FROM SCRATCH NEWSWIRE

SCAVENGING THE INTERNET

QATAR PLANS $1BN JORDAN INVESTMENT

Posted by Gilmour Poincaree on November 14, 2008

Vol XXXI – NO. 239 – Friday, 14th November 2008

AMMAN: Qatar is ready to set up a fund worth at least $1 billion to acquire diversified investments in Jordan's Prime Minister Nader DahabiJordan spanning real estate to industrial projects.

Jordan’s Prime Minister Nader Dahabi, who visited Doha earlier this week, said senior Qatari officials were ready to bolster investments in the kingdom and raise at least $1bn to take advantage of any attractive opportunities available from tourism, real estate, agriculture, industry to services.

“We learnt from the Qataris they would put in this proposed investment fund an amount that is not less than $1bn,” Dahabi said.

A top-level investment team would be sent soon to Qatar to discuss specific investment projects, including those that could be set up in the country’s free trade industrial zones, Dahabi added.

Qatar already has millions of dollars of investments in Jordan, including a 33.2 per cent stake in the country’s second largest lender, Jordan Housing Bank for Trade and Finance.

Jordan had been seeking to attract Gulf financial funds along with strategic investors seeking regional opportunities.

Many Gulf states have already invested hundreds of millions of dollars in the Jordanian property market, attracted by relatively lower prices with other regional markets.

But officials are worried the global financial crisis will reduce the large inflows of remittances and investments from the oil rich region which had contributed to booming economic growth in recent years.

Bankers already cite a drop in investments but officials hope they can still attract select bargain hunting by savvy Gulf investors hit by turbulence in Western markets and now turning to regional opportunities that are perceived safer.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘GULF DAILY NEWS’ (Bahrain)

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