$170m Joint Venture to establish glass factory in Ma’an Development Area

In line with His Majesty’s vision to develop the South of Jordan, Ma’an Development Company (MDC), announced the signing of a $170m joint venture agreement between the Qatari group Remal Holding, and DTEC, a technology provider and operator of glass factories.

MDC was set up by the South Company for Construction and Development (SCCD), which was established with a mandate to act as a catalyst of growth for the South of Jordan, driving economic and social development through projects that will create jobs, promote education and preserve the natural and cultural character of the area.

The first among SCCD’s projects is the Ma’an Development Area (MDA), a project of considerable proportions that is bound to reinvigorate the southern regions of Jordan and to bring economic and social prosperity to the Governorate of Ma’an.

The deal was made official through a signing ceremony that took place at the headquarters of the King Abdullah II Fund for Development and was attended by the CEO of Remal Holding, Mr. Majed Jwiehan, and the CEO of DTEC, Mr. Harold Prang.

The joint venture agreement specifies that the project will be jointly owned by MDC, the Jordanian armed forces, Euro Glass, and Remal Holding, while similarly stipulating that DTEC is to manage, design, and provide technical assistance and the off take of the production of the factory for the first 5 years.

Click on the link bellow to read the entire article.

600450 $170m Joint Venture to establish glass factory in Ma’an Development Area glassonweb.com
Date: 30 May 2008
Source: Ameinfo

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