Korean treatment plant
Hyundai Engineering & Construction Company and Kolon Engineering both of South Korea, have submitted prequalification documents to build a 31,000 cubic-meter-a-day wastewater treatment plant in the South Amman area. The work involves the construction of a sludge pumping station, flow meters, filters and associated civil works. The client is the Water Authority of Jordan. Seoul is funding the project.
Jordan markets aircraft
Jordan’s Seabird Aviation has signed a marketing and support agreement with India’s Mahindra Defence Systems for the marketing of the Seeker reconnaissance aircraft. Under the accord, Mahindra would help win contracts for the Seeker in India’s military.
“This is a natural extension of our activities in the field of surveillance for which we have obtained a license from the Government of India,” Mahindra Defence Systems CEO Khutub Hai said.
Mahindra plans to bring the SB7L-360 Seeker to India for reconnaissance and other missions, a statement announced this week. The Seeker is designed by an Australian firm and produced in Jordan, and is already active in the Iraqi Air Force.
Jordan exports $3.6 billion in 2006
According to a report issued by Jordan’s Department of Statistics (DoS) the total volume of Jordan’s national exports expanded by 12.9 percent in 2006 to $3.6 billion, of which $1.24 billion (30.3 percent of total exports) constituted garments.
The US market imported more than 90 percent of Jordan’s garments exports with a total value of $1.16 billion.
Total exports to the US, Iraq, India and Saudi Arabia together constituted 60.7 percent of the total national exports.
Union deal in final stages
National Bank of Kuwait (NBK) is close to agreeing a deal with the local Union Bank for Savings & Investment to acquire a 51 percent stake in the bank.
“We are in the final stages and hope to finalize the deal by early February,” says a senior Union Bank official.
NBK will act as a strategic partner of Union Bank and review its management structure.
This could set a trend for future bank deals to see greater levels of involvement by the international partner, according to observers. Dubai-based Abraaj Capital took a 10.7 percent stake in Jordan National Bank, but has not been so closely involved. It acquired its stake in late September for $56 million.
It could also encourage more Gulf investors to look at the Jordanian banking sector. Until now, they have traditionally looked at the Egyptian, Moroccan and Turkish markets.