Saudi-Jordanian Investment Fund to launch $400mn health project in Amman

By Arya M Nair, Official Reporter
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The Saudi-Jordanian Investment Fund (SJIF) and the Jordanian Investment Fund have signed an investment and development agreement to implement a health care project in the capital, Amman, amounting to up to $400 million.

During an event held at the Prime Minister’s office, a lease agreement for the project site, a land area of about 187000 square meters, was also signed between SJIF and Amman Vision Investment and Development (AVID), a company fully owned by the Greater Amman Municipality (GAM) as its investment arm.

The agreements were signed by SJIF Chairman Mr. Hisham Attar, SJIF CEO Mr. Omar Alwir, Amman Mayor Mr. Yousef Al Shawarbeh, who is also the chairman of AVID, JIF Director Mr. Zaher Qatarneh, and acting CEO of AVID, Mr. Ala’a-Eddin Beano.

The project will be implemented based on a build-operate-transfer (BOT) model, as ownership of the project will be transferred to the Jordanian government after the end of the investment period.

The healthcare project will consist of a university hospital with 300 beds, more than 60 outpatient clinics, an ambulatory care building, and a medical school with a total capacity of 600 students, with a projected annual student intake of 100 students. The project is expected to create more than 5,000 employment opportunities.

It will be established in partnership with two of the most prestigious global institutions in the fields of healthcare and medical education such as The University College London (UCL) Medical School as the academic partner, and UCLA Health in Los Angeles, California, as the clinical partner.

The SJIF is a Jordanian Limited Public Shareholding Company formed in 2017 as a partnership between the Public Investment Fund (PIF) of Saudi Arabia, which owns around 92 percent of the company, and 16 conventional and Islamic Jordanian banks, which own the remaining 8 percent.

Related: Saudi PIF signs $185mn subscription deal with Jordan’s Capital Bank Group