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UAE and Jordan to explore $2bn opportunities

An employee at a factory in Jordan. Reuters
A carpet factory near Amman. UAE's investment in Jordan will range across sectors including manufacturing, transport and renewable energy

The UAE’s Ministry of Investment has signed a deal with the government of Jordan to explore potential opportunities worth more than $2 billion.

The memorandum of understanding will look to boost bilateral investments in sectors including renewable energy, industrial projects, manufacturing, transport, pharmaceuticals and food processing, the UAE state-run news agency Wam said.

The UAE’s direct investments into Jordan last year amounted to $4 billion and accounted for 14 percent of the total foreign direct investments received by the kingdom.

Non-oil trade between the two countries reached $4.5 billion in 2022, up 47.4 percent compared to 2021.

The UAE’s non-oil exports to Jordan totalled $1.6 billion last year, while the value of re-exports from the country amounted to $2.4 billion.

The signing comes after a visit by Jordan’s King Abdullah to the UAE, as part of a Gulf tour that also includes Bahrain and Qatar.

The Abu Dhabi-based investment and holding company ADQ also announced that it has entered into a partnership agreement to create a joint investment fund with Jordan Investment Fund.

The fund will look to improve infrastructure development, boost export industries and promote innovation in Jordan.