(MENAFN - Jordan Times) AMMAN (Petra) — At JD4.25 billion, Kuwait ranks first among other countries investing in the Kingdom's various economic sectors.
The Kuwait Jordan Holding Company, which was launched in 2004 during a visit by His Majesty King Abdullah to Kuwait, with a capital totalling $122 million, announced recently that it was conducting studies to establish a tourist resort and a commercial centre at the Dead Sea at a cost reaching up to $200 million.
The company, the largest Kuwaiti investor group in the country so far, will also build a $230 million cement factory and a slaughter- house at an estimated cost of $30 million.
In January 2003, MTC, another Kuwaiti business group, closed a $420 million deal and acquired most of Fastlink company in Jordan.
Other Kuwaiti investments include those launched in the Aqaba Special Economic Zone through the National Real Estate Company at a capital of over $113 million.
Kuwait's Sultan Centre, also contributed to the rise of the Kuwaiti investments in the Kingdom through the purchase of Safeway supermarket.
Alshaya company is another Kuwait investor that contributed to the building of Starbuck's cafes in the Kingdom.
Among recent Kuwaiti investors is Noor Financial Investment which is part of the consortium that has recently won a tender for expanding Queen Alia International Airport.
The exchange of visits by businessmen and economists of the two countries helped raise the amount of business cooperation between Jordan and the Gulf country.
In September 2005, president of Kuwait's Chamber of Industry and Trade, Ali Ghanem, visited the Kingdom in order to push for further economic cooperation between the two countries.
Jordan also worked towards increasing Jordanian-Kuwaiti cooperation as the Jordan Investment Board opened the first representation office in Kuwait.
So far, a total of JD154 million worth of Kuwaiti investments have benefited from the Jordan Investment Promotion Law. The law offers tax exemptions and other benefits to foreign investments.
This is in addition to other Kuwaiti investments in the sectors of construction, tourism, services, banking and insurance.
The Jordon Times ( MENAFN.COM