Kuwait's $12bn investments to support Jordan's economy

Kuwait's investments in Jordan, estimated at USD 12 billion, are considered to be a key element in supporting the kingdom's economy and decreasing the level of both unemployment and poverty. Jordanian officials noted the importance of such investments to achieve development and create more job opportunities in a country which lacks natural resources and depends mainly on the human factor. Jordanian Minister of Planning and International Cooperation Dr Ibrahim Saif told Kuwait News Agency (KUNA) on Sunday he was grateful for Kuwait's role in developing his country through investments and the Kuwaiti grant of USD 1.25 billion as part of the GCC grant aiming to fund developmental projects. Saif praised the role of Kuwait Fund for Arab Economic Development (KFAED) in supporting Jordan's economy, adding that the Kuwaiti grant was of positive results on the State's budget. Executive Chief of Jordan Investment Board Dr. Awni Al-Shdeefat told KUNA that the board offers Kuwaiti investment companies facilitations and speedy procedures for doing business in Jordan. Kuwaiti investments spread across the industrial sector, hotels, hospitals and real estate, said Al-Shdeefat, praising the efforts of the Kuwaiti diplpmatic channels in cooperating with Jordanian officials. President of Jordan's Chamber of Commerce Nael Al-Kabariti told KUNA that the trade volume between the two countries reached USD 263 million in 2012, noting the strong political relations shared by the two sides. Executive Manager of Zain - Jordan Ahmad Al-Hananda told KUNA that the company which is considered to be one of the biggest Kuwaiti investments in the country, invested about USD 1.7 billion and supported the state's budget with about USD 2.3 billion. He added that Zain which employed about 1.238 employees, contributes to the society's development through projects valued at nearly USD 57 million, while providing education for about 325 college students, and offering college scholarships to 34 orphans. Al-Hananda noted that about 270 students have so far graduated from Zain's mobile phones maintenance training programs, adding that the company had also provided medical care to about 150,000 kids. Moreover, the company had given job opportunities to about 1,308 college students. Official Jordanian reports said that Kuwait is among the top Arab and world countries with investments in Jordan's Stock Exchange, reaching about USD eight billion by the end of 2013.