The Arab Mining Company and the Social Security Investment Fund signed a memorandum of understanding aimed at establishing a framework for cooperation between the two parties to study the Fund's potential contribution to the Arab Phosphate Mining Company, a wholly owned subsidiary of the Arab Mining Company, which is developing an integrated phosphate fertilizer project in the Hashemite Kingdom of Jordan.
The memorandum was signed by His Excellency Engineer Mohammed Ahmed bin Abdulaziz Al Shehhi, Chairman of the Board of Directors of the Arab Mining Company, and His Excellency Dr. Ezz El-Din Kanakrieh, Chairman of the Social Security Investment Fund, in the presence of His Excellency Mr. Omar Malhas, Chairman of the Board of Directors of the Social Security Investment Fund, Dr. Hassan Al Takrouri, Director General of the Arab Mining Company, and a number of officials and stakeholders from both sides.
The signing ceremony was attended by His Excellency Mr. Omar Malhas, Chairman of the Board of Directors of the Social Security Investment Fund, Dr. Hassan Al Takrouri, and a few officials and stakeholders from both sides. At the
outset of the meeting, His Excellency Engineer Mohammed Al Shehhi, Chairman of the Board of Directors of the Arab Mining Company, welcomed the attendees, expressing his appreciation for the visit, which reflects the importance of cooperation and coordination among leading national institutions. He emphasized the Arab Mining Company's commitment to building strategic partnerships that contribute to developing high-quality projects, adding value to national economies, and enhancing the utilization of natural resources.
His Excellency Engineer Mohammed Al Shehhi affirmed that signing the Memorandum of Understanding represents a crucial first step towards exploring a promising investment opportunity in the mining and phosphate industries in the Kingdom. He noted that the Arab Mining Company continues to work on developing strategic projects that contribute to maximizing the utilization of Arab natural resources and strengthening value-added downstream industries.
Al Shehhi added that the project includes developing phosphate mining operations in the Risha region and establishing an integrated phosphate fertilizer industry, in line with the goals of sustainable economic development. This will contribute to enhancing the added value of natural resources, supporting the national economy, and creating new investment and development opportunities. The Chairman of the Investment Council, His Excellency Mr. Omar Malhas, affirmed that the Memorandum of Understanding represents a significant step towards exploring an investment opportunity in a sector where Jordan possesses
genuine competitive advantages. He noted that the Fund prioritizes projects that maximize the added value of national resources and develop industries capable of achieving a sustainable economic impact.
For his part, His Excellency Dr. Ezz El-Din Kanakrieh emphasized that the Memorandum of Understanding allows the Fund to review the project's technical, economic, and environmental studies and complete the necessary assessments to make an investment decision in accordance with established institutional frameworks. He pointed out that the Fund follows a clear professional methodology based on economic feasibility studies and risk management controls before undertaking any new investment.
Kanakrieh added that the Fund's interest in this opportunity aligns with its investment strategy in the mining sector, where its investments amount to approximately 1.8 billion Jordanian dinars, and supports the achievement of the objectives of the economic modernization vision and the promotion of sustainable economic growth.
