blog Resources

Comtex Finance via NewsEdge Corporation :

AMMAN, Oct 21, 2007 (Xinhua via COMTEX) — Jordan and Saudi Arabia on Sunday announced an agreement on the establishment of a cement factory with a total investment of 400 million U.S. dollars in southern Jordan.

The new cement plant, which will provide more than 300 job opportunities, is expected to start operation in the fourth quarter of 2009, with a production capacity estimated at about 5, 000 tons per day.

The plant, which is Saudi company Arabian Cement’s first move outside the kingdom, will be located in Karak, about 90 km south of Amman.

Speaking at a press conference, Maen Nsour, director of Jordan Investment Board, welcomed the investment in Jordan, saying it wasa reflection of the confidence of Arab investors in Jordan’s investment environment.

The Jordanian government is keen to provide a stimulating environment to encourage local and foreign investments, particularly in infrastructure improvement and amendments of legislation and laws, he said.

Abdullah Mohammad Al-Issa, Chairman of the Board of the ArabianCement, also told the press conference that choosing Jordan as a location for such a big and vital investment was consistent with the company’s strategic expansion plan in the Middle East and North Africa.

He said it was the open investment environment and facilities that encouraged them to place their first investment outside SaudiArabia in Jordan.

Established in western Saudi city of Jeddah in 1956, Arabian Cement is considered the largest cement manufacturing company in Saudi Arabia and the Gulf region.

<<Comtex Finance — 10/22/07>>