Qatari investments flowing to Jordan amid Syria turmoil

Published June 7th, 2011 - 09:30 GMT

Due to the deteriorating security situation in Syria and the relations with Qatar, three leading Qatari firms have decided to move their investments to Jordan instead of Syria.

Qatar’s Woqod Company which is the exclusive distributor in the Qatari market for a number of petroleum products and the owner of a chain of petrol stations, has decided to put off its plans to open its modern stations in Syria and instead decided to transfer this investment to Jordan.

In addition, the Qatari Water & Electricity Co. QEWC, which was planned to build two power stations in Syria in cooperation with the Ministry of Electricity announced that it had canceled two projects and decided to move its investments to Jordan.

Now the Qatari company plans to establish these power stations in Jordan, citing a lack of cooperation from the Syrian partner, i.e. the Electricity Ministry.

On his part, Mohamed Subaey, Vice-Chairman of QEWC Board of Directors said that the company suspended its project in Damascus as a result of the political developments taking place there, pointing at the same time that his company began to conduct studies of the investment required to enter the Jordanian market.

Subaey said that the company abandoned a proposed project in Syria despite the completion of its studies, describing the moment as “not ideal” to start the project which involves the establishment and the management of fuel stations.

Meanwhile, Qatar Meat and Livestock Company is waiting for its maiden sheep shipments from Jordan after a shipment from its Syrian partner has not arrived as a result of the political developments in the country.

The Qatari Diar has also frozen its projects in Syria. The total value of investments there was put at US$ 350 million.

Source: www.yallafinance.com


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