Monday, the Jordanian government and the Saudi Jordanian Investment Fund (SJIF) signed an investment and development agreement totaling $400 million.
The educational hospital project, according to Prime Minister Bisher Khasawneh, is a crucial part of the Jordan Investment Fund Law, which was approved five years ago to encourage investment in Jordan.
According to Khasawneh, “This government has worked hard with its partners and brothers in Saudi Arabia under the direction of the majesty of His Majesty King Abdullah II and his brother King Salman bin Abdulaziz,” he remarked.
Including security, investment, economic cooperation, human development, and border security, he described the Jordanian-Saudi alliance as “exemplary and ideal.”
The educational hospital concept acquired notoriety after the COVID-19 pandemic because it aims to build a medical facility with the highest possible medical capabilities.
More agreements, such as the construction of an educational hospital linked to foreign colleges, are being negotiated between the government and the SJIF.
As the first project to be implemented from the Jordan Investment Fund Law’s list, this project serves as a launching pad for future investments.
According to the Prime Minister, “We have pioneering investment partners, led by Saudi Arabia and the UAE, as well as Kuwait, Qatar, and other nations.
When it comes to economic growth and job creation, the private sector may play a critical role because of structural reforms being implemented by the government. Jordan’s labor force grows by 130,000 people a year, according to him.
An agreement was reached between Amman Mayor Yousef Al Shawarbeh and SJIF CEO Omar Alwir; SJIF Chairman Hisham Attar and JIF Director Zaher Qatarneh; and Amman Vision CEO Ala’a-Eddin Beano, chairman of Amman Vision Investment and Development Company.
According to a Cabinet resolution dated October 18, 2020, the project will be built using a build-operate-transfer (BOT) model, with ownership being transferred to the Jordanian government at the end of the investment period.
An ambulatory care complex, a 300-bed university hospital, 60 outpatient clinics, and a medical school with 600 students and 100 yearly students are all part of the healthcare project.
5,000 employment will be created as a result of the plan.
Jordanian patients will benefit from the project’s location on the airport road.
It will be implemented in partnership with the University of California, Los Angeles (UCLA) Medical School (academic partner) (clinical partner).
Attar praised the Jordanian government for its assistance in attracting investment and underlined the commitment of SJIF’s chairman to working with the government and private sector in Jordan on projects that would be long-term, profitable, and bring value to the country’s economy.
Attar said one of SJIF’s main goals is to contribute to Jordan’s economic growth through long-term investments in important strategic industries, reflecting His Majesty King Abdullah II and King Salman Bin Abdulaziz Al-desire Saud’s to strengthen economic and investment collaboration between the two countries.
He underscored Saudi Vision 2030 and the Public Investment Fund of Saudi Arabia’s intention to foster regional economic integration, adding that SJIF seeks to be a leader in large investments in Jordan..
The SJIF CEO Omar Alwir stated that the project intends to bring worldwide knowledge and skills to Jordan, strengthen the country’s health sector, expand the accountable care model, deliver high-quality healthcare services, and encourage medical tourism.
Alwir claimed that the project’s goal is to produce a new generation of doctors, researchers, and medical leaders by providing access to high-quality medical education.
We are pleased to collaborate with UCLA Health and UCL Medical School, two of the world’s top medical schools,” Alwir remarked.
QS World University Rankings for 2022 place UCL, which was founded in 1826, ninth in the world and second in the United Kingdom for research power (REF 2021).
The UCL Medical School (UCLMS) is a medical education leader in the UK.
Chief Executive Officer of SJIF’s Healthcare Initiative, Professor Mahmoud Sarhan, has said five medical centers of excellence will focus on cardiology, oncology, neurology, gastroenterology and orthopaedics as part of the project.
Another goal is to establish four scientific research institutes in genomics and precision medicine, stem cells and regenerative medicine, health systems and public health, and Bioinformatics.
The Saudi ambassador to Jordan, Naif bin Bandar Al-Sudairi, applauded SJIF for launching this flagship program in Jordan.
The Kingdom of Saudi Arabia is Jordan’s most important trading partner, and it has demonstrated a willingness to pursue investment possibilities in order to deepen economic connections.
The creation of Jordanian jobs, according to Ambassador Henry Wooster, is a key benefit of the project’s contribution to economic growth. UCLA Health will design and operate the new hospital, which makes me delighted.
He described it as the greatest that the United States had to offer in terms of transferring technology and knowledge.
British Ambassador Bridget Brind expressed her delight that the UK in Jordan was able to support this critical long-term partnership. As one of the best universities in the United Kingdom and worldwide, “UCL ranks alongside UCLA.”
The ambassador added that the project would improve Jordan’s healthcare, education, and economy, and create 5,000 jobs.
Construction will commence in the second half of 2022 after the design is completed.
The signing event was attended by several ministries, top officials, and the Saudi, British, and US embassies.
The Public Investment Fund of Saudi Arabia and 16 conventional and Islamic Jordanian banks formed the Saudi Jordanian Investment Fund (SJIF) in 2017 as a Jordanian limited public shareholding company.
Saudi Arabia’s Public Investment Fund and Jordan’s Jordan Investment Fund inked an MOU on August 25, 2016, to form the Jordanian Saudi Cooperation Council.
Three pillars underpin SJIF’s investment strategy: infrastructure projects based on public-private partnerships, especially in transportation, energy and tourism; new projects in vital sectors, such as healthcare and education; and expanding capital investments by supporting successful Jordanian companies.