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JV deal to set up $170m Jordan glass factory

Amman, May 28, 2008

Jordan's Ma’an Development Company (MDC) has signed a $170 million joint venture agreement to set up a glass factory.

The other firms in the venture include Qatar's Remal Holding and DTEC, a technology provider and operator of glass factories.

MDC was set up by the South Company for Construction and Development (SCCD), which was established with a mandate to act as a catalyst of growth for the south of Jordan, driving economic and social development through projects that will create jobs, promote education and preserve the natural and cultural character of the area.

The first among SCCD’s projects is the Ma’an Development Area (MDA), a project of considerable proportion that is bound to reinvigorate the southern region of Jordan and bring economic and social prosperity to the Governorate of Ma’an.

The signing ceremony took place at the headquarters of the King Abdullah II Fund for Development and was attended by Majed Jwiehan, CEO of Remal Holding , and Harold Prang, CEO ofDTEC.

The project will be jointly owned by MDC, the Jordanian armed forces, Euro Glass and Remal Holding. DTEC will manage, design and provide technical assistance and off take the production of the factory for the first five years.

Jweihan said during the signing ceremony that Jordan is now an attractive destination for GCC investors, thanks to its favourable legislative and regulatory environment, its political stability and the availability of a capable and educated workforce.

Prang said the glass factory will create around 2,000 job opportunities in Ma’an when fully operational, with many more indirect jobs to be created around the governorate.

Made up of four complementary clusters including a residential community, an industrial zone, a Hajj city, and a vocational training center, the Ma’an Development Area (MDA) is set to become a regional hub for industrial activity and a centre of excellence for vocational training, as well as a religious landmark for pilgrims on their way to the Holy cities in Saudi Arabia, offering them the ideal environment for their rest, relaxation and prayer. 

The development of MDA is expected to create more than 7,000 jobs in total across the project’s different phases and will help Ma’anis achieve their full potential while upholding their culture, traditions, and heritage, the statement said. -TradeArabia News Service




Tags: Jordan glass factory | Maan Development Company |

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