Amman, Jan. 6 (Petra) — Jordan marked a milestone in U.S. investment partnerships as Arab Potash Company (APC) and Albemarle Corporation sealed a JOD 576 million joint venture, signaling robust confidence in the kingdom’s mining sector and its economic reform agenda.

The landmark project, creating 650 permanent jobs and hundreds during implementation, opens new horizons for foreign investment while cementing Jordan’s position as a regional mining powerhouse, industry leaders and economists told Petra on Monday.

“This investment underscores Jordan’s mining sector prominence and its enhanced global standing,” Jordan Chamber of Industry Chairman Fathi Jaghbir said, emphasizing the project’s strategic role in establishing the kingdom as a regional hub for mining industries.

The venture, he noted, will boost bromine production capabilities and strengthen Jordan’s competitive edge in global markets.

The five-year expansion aligns with Jordan’s ambitious vision to transform into a mining state by 2033, targeting a dramatic increase in the sector’s GDP contribution from JOD 0.7 billion to JOD 2.1 billion. This transformation forms a cornerstone of the Economic Modernization Vision launched by His Majesty King Abdullah II.

American Chamber of Commerce in Jordan Chairman Samer Joudeh described the agreement as a “strategic milestone” that reinforces Jordan’s position in global bromine manufacturing.

“This partnership reflects growing international confidence in our economy and opens new horizons for increased global investments in the kingdom,” he said.

The deal builds upon Jordan’s comprehensive mining development strategy, approved by the cabinet last year, which aims to nearly quadruple sector exports from JOD 1 billion to JOD 3.5 billion while expanding employment to over 27,000 workers.

Jordan Businessmen Association Chairman Hamdi Tabba emphasized mining’s role as a key economic driver, particularly in sustainable development and green economy initiatives.

He called for enhanced investor incentives and streamlined procedures to attract further investments, noting Jordan’s strategic reserves of phosphate and potash.

The project exemplifies Jordan’s broader economic reform efforts, with the mining sector classified among high-value industries under the Economic Modernization Vision.

The Ministry of Energy and Mineral Resources is working through various memoranda of understanding to reinvigorate investment momentum in the sector.

The vision includes two key initiatives: establishing a regulatory umbrella for natural resources and promoting investment in national mineral wealth, reflecting Jordan’s commitment to developing its mining sector as a crucial pillar of economic growth.

//Petra// AA
06/01/2025 20:43:36