IEAI and Fortress sign Memorandum of Understanding to promote and develop “Al Mushatta”
A memorandum of understanding has been signed between the Investors and Eastern Arab for Industrial and Real Estate Investments (IEAI) and Fortress Co. for Investment and Commerce, through which Fortress will be promoting the “Al Mushatta” Industrial City project – a project launched in 2004 and owned by IEAI –, to establish the available investment opportunities, bring foreign investments from Asia, Europe and America, and monitor the quality of products manufactured within Al Mushatta . The memorandum was signed by Mr. Mohammad Al Turk and Mr. Moussa Baggili, executive directors of IEAI and Fortress respectively.
Fortress is a comprehensive investment, development, management and consulting firm with special emphasis on technology, information systems, and telecom and energy industries.
Fortress’s responsibility also involves ensuring that products/services provided from AL-Mushatta or any other location from the company established at Al-Mushatta, will be treated as a Jordanian product that can be marketed in all parts of Jordan complying with the applicable rules and regulations that governs it, and shall benefit from all bilateral and other Arab, Regional and International free trade agreements. IEAI in turn will assist in this matter.
“We are certain of Fortress’s capabilities with regards to promoting Al Mushatta globally and attracting foreign investments, in addition to supporting establishment of these investments where possible” said Mohammad Al Turk.
Al Mushatta Industrial Zone is located between the airport, capital city of Amman and port city of Aqaba, it comprises of approx. 4200 square kilometres fully laid out with state-of –the-art infrastructure in compliance with the International Industrial Zone Standards. It also include a full range of services including bank branches, customs and clearance offices, a supermarket and permanent exhibition and convention center. Current projects within Al-Mushatta include an aviation city and logistical city. Also negotiations are in progress with key investors in the construction industry.