PIF inks MoU for investments in Jordan

Saudi Arabia’s Public Investment Fund (PIF) signed on Wednesday a memorandum of understanding (MoU) with the Aqaba Special Economic Zone Authority (ASEZA) for a development project in Aqaba city, according to a joint statement.

Under the preliminary agreement, the Saudi sovereign wealth fund will team up with Jordanian banks and financial institutions to set up and register several investment firms in the Jordanian kingdom.

Meanwhile, both countries agreed to proceed with completing other draft agreements on electrical linkage, nuclear energy, mining, investment promotion, military cooperation and defense industries.

The new agreements are expected to be signed during the Saudi King’s upcoming visit to Jordan, the statement added.