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Jordan Investment Board inaugurates representative office in the UAE

United Arab Emirates: Wednesday, January 23 - 2008 @ 13:30

H.E. Turki Al Khraisha, Hashemite Kingdom of Jordan’s Ambassador in UAE, many Jordanian VIPs and diplomats, and UAE and Jordanian investors attended the inauguration.

The representative office of Jordan Investment Board is the fourth office in UAE after Kuwait, Qatar and China representative offices. It will provide the required and necessary facilities that serve the investment, trade, economic, technical and financial interests.

In her address during the inauguration ceremony, H.E. Sheikha Lubna Al-Qasimi, UAE Minister of Economy, expressed her congratulations on the inauguration of the new office to encourage investments. She stated that the opening of this office represents the solid relationship between the two brother countries, which have the direct auspices of H.H. Sheikh Khalifa Bin Zayed Al Nahyan, UAE President (May Allah protect him), and H.M. King Abdulla II, King of Hashemite Kingdom of Jordan (May Allah protect him).

Her Excellency expressed her hopes for the next period to witness a shared advent of UAE and Jordanian investors and businessmen to implement common projects, whether inside or outside the two countries.

She has discussed the major investment developments of UAE, which witnesses a quantitative and qualitative development in all fields, especially in the economic aspect. Thanks to its attractive investment environment, UAE also witnessed a huge flow of investments and has been ranked first among the region’s countries, where it captured 60% of the foreign investments coming to the Gulf countries. According to a survey conducted by Ministry of Economy in 2007, the volume of foreign investments in UAE reached Dhs69 bn or $19bn.

Her Excellency stated: “Global companies successively entered UAE, making use of its encouraging investment atmosphere. I am delighted with the existence of Jordanians among these investors in UAE.”

She stated further:

“The trade cooperation between the two countries has largely developed over the past years, wherein the trade exchange reached about Dhs1.5bn in 2006. The Hashemite Kingdom of Jordan is one of the first countries that signed the free trade agreement with UAE, and the two countries are members in the Great Arab Free Trade Zone Agreement, which widely enhanced the trade exchange between both countries.”

“UAE always seeks to enhance its economic relations with Jordan. We are looking forward to build advanced economic relations with Jordan, including the increase of the trade exchange, the cooperation in securities markets, establishing common projects and the utilization of all available investment opportunities in both countries, especially the real estate, tourism and industrial projects,” she added.

Her Excellency urged the private sector in both countries to take the initiative of implementing common projects inside and outside the two countries, referring to the huge capabilities of the private sector in both countries to implement outside projects.

She also praised the economic developments in Jordan, as well as the qualitative results of the Jordanian governmental schemes, referring to the fact that the Al-Aqiya investment region has exceeded its strategic plans with a percentage of 133%, and implemented various projects announcing the great renaissance of the Kingdom over the coming future era.

“Since Jordan has lately signed international and local investment agreements with a value of 52 billion dollars, it is an important investment stop. I am so happy that companies in the UAE participated in these investments, including the construction of the ‘Marine Golf Samara Spa’ in the Dead Sea region with a cost of 500 million Dollars, which will be executed by the Dead Sea Company for Tourism Investments, with the participation of Emaar Properties, in addition to many other projects executed by UAE businessmen.

In his inauguration speech, Minister Al Hadidi asserted that the expansion of the economic relation basis between the two countries shows the deep political relations between the UAE and the Hashemite Kingdom of Jordan. At the same time, he assured that the growth of UAE and Gulf investments increases the correlation of Jordan with the GCC countries.

His Excellency explained that the investment environment in Jordan is successful based on all economic and financial standards, along with the diversity of the economic sectors appropriate for investment in Jordan. Further, he referred to the great opportunities of investment in the different added-value sectors.

The CEO of Jordan Investment Board, Dr. Maan Al Nsoor, stated that choosing to establish representative offices in Arab Gulf countries is due to many factors that encourage partnerships with such countries, including geographical convergence, common language, customs and traditions, and the long history of the common development Arab Cooperation. In addition, the basic goal is to make the Gulf investors acquainted with the investment opportunities provided by the investment atmosphere and environment in Jordan.

Therefore, the Jordan Investment Board established representative offices in Kuwait, Qatar, and China, and now in the UAE to encourage investment in the main markets of investment exportation. The representative office will provide permanent headquarters to establish relations with the business community and to provide them with the investment opportunities available in the Jordan investment environment.

Dr. Al Nsoor showed that the representative office is going to help investors find locations for their businesses, together with collecting and presetting the investment data and technical information to the stakeholders. Further, the representative office will hold meetings between the potential private sector’s partners and the governmental officers.

Moreover, Dr. Al Nsoor added that during the last years, the Hashemite Kingdom attracted many investments to help promote economic growth by making use of the available human resources and facilities, submitted in respect of investment encouragement.

In this way, many local industries with added value reached the global market, such as the USA, through adopting a strategy aimed at raising the quality of the product in order to participate in the international competition.

The UAE investments benefiting from the Investment Encouragement Law in Jordan reached JD74.8m, the majority of which is distributed to the industry and hotels sectors at about JD35m each.

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Wednesday, January 23- 2008 @ 13:30 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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