Saudi, Jordan establish $3bn investment company

The kings of Saudi Arabia and Jordan oversaw the signing of 15 agreements on Monday including one to establish a $3bn investment company.

Among the pacts signed during the Saudi ruler’s visit to the country for this week’s Arab League Summit was a draft agreement for a loan worth SAR393.75m ($104.9m) to reconstruct the rehabilitate the Amman-Aqaba desert road.

There was also a draft contract for research and development in mining and uranium in the Central Jordan Region and a draft memorandum of understanding to study the feasibility of constructing two nuclear reactors in Jordan.

The establishment of the $3bn investment fund follows reports last April year that both countries were setting up a joint coordination council to oversee billions of dollars in investments in the Hashemite Kingdom from the Saudi Public Investment Fund

Read: Saudi Arabia to invest billions of dollars in Jordan

Other MoUs signed yesterday covered postal services for hajj and umrah pilgrims, environmental protection, social affairs and housing, according to Saudi Press Agency.

The two countries also agreed to establish a Saudi-Jordanian medical services company and to build and operate a 50MW solar energy plant in Eastern Jordan.

Private sectors deals, including the establishment of a medical treatment and rehabilitation facility in Riyadh, were also signed.

The 22-member Arab League will meet in Jordan on Wednesday to discuss regional issues.