Amman, Feb. 9 (Petra) – In a move aimed at promoting sustainable economic development, the Council of Ministers approved on Sunday the establishment of the Jordanian Company for Developing Cities and Facilities, a non-listed public shareholding company affiliated with the Jordan Investment Fund.

This initiative aligns with the government’s efforts to stimulate economic growth by implementing large-scale infrastructure projects that play a vital role in enhancing the investment climate in the Kingdom.

The company will focus on developing strategic projects, including improving intercity public transportation networks, establishing alternative roads, and advancing railway transportation projects. Additionally, it will work on developing new urban lands to prepare them for real estate and commercial investment. Other major projects include constructing a fully integrated sports stadium as part of a modern sports city, which is expected to support the sports tourism sector and boost local revenues.

Through these projects, the government aims to attract local and international investments and forge fruitful partnerships with the private sector, strengthening Jordan’s economic growth and competitiveness in the region. The initiative is expected to create new job opportunities and drive economic development across various governorates.

Experts Praise Public-Private Partnership Model

Economic experts told the Jordan News Agency (Petra) that this initiative represents a turning point in stimulating investment and fostering public-private sector collaboration. They emphasized that the government is actively working to promote economic growth and achieve sustainable development nationwide.

They highlighted that this cooperation model will make the development process more inclusive and effective, with the government providing legislative support and regulatory frameworks while the private sector contributes expertise and capabilities to project execution. This partnership is expected to accelerate development efforts and generate positive economic and social returns.

Contractors’ Association Welcomes Initiative

President of the Jordanian Construction Contractors Association, Fuad Duwairi, welcomed the Cabinet’s decision, affirming the association’s readiness to provide support to the new company and its subsidiaries. He emphasized that the company’s goal is to achieve sustainable development and enhance strategic infrastructure projects in the Kingdom.

Duwairi reaffirmed the association’s full commitment to supporting government plans for urban development and strategic projects. He noted that establishing this company will significantly improve Jordan’s infrastructure and create a more attractive investment environment.

He revealed that the association held several meetings with its general assembly to assess Jordanian contractors’ readiness to participate in large-scale projects, such as public transportation improvements, alternative roads, and sports facilities.

He pointed out that these projects present opportunities for the private sector across various fields, including infrastructure, transportation, and real estate. By participating in major initiatives such as modernizing public transportation networks, developing alternative roads, and railway projects, the private sector will have significant opportunities in construction, engineering, operation, and maintenance. Additionally, urban land development will create new real estate and commercial investment prospects, stimulating local economic activity.

Economic and Investment Implications

Duwairi emphasized that these projects will improve public services, raising citizens’ quality of life and encouraging local consumption. In the long term, such initiatives will help create an attractive investment environment for both domestic and international investors.

He expressed optimism about the future of public-private partnerships, reaffirming the crucial role of the Contractors’ Association in executing major construction projects that align with national interests and enhance Jordan’s capacity to address future urban development challenges.

Business Leaders Endorse Initiative

Tariq Hijazi, Director General of the Jordanian Businessmen Association (JBA), stated that the establishment of the company marks the beginning of an effective public-private partnership to develop infrastructure projects, new cities, and essential facilities.

He emphasized that, given the current global political and economic climate, launching this company sends a reassuring signal about the government’s commitment to self-reliance, economic expansion, and job creation in the short and medium term helping to reduce unemployment rates.

Hijazi also noted that the company’s objectives would significantly diversify state revenues and increase the economy’s overall value by boosting the market capitalization of the company, thereby providing substantial liquidity for project implementation.

A New Era for Jordanian Public Companies

Economic analyst Munir Diya stressed that the establishment of this company comes after years without new public shareholding companies in Jordan. He said that launching this company at this critical juncture is crucial for executing large-scale infrastructure and public transportation projects while attracting foreign investments.

Diya highlighted that this company will play a key role in implementing major future projects, including the development of a new city, a modern sports stadium, an integrated sports complex, and an exhibition center.

He noted that these projects will have a tangible impact on the national economy by increasing GDP growth, reducing unemployment, and improving public services.

Diya also pointed out that Jordan’s economy urgently needs new public shareholding companies capable of managing large-scale projects, particularly in vital sectors.

He emphasized that citizens are eagerly awaiting the implementation of long-overdue projects in transportation, public infrastructure, and urban services. If the government, through this new company and in collaboration with the private sector, can successfully execute these initiatives, the positive economic impact will be significant and swift.

//Petra// AF
09/02/2025 21:41:07