DEAD SEA, Jordan, 23 May 2007 — A memorandum of understanding (MOU) has been reached between Venture Capital Bank (VC Bank), an Islamic Investment bank based in Bahrain, Jordan Arab Fertilizers and Chemicals Company (JAFCCO) and Jordan Phosphates Mines Company (JPMC) to establish a chemical fertilizer complex at the White Valley in southern Jordan.
During the recently held World Economic Forum here, Abdullatif Mohammad Janahi, board member and CEO of VC Bank, said “the distinguished relationship between the Kingdom of Bahrain and the Hashemite Kingdom of Jordan, as well as the continuous and sincere efforts of the partners in this new venture, leads to the signing of a memorandum of understanding for the development of a fully-integrated industrial complex.” He said “given the mineral resources available in Jordan and the quality of its human capital, we are excited to finalize this transaction and start the production in order to satisfy regional market needs.”
Abdullatif Mohammed Janahi, board member & CEO of VC Bank, Waleed Al-Kurdi, chairman & CEO of JPMC, and engineer Khalid Manasrah, chairman of JAFCCO, signed the MOU. The complex would specialized in the manufacturing of fertilizers and chemicals such as sulphate of potassium (80,000 MT/year), sulphuric acid (75,000 MT/year), technical/food grade phosphoric acid (22,000 MT/year) and calcium chloride (50,000 MT/year).
This MOU will provide the requisite foundation for the strategic relationship between the three firms going forward.
Project completion is for two years and upon completion, the production of this complex will be marketed in the neighboring and international markets and will have an advantage over its competitors due to the availability of raw materials from the Jordan Phosphates Mines Company and the Arab Potash Company.
Al-Kurdi said that this transaction demonstrated the growing cooperation between Jordan and GCC countries such as Bahrain in creating an attractive investment environment for foreign investors in the Kingdom.
“We are very proud of this partnership and believe that this venture is just the starting point for many investments in different areas of the Kingdom.”
