Khaberni - Jordan and Saudi Arabia signed on Thursday the amended annex to the mutual investment promotion and protection agreement between the two countries, as well as a memorandum of understanding between the Ministry of Investment and the Authority of Economic Cities and Special Zones in the Kingdom of Saudi Arabia, on the sidelines of the Future Investment Initiative (FII) Conference in Riyadh.
The signing ceremony was attended by the Minister of Investment Tariq Abu Ghazaleh and his Saudi counterpart Khalid bin Abdulaziz Al-Falih, along with a number of officials from both countries and senior representatives of companies and investors. The event also included a meeting with representatives from 21 Saudi companies.
Abu Ghazaleh emphasized in his speech during the session that the signing of the amended annex to the investment agreement marks a qualitative leap in the path of economic cooperation between the two countries, and lays the groundwork for a new phase of investment partnership based on clarity, transparency, and alignment with best international practices. He pointed out that the agreement limits legal risks and ensures protection for the investor and the state’s rights alike.
Abu Ghazaleh explained that Saudi investments in Jordan have seen significant growth in recent years, with a growth rate of 5.6% over the past four years.
He added that the Kingdom of Saudi Arabia represents about 7% of the total direct foreign investments in Jordan.
Abu Ghazaleh further pointed out that these investments have benefited from exemptions and incentives provided by the investment environment law. He indicated that these figures not only reflect the volume of investments but also confirm the depth of mutual trust and the strong economic and investment relations between Jordan and the Kingdom of Saudi Arabia.
The minister stressed that the signing of the memorandum of understanding with the Authority of Economic Cities and Special Zones in the Kingdom of Saudi Arabia opens new prospects for technical and regulatory expertise exchange in developing the economic zones, enhancing the competitiveness of these areas through innovation and investment stimulation, and modern infrastructure, which contributes to creating new job opportunities and improving the investment environment in both countries.
He added that the economic modernization vision in Jordan and Saudi Vision 2030 converge in clear, measurable targets and together they form a shared compass for progress and success, asserting the readiness of the Ministry of Investment to activate the agreements and follow up on their implementation through a joint action plan that includes specific projects in sectors of energy, transportation, logistics, tourism, and modern technologies.
Abu Ghazaleh concluded his statement by affirming that what was signed today represents a proclamation of an integrated economic future between the two brotherly countries, based on trust, commitment, and mutual respect, and which achieves prosperity and well-being for the Jordanian and Saudi people.
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