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Jeddah - Yasmine El Tohamy - RIYADH: The UAE’s Ministry of Investment has signed a memorandum of understanding worth $2 billion with Jordan, aimed at establishing a framework for investment cooperation in key areas.
The areas of investment covered by the MoU include infrastructure and development projects, with a focus on enhancing the enduring strategic partnership between the two countries, according to the Emirates News Agency.
The MoU was signed by the UAE’s Minister of Investment Mohammed Hassan Al-Suwaidi and Jordan’s Minister of Planning and International Cooperation Zeina Toukan.
Furthermore, Abu Dhabi Developmental Holding Co. has entered into a strategic partnership agreement with the Jordan Investment Fund to establish a joint investment fund.
This partnership reflects ADQ’s commitment to enhancing sustainable development initiatives in Jordan and the region.
Al-Suwaidi said: “We are committed to enhancing cooperation with our partners to ensure collective growth and economic prosperity. This memorandum reflects our desire to boost cooperation and investment in Jordan and solidify the fraternal relationship between the UAE and Jordan.”
He added: “We look forward to working with our brothers in Jordan to explore new opportunities and create a brighter future, achieving growth for both countries.”
Toukan said: “The memorandum of understanding represents an opportunity to build on the deep historical ties between the two countries. It also underscores their shared commitment to enhancing economic prosperity for both nations.”
She added: “Through cooperation and knowledge exchange, we hope to pave the way for innovation and growth that will benefit the people of Jordan and the United Arab Emirates.”
Through the MoU, both nations are poised to explore opportunities to enhance bilateral investments and bolster the gross domestic product, with a particular focus on sectors like renewable energy, industrial projects, manufacturing, transportation, pharmaceuticals, and food manufacturing.
Non-oil trade surge
In the past decade, non-oil trade between the UAE and Jordan has surged by 138 percent, reaching 16.4 billion dirhams ($4.47 billion) by the end of 2022, compared to 6.9 billion dirhams in 2013, according to WAM.
Non-oil trade between the two countries grew by 46.4 percent in the past year, reaching 16.4 billion dirhams, as compared to 11.2 billion dirhams in 2021.
The UAE is among the top five non-oil trading partners for Jordan, which represents one of the emirate’s most significant trading partners in the Arab world.
The total mutual investments are estimated at approximately $20 billion.
Moreover, there are 1,908 registered Jordanian trademarks in the UAE, along with 20 commercial agencies and 34 registered companies operating in seven main sectors.
The UAE is committed to developing economic cooperation with Jordan and expanding cooperation to include sectors that form the foundational pillars of the new economy based on innovation and knowledge, particularly advanced technology and digital transformation applications.
This will contribute to achieving more advanced indicators and prosperity, reflecting the joint will of both countries to enhance cooperation and increase trade and cooperation channels for the benefit of both nations.
The Joint Economic Committee between the two countries plays a pivotal role in enhancing trade and investment flows, contributing to the growth of vital economic sectors, leading to increased trade flows and the development of economic cooperation between the two countries.
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