Amman, Jordan – 20 October 2020– The Saudi Jordanian Investment Fund (SJIF) commended the Cabinet’s decision issued on Sunday, which officially approved the inclusion of its healthcare project under the provisions of Jordan Investment Fund Law No. (16) of 2016.

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 operational period. SJIF will apply for the required licenses and approvals from the relevant Government agencies prior to the signing of an Investment Agreement, as stipulated in the Jordan Investment Fund Law.

In a press statement regarding the Cabinet’s decision, SJIF expressed its appreciation for the Government’s keenness to ease obstacles facing investments that support growth, development, and job creation.

The CEO of the Saudi Jordanian Investment Fund, Omar Alwir, said that with an initial investment of USD 400 million, the project will consist of a general academic hospital which includes 300 beds, 60 outpatient clinics, and a medical university with a total capacity of 600 students, with a projected annual student intake of 100 students.

The ambitious project is developed as a research-driven, integrated educational healthcare system, and will include partnerships with leading global healthcare institutions.

“Our agreement with two of the world’s most prestigious institutions in the fields of healthcare delivery and medical education is instrumental in the success of this project that promises to uplift the healthcare system in Jordan and beyond,” Alwir added.

He explained that the project seeks to improve the quality of healthcare provided in Jordan, enhance the competitiveness of medical tourism and medical education, and maximize the transfer of foreign knowledge and expertise into Jordan. The project is projected to create more than 5,000 permanent job opportunities.

The Saudi Jordanian Investment Fund was established in 2017 as a Limited Public Shareholding Company per the Jordan Investment Fund Law No. (16) of 2016, by the Public Investment Fund of Saudi Arabia, which owns 90% of the share capital, and 16 Jordanian banks, who own the remaining 10% of the share capital.