Saudi Arabia, Jordan to set up $3 bln investment vehicle

Saudi King Salman and King Abdullah of Jordan have signed several bilateral agreements, including a deal to set up a Saudi-Jordanian investment vehicle to invest up to $3 billion in Jordan between the Public Investment Fund (PIF) and Jordan Islamic Bank (JIB).

Both leaders also inked a SAR 393.75 million loan to rehabilitate and maintain the Jordanian desert highway that links the capital of Amman with the southern city of Aqaba, the Saudi Press Agency reported.

The countries agreed to cooperate more in the fields of environmental protection, social programs, culture, healthcare, housing, and investment protection.

The two also inked a memorandum of understanding to study the feasibility of building two reactors to produce desalinated water and electricity.

King Salman headed to Jordan on Monday to attend the 28th Arab Summit in the country’s capital. 

Pleasure to welcome my brother @KingSalman to his home, Jordan

— عبدالله بن الحسين (@KingAbdullahII) March 27, 2017