A $2 billion memorandum of understanding was signed by Jordan and the UAE’s Ministry of Investment with the intention of creating a framework for joint investment in strategic areas.
Reported to the Emirati News Agency, the MoU covers development and infrastructure projects as investment sectors, with an emphasis on strengthening the long-lasting strategic alliance between the two nations.
Mohammed Hassan Al-Suwaidi, the UAE’s minister of investments, and Zeina Toukan, the Jordanian minister for planning and international cooperation, signed the memorandum of understanding.
Additionally, in order to create a joint investment fund, Abu Dhabi Development Holding Co. and the Jordan Development Fund recently entered into a strategic collaboration agreement.
The aforementioned collaboration shows ADQ’s dedication to augmenting sustainable development endeavors within Jordan and the surrounding area.
“To ensure shared development and economic prosperity, we dedicate ourselves to enhancing collaboration with our partners,” stated Al-Suwaidi. This MoU demonstrates our intention to strengthen the fraternal ties connecting the UAE & Jordan and to increase investment and collaboration in that country.
In order to explore new avenues, build a better future, and achieve progress for both countries, he continued, “We look forward to collaborating with our brothers and sisters in Jordan.”
The chance to strengthen the strong historical links between the two nations is presented by the memorandum of understanding. It also emphasizes how committed they are to boosting each country’s economic growth.
“We hope to create the way for creativity and development that will be beneficial to the people of Jordon and the UAE through collaboration and knowledge exchange,” she continued.
With the MoU, both countries will be able to investigate ways to increase bilateral investments and support GDP, with an emphasis on industries like manufacturing, transportation, renewable energy, medicines, and food production.
rise in non-oil trade
According to WAM, non-oil commerce between the United Arab Emirates and Jordan has increased by 138% over the last ten years, from 6.9 billion dirhams in 2013 to 16.4 billions dirhams ($4.47 billion) by the year’s end of 2022.
In comparison with 11.2 billion the dirhams in 2021, non-oil commerce between the two nations increased by 46.4 percent over the last year to reach 16.4 billion dirhams.
Jordan, one of the emirate’s most important trading partners, ranks the UAE among its top five non-oil nations for trade.