First Jordan Investment Company has received approval for a capital increase placement in Jordan.
First Jordan Investment Company has received approval for a capital increase placement in Jordan. Omar Mahmoud El-Quqa, executive vice-president of Global Investment House, which established First Jordan last May with a capital of JD150 million, says that the company can now begin to seize some of the investment opportunities present in the country.
‘We are glad to have received the official approval to register the company after it fulfilled the Commission’s requirements,’ says El-Quqa. ‘This gives us the opportunity to start the first phase of the company’s ambitious strategy and execute the planned investment projects in the different sectors of the Jordanian economy.’
The company will offer 60 million shares at 1 Jordanian Dinar/share (apprx 0.405 Kuwaiti Dinar) for placement.
El-Quqa pointed that First Jordan aims to invest in various sectors, own shares from existing companies, or establish new companies in Jordan.
‘This will be done through the strategic cooperation with established companies that the company will assist them in financial restructuring, capital increases, and acquiring major stakes in unlisted and listed securities.’
First Jordan will also invest in the real estate sector, in addition to other investment activities that are deemed appropriate and inline with its business strategy and goals.
Global’s EVP noted that the company’s first project is to establish a business center in the Aqaba which Global last year signed a memorandum of understanding with the Aqaba Development Corporation (ADC), the investment arm of Aqaba Special Economic Zone Authority.
The project will be located at the main entry of Aqaba City with an area of approximately 150,000 m2. The project comes as an outcome of the Memorandum of Understanding (MOU) signed last September with the ADC, he explained.
El-Quqa concluded that Global believes that there are several reasons to stimulate investments in Jordan due to its eminent strategic location, political stability and free capital market.
Global plans to increase its investments in Jordanian market in the upcoming period as Jordanian government provides a very fertile business environment for the foreign investors.
Global Investment House ‘Global’ is a full-fledged investment company incorporated in 1998, and falls under the regulation of the Central Bank of Kuwait. Its underlying foundation is to meet the high expectations of local and international clients, and to enhance the investment service industry and the capital market in Kuwait and the region. Today, Global stock lists on the Kuwait, Bahrain, and Dubai Stock Exchanges, with branches and affiliates in Bahrain, Dubai and Abu Dhabi (UAE), Jordan, Qatar, and Sudan. Global plays an important role in promoting investment opportunities in the Arabian Gulf Peninsula to investors through expert financial engineering, in-depth research and reports to advance the capital market in the region. Thus, Global’s achievements have been recognized on local, regional, and international levels. The company’s current assets under management reached KD2.130 billion (USD7.355 billion) as of 31 March 2007.
