Jordan's energy sector about to attract phenomenal investments
“Our top priority at JIB is to attract investments in the renewable energy sector due to the dire need of the Kingdom to diversify energy resources," said Awni Rushound, CEO of the Jordan Investment Board.
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Investment inflows to Jordan are expected to reach JD2 billion ($2.8 billion) in 2013, up from JD1.6 billion ($2.2 billion) registered in last year, Jordan Investment Board (JIB) acting Chief Executive Officer Awni Rushoud said Sunday.
Noting that the volume of investments, both foreign and domestic, reached JD744.4 million during the first half of 2013. Rushoud told The Jordan Times over the phone that with a number of investment projects in the pipeline, and several foreign investors JIB is negotiating with, the overall capital inflows can go up to JD2 billion by the end of this year.
He mentioned that a Venezuelan-based company, Pacific Rim Energy, is interested in investing $250 million to build a solar energy project with a production capacity of 100 megawatts, and that some Chinese firms have also expressed interest in the Kingdom’s renewable energy sector.
The JIB head said he would go to China next week to attend the Arab-Chinese trade summit and that he would hold talks there with executives of several Chinese companies.
“Our top priority at JIB is to attract investments in the renewable energy sector due to the dire need of the Kingdom to diversify energy resources,” he said, adding that establishing solar and wind power schemes also aim at meeting Jordan’s industrial sector needs for cleaner and cheaper energy.
Jordan is an attractive country for foreign investors as it offers opportunities and incentives in addition to security and stability in a volatile region.
By: Omar Obeidat
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