Tue 24-05-2022 17:12 PM
ABU DHABI, 24th May, 2022 (WAM) -- Strategic relations between Abu Dhabi Development Fund for Development (ADFD) and the government of Jordan date to 1974, when ADFD financed the first project in the country. Thereafter, the Fund financed hundreds of development projects in vital sectors, whose total value stands at about AED6.5 billion. These projects collectively raised the standard of living in Jordan and helped the government to fulfil its sustainable-development objectives.
As Jordan celebrates its 76th Independence Day on 25th May, ADFD participates in the observance of Jordan’s phenomenal economic achievements. Its GDP has risen by 6.5 percent, with investment contributing about 13 percent to it. The GCC grant to Jordan in 2013 amounted to US$5 billion, of which the UAE’s contribution was US$1.25 billion.
Abu Dhabi Fund for Development managed the UAE’s grant to Jordan by directly overseeing the strategic projects that had a significant impact on the country's economy. The UAE has also helped raise foreign exchange reserves by depositing the entire grant with the Central Bank of Jordan, thus improving the efficiency of the country’s financial system.
Mohamed Saif Al Suwaidi, Director-General of ADFD, said, "The relations between the UAE and Jordan exemplifies an ideal bilateral partnership, which benefited both countries. By financing many development projects, the UAE and ADFD remained a genuine supporter of advancement of Jordan’s economy and society. The benefits of the projects funded by ADFD in Jordan are reflected in the phenomenal improvement and diversification of infrastructure including education, transport, energy, housing and agriculture. All this resulted in the improvement of the quality of life in the country."
He added that ADFD looks forward to consistent socioeconomic cooperation with Jordan to enable it to overcome any challenges in the way of accomplishing its developmental goals.
Trade between the UAE and Jordan has steadily risen over the past 10 years from AED1.9 billion in 2010 to AED6.9 billion in 2017, before registering a quantum leap in 2018 to AED9.4 billion. In 2019, the trade volume stood at an all-time high of AED10.4 billion.
The UAE’s direct investment in Jordan amounts to about AED62.6 billion, while Jordan's investment in the UAE is about AED4.5 billion. Jordanian companies and brands are concentrated in several sectors, including financial and insurance, manufacturing, industry, real estate, construction, retail and trade.