UAE largest investor in Jordan with $4b portfolio, says Zeyoudi

Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has emphasised the robust trade and investment partnership between the UAE and Jordan, fostered by the mutual interest of both countries’ leadership. In a statement to the Emirates News Agency (WAM), Dr Al Zeyoudi said Jordan has become a regional investment hub of choice for the UAE’s direct investments, amounting to $4 billion.

This accounts for 14 per cent of the total foreign direct investments received by the Kingdom, making the UAE the largest global investor in Jordan, surpassing the United Kingdom and Kuwait whose investments constitute 8.2 per cent and 7.2 per cent respectively.

He reiterated that non-oil trade between the two countries reached $4.5 billion in 2022, a 47.4 per cent growth compared to 2021. The UAE’s non-oil exports to Jordan amounted to $1.6 billion in 2022, while the value of re-exports from the country amounted to $2.4 billion, compared to $513 million worth of UAE imports from Jordan, the minster explained.

Leaders in climate action: The UAE and Jordan are leading the way in climate action and renewable energy cooperation, setting a pioneering model for other countries to follow. Their bilateral relations are a shining example of how nations can work together to achieve sustainable development.

For over a decade, the two countries have worked together to promote clean and renewable energy, accelerate the transition to a sustainable energy sector, and achieve the Sustainable Development Goals.

In this report, the Emirates News Agency (WAM) highlights the UAE-Jordan climate action, which includes qualitative projects that contribute to enhancing the transformation of the energy sector and improving the efficiency of the use of environmental resources, in addition to implementing clean energy technology projects, which could contribute to reducing carbon emissions and greenhouse gases.

In the context of the UAE’s preparations to host the 28th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) at the end of November, the Hashemite Kingdom of Jordan is seeking to prepare for participation in the conference by continuing to work on implementing climate commitments since the COP27 until COP28, and as the Kingdom aims to highlight the participation of young people in climate action.

Jordan realises the seriousness of implementing commitments related to climate action in order to transition to a low-carbon economy and reduce emissions to address climate challenges and their impact on the water sector in particular; In this context, the two countries signed a declaration of intent in 2021 aimed at enhancing the production of clean electricity and desalination of water by finding practical solutions to the effects of climate change and its impacts on energy and water security in the region.

The UAE and Jordan share visions and aspirations for the transition to a green and sustainable economy through accelerating the transition to clean energy and enhancing the role of renewable energy. The two countries have witnessed close cooperation in the development of renewable energy projects over the past years, where the Abu Dhabi Fund for Development contributed to financing clean energy projects in Jordan worth Dhs1.4 billion in 2021, to finance the liquefied natural gas port project in the city of Aqaba and the Sheikh Zayed Solar Power Complex to generate 227 GWh of solar power annually over 20 years, enough to illuminate about 50,000 homes.

The Abu Dhabi Future Energy Company - Masdar launched the Tafilah wind power plant project in Jordan in 2015, the first commercial wind power project in the Middle East. The 117-megawatt plant contributed to increasing the country’s total energy capacity by 3 percent, providing electricity to more than 83,000 homes and reducing 235,000 tons of carbon dioxide emissions annually.

A memorandum of understanding was also signed last year between Masdar and the Jordanian Ministry of Energy and Mineral Resources to explore opportunities to develop renewable energy projects with a total production capacity of up to 2 gigawatts. This cooperation reflects the common commitment of the two countries to consolidating sustainability and achieving progress towards climate neutrality.

Jordan is one of the leading countries in the field of renewable energy in the region, where it produces 29 per cent of electricity from renewable sources, aims to increase this percentage to 50 per cent by 2030, and aspires to become a regional hub for the production of green energy.