Jordan Kuwait Bank, Ettihad Bank, Bank of Jordan, Cairo Amman Bank and others. 

The Islamic Banks include the Jordan Islamic Bank, Arab International Islamic Bank and Jordan Dubai Bank. 

As he received Rumayyan on Monday, Prime Minister Hani Mulki urged the joint fund to implement economically feasible projects, vowing every help possible to facilitate such investments, Petra reported.