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Saudi Arabia, Jordan Discuss Complementary Projects North of NEOM

A view of the NEOM project. (NEOM via Twitter)
A view of the NEOM project. (NEOM via Twitter)
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Saudi Arabia, Jordan Discuss Complementary Projects North of NEOM

A view of the NEOM project. (NEOM via Twitter)
A view of the NEOM project. (NEOM via Twitter)

Saudi Arabia and Jordan discussed last week efforts to activate the opportunities available north of NEOM project, from the Jordanian side.

Jordan’s side of the border boasts ports and ready infrastructure that could be used immediately for projects that serve both countries and boost Saudi Arabia’s Vision 2030 and the region.

Chairman of Jordan’s Investment Commission Khalid Wazani said the NEOM project is attracting more Saudi-Jordanian investments that will be established in the Aqaba port city, including the enhancement of the existing business there.

He pointed out that the Jordanian side of NEOM includes Aqaba port and Marsa Zayed. It is expected to become a platform for exchange of expertise and consultations that will yield complementary projects related to NEOM.

This will make it easier for investors to benefit from the port, Wazani noted.

In a statement Friday, he stressed that the expected results, convergence of views and the achievement of some of the project’s objectives will serve Saudi Vision 2030 and the region in general, including Egypt and Jordan, which are part of NEOM.

He made his remarks following a meeting in Riyadh with member of the Board of Directors and Chairman of the Securities and Investment Committee at the Riyadh Chamber of Commerce Mohammed al-Sayer.

The meeting was attended by a number of Jordanian officials and investors from both countries representing different sectors.

In October 2017, the $500 billion NEOM project was launched by Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense.

Located in the Kingdom’s far northwest, NEOM will provide opportunities for development with a total area of 460 km on the banks of the Red Sea and a total area of 26,500 square meters.

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Eurasian Development Bank Reveals Partnerships with the Gulf to Develop Energy Projects

Chairman of the Management Board at the Eurasian Development Bank (EDB) Nikolai Podguzov. Asharq Al-Awsat
Chairman of the Management Board at the Eurasian Development Bank (EDB) Nikolai Podguzov. Asharq Al-Awsat
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Eurasian Development Bank Reveals Partnerships with the Gulf to Develop Energy Projects

Chairman of the Management Board at the Eurasian Development Bank (EDB) Nikolai Podguzov. Asharq Al-Awsat
Chairman of the Management Board at the Eurasian Development Bank (EDB) Nikolai Podguzov. Asharq Al-Awsat

Chairman of the Management Board at the Eurasian Development Bank (EDB) Nikolai Podguzov revealed plans to cooperate with GCC countries, including Saudi Arabia, to develop energy infrastructure.

Podguzov told Asharq Al-Awsat that the bank, which is the international financial organization that operates in Central Asia and in Eurasia, works on implementing a working plan based on three strategies.

“Every year we execute around 30-40 new projects and set up agreements,” he said.

“The investments of the bank are growing at least 20% each year,” Podguzov revealed. “We are quite a fast developing bank. Uzbekistan has just joined the bank this year.”

Regarding the size of loans and investments handled by EDB, Podguzov explained that the bank's average investment ranges between $100 million and $400 million. He added however, that the bank is capable of syndicating larger loans that can reach up to $1 billion or more, while the average annual investment volume is around $2.53 billion.

Regarding the bank's work plans for the coming year, Podguzov explained that the Eurasian Development Bank is simultaneously working to strengthen its relations with the GCC countries and the Islamic Development Bank.

“We improve connectivity, transport infrastructure and logistics. We improve access to water for regions in Central Asia. We develop energy infrastructure in our member states,” he told Asharq Al-Awsat.

“We take care of food safety and food safety infrastructure, which provides access to food and provides food security for our member states. And I think in this field we can set up very good economic ties and cooperation between GCC countries and Central Asia.”

“I know that such countries like Saudi Arabia, Emirates, Oman are quite interested in the topics of our strategy,” he said.

“We mainly do non-sovereign finance ... which is very convenient for our potential partners,” he added.

Podguzov said there is a partnership with Masdar which “is a world leader in bringing renewable energy technologies into the world. They are quite active in Central Asia, in Kazakhstan in particular.”

“That is why, for example, we are very much interested in cooperation with Masdar company. This is one of examples. I think logistics and logistics project also could be of interest for Saudi Arabia. A lot of infrastructure could be developed together with the help of Eurasian Development Bank.”

“I believe that it's also very important to build economic bridge between GCC countries and Central Asia. And I think the bank can do a lot in this field and finally we can bring together economic interests of Central Asian and GCC countries.”