Saudi Arabia and Jordan have strengthened their economic partnership through a high-level investment roundtable held in Riyadh, where ministers from both nations signed key agreements to enhance bilateral investment cooperation and special economic zones development. The meeting, which took place on Thursday, was co-chaired by Saudi Minister of Investment Khalid Al-Falih and Jordanian Minister of Investment Tareq Abughazaleh, marking a significant step forward in Arab economic integration.
Strategic Partnership Enhancement
The high-profile gathering brought together senior officials including Saudi Ambassador to Jordan Prince Mansour bin Khalid bin Farhan and Jordanian Ambassador to Saudi Arabia Haitham Abu Alfoul, alongside key representatives from both public and private sectors. The meeting’s agenda focused on exploring new investment opportunities and strengthening existing economic ties between the two brotherly nations.
Under the leadership of Chairman of the Saudi-Jordanian Business Council Eng. Abdulrahman Al-Thubaity, participants engaged in detailed discussions about enhancing mutual investments and creating more favorable conditions for investors from both countries.
Key Agreements and Developments
A significant outcome of the roundtable was the signing of an addendum to the existing bilateral investment protection agreement. This update modernizes the legal and regulatory frameworks governing cross-border investments, demonstrating both countries’ commitment to creating a more robust and attractive investment environment.
Additionally, the Economic Cities and Special Zones Authority (ECZA) of Saudi Arabia signed a landmark memorandum of understanding with Jordan’s Ministry of Investment, focusing on knowledge exchange and development of special economic zones. This agreement includes provisions for specialized workshops, field visits, and collaborative efforts to enhance the competitiveness of economic cities.
Regional Economic Impact
The strengthened partnership between Saudi Arabia and Jordan represents a significant step toward greater regional economic integration. These agreements align perfectly with both Saudi Vision 2030 and Jordan’s Economic Modernization Vision 2033, creating synergies that will benefit both nations’ long-term development goals.
Vision 2030 Alignment
This enhanced Saudi-Jordanian cooperation directly supports Saudi Arabia’s Vision 2030 objectives of diversifying the economy and establishing the Kingdom as a global investment powerhouse. By fostering stronger regional partnerships and modernizing investment frameworks, Saudi Arabia continues to demonstrate its commitment to creating a more integrated and prosperous Middle East while maintaining its position as a leader in regional economic development.