KBW confirms two infrastructure projects in Jordan
Dubai’s KBW Investments ratifies projects signed in 2015 to upgrade Jordan’s lighting infrastructure
Dubai-based KBW Investments, led by chairman HRH Prince Khaled bin Alwaleed bin Talal, has confirmed two major agreements with public authorities in Jordan for LED lighting production and installation in the Kingdom.
The first, signed with the King Abdullah II Design and Development Bureau (KADDB) and the Ministry of Municipalities, solidifies a public-private partnership (PPP) for the development of production facility for LED lighting as a build-operate-transfer (BOT) project.
Ratified in the presence of Jordanian Prime Minister Hani Fawzi al-Mulki, the project is currently under construction and is expected to be completed within three months.
Phase one of the implementation will see 100,000 LED units produced for use in street lighting across Jordanian city outskirts and countryside. It will employ around 80 people: 95% of them Jordanian.
Compared with the existing light infrastructure in Jordan, the energy saving that can be expected with the LED installations averages 50% and in some areas could reach up to 70%. Across the 100,000 LED installations, approximately $20m will be saved annually.
The second agreement, signed by KBW chairman HRH Prince Khaled bin Alwaleed bin Talal with the Mayor of Amman, Aqel Biltaji, will see KBW install a further 115,000 LED lighting units in the Greater Amman Municipality and develop accompanying photovoltaic power generation capacity.
Both deals build upon existing MoUs signed by Prince Khaled in 2015: one with the former President of the Jordanian Investment Commission (JIC), Montaser Oklah Al Zoubi, in May 2015 and another with the Jordanian Minister of Energy and Mineral Resources, Ibrahim Saif, in December 2015.
Prince Khaled commented: “The chief driving force behind KBW’s investment activities in Jordan are twofold: energy security and fostering the reduction of energy consumption.”
KBW’s involvement in the LED sector is based on a two-year-old partnership with Leotek, a subsidiary of Taiwanese LITE-ON Group, aimed at bringing “efficient, transformative technological solutions” to the region, and the deals in Jordan represent the first implementation of this size and scale for Leotek.
Prince Khaled added: “Leotek’s technical team together with Jordanian officials performed site surveys on more than 700km that promised exceptional results, thereby cementing KBW’s decision to invest heavily.”
KBW Investments’ PPP approach is also an apparently novel undertaking in Jordan, developed after it undertook research into PPP regulations together with Jordanian investment laws.