Saudi-Jordanian Business Council Explores Investment Opportunities in “Amman Vision” Projects

The Jordanian Businessmen Association (JBA) on Monday hosted a remote meeting between the Greater Amman Municipality (GAM) and the Saudi-Jordanian Business Council. The purpose was to promote investment projects aligned with the "Amman Vision" and to explore enhanced economic and investment collaboration between Jordan and Saudi Arabia. In a statement released on Tuesday, Amman Mayor Yousef Shawarbeh emphasized the exceptional nature of Jordanian-Saudi relations, highlighting their strong economic and investment ties. He elaborated on the role of the Amman Vision Company for Investment and Development in offering high-quality opportunities for investors, aimed at diversifying assets and achieving substantial returns. Shawarbeh noted that Amman Vision, as the investment and development arm of GAM, provides numerous investment opportunities in land, assets, and investment rights for those interested in successful projects that contribute to the city's and the Kingdom's progress. He reiterated that the muni cipality's strategic goal is to strengthen its partnership with the private sector in developing projects that support Amman, despite the Kingdom's economic challenges. Furthermore, Shawarbeh underscored the favorable investment climate in the Kingdom, bolstered by the Investment Environment Law and GAM's tenders, which support development projects. He specifically highlighted the Smart City initiative as a major project aimed at transforming Amman into a smart city, with plans to extend these developments across the Kingdom. Hamdi Al-Tabbaa, President of the JBA, commended Amman for its notable advancement in various economic sectors, which enhances its appeal for investment and tourism. He highlighted Amman's ranking as tenth in the region on the Smart Cities Index 2024, due to improvements in infrastructure and technology, particularly in artificial intelligence and digital transformation. Al-Tabbaa noted significant progress in the transportation and logistics sectors, which have improved the city's infrastructure and transportation efficiency. Additionally, he pointed out that Amman offers numerous investment opportunities that cater to market and investor needs, paving the way for enhanced trade and investment relations between Jordan and Saudi Arabia. He emphasized the importance of joint investments, expanding production, supporting joint exports, and developing marketing strategies between the two countries. Hamdan Al-Samreen, Chairman of the Jordanian-Saudi Business Council, acknowledged the deep-rooted and historical nature of Jordanian-Saudi relations. He noted the shared visions in investment and trade sectors and expressed Saudi Arabia's interest in exploring investment opportunities in Jordan. Al-Samreen stressed the desire to strengthen partnerships with GAM and enhance cooperation in developing and growing investment opportunities in Jordan. Mustafa Abu Ghosh, Executive Director of Amman Vision, presented an overview of key investment projects under the "Amman Vision." He reported the development of 50 investment opportunities in the first phase, including preliminary design studies, regulatory provisions, and financial feasibility studies. Abu Ghosh noted that 30 development agreements have been signed with investors and real estate developers worth JD80 million, with 17 projects currently under implementation and 15 awaiting license approval. He outlined the project development matrix, including projects addressing city needs, small and medium projects, and urban development initiatives. Notable projects include the SJIF healthcare project and the Black Iris Towers project in collaboration with Black Iris Real Estate Management Company. Tariq Hijazi, Director General of the JBA, explained that the meeting aimed to present investment opportunities within the Amman Vision projects and to establish a mechanism for ongoing communication with Saudi investors, ensuring that necessary facilities are provided. Source: Jordan News Agency