Jordan (Global – Jordan) announced the signing of an agreement with the Jordanian Kuwaiti Infrastructure Development Company (JKID), the Company responsible for implementing the Light Rail System (LRS) Project. LRS is a 25km electric-powered, double track, standard gauge light railway system that will connect the cities of Amman and Zarqa. The agreement was signed in Jordan by Mr. Omar El-Quqa, Executive Vice President at Global Investment House (Global) and Dr. Hussain Al Sayegh, Chairman of JKID.
According to the agreement, Global-Jordan will take the role of both the financial advisor and the lead manager of the Company's future fundraising endeavors, via Initial Public Offering (IPO) and/or Private Placement.
JKID was established in May 2008 with a preliminary capital of JD10 million. Current shareholders include: Aknan Global Development for Real Estate (Aknan), Al-Madar Finance and Investment Co. (Al-Madar), and Al-Aqeelah Lease, Finance, and Investment Co. with Aknan and Al-Madar owning the majority of the Company's shares.
LRS is considered one of the most important developments in the country. The Government of Jordan is demonstrating its commitment to the Project by providing a subsidy of JD60 million to pay for new LRS infrastructure works and to offset the Project's capital costs; it is also exempting LRS from VAT, customs or income taxes during the first ten years of its operation.
Mr. El-Quqa said, "Global-Jordan is pleased to be involved in one of the top priority strategic development projects in Jordan. LRS will help elevate the quality of transportation and will provide a modern transport system that is fast, punctual, comfortable and will also reduce accidents, traffic jams, and vehicles emissions"
It is worth mentioning that Global-Jordan is fully owned by Global, one of the leading asset management and investment banking companies in the GCC and the wider Middle East and North Africa ("MENA") region.
With over 65 employees and total assets exceeding USD50 million, Global-Jordan is growing to be a full-blown investment company providing services in asset management, investment banking, wealth management, research, and brokerage. Global-Jordan's Investment Banking division provides a wide array of services that include private placements, M&As, privatizations, advisory services, andIPOs to name a few.