Saudi Arabia to create joint investment fund to aid Jordan

KingSalmanSaudi Arabia’s King Salman bin Abdulaziz Al Saud. (Photo: Wikimedia Commons)Saudi Arabia will set up a US$3bn joint investment fund for Jordan, among 15 cooperation agreements signed by King Salman bin Abdulaziz Al Saud during a visit to Amman

Other agreements include measures to boost power generation, tackle water shortages, and improve housing and health services, Jordan’s official Petra news agency said.

It said the accords covered uranium mining and water desalination projects, and that a memorandum was signed to build a US$70mn solar power station on Jordan’s eastern border.

The agreements, worth a total of US$3.5bn, were signed shortly after King Salman’s arrival for an Arab Summit later this week, Petra added.

Jordan is thought to have significant uranium reserves and has struck deals over the years with foreign firms to mine for uranium in its central region, while also considering building a nuclear power plant.

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