Jordan Capital Fund Makes First Investment with Significant Agri Stake
Jordan Capital and Investment Fund (JCIF) has announced its first investment, acquiring a 23% stake in Al Jazeera Agricultural Projects Company (Al Jazeera Agri), a prominent player in the Jordanian agricultural sector. This marks a significant step for the newly established state-backed fund as it begins deploying capital to support strategic sectors.
Key Investment Details
The transaction sees the Jordan Capital and Investment Fund (JCIF) take a substantial 23% ownership in Al Jazeera Agricultural Projects Company (Al Jazeera Agri). This acquisition represents the inaugural investment for the JD 75 million (approximately $105 million) fund since its establishment. Al Jazeera Agri is recognized as a leading company in Jordan's agricultural landscape, focusing on potato and vegetable production and advanced cold storage solutions.
Strategic Context and Fund Purpose
JCIF's investment aligns directly with Jordan's national Economic Modernisation Vision 2023-2033. The fund was created as a government initiative aimed at driving economic growth, attracting both local and foreign investment, and creating employment opportunities within the Kingdom. JCIF targets investments in promising sectors identified as crucial for Jordan's future, including technology, agriculture, tourism, healthcare, manufacturing, and logistics. By investing in Al Jazeera Agri, JCIF aims to bolster a key sector vital for food security and local production, reflecting a strategic priority for the nation.
About Al Jazeera Agricultural Projects
Established in 1995, Al Jazeera Agricultural Projects Company has grown to become a significant force in Jordanian agriculture. The company specializes in the cultivation of potatoes and various vegetables, operating extensive farms and essential infrastructure like modern cold storage facilities. Al Jazeera Agri is known for its adoption of modern farming techniques and its contribution to the local supply chain of agricultural products.
Looking Ahead
The investment from JCIF is expected to provide Al Jazeera Agri with the necessary capital and strategic support to facilitate expansion, invest further in modern technologies, and enhance productivity. This move is seen as a catalyst for the company's growth and is anticipated to contribute positively to Jordan's agricultural output, food security objectives, and overall economic development by fostering innovation and creating jobs within the sector.
Source: Zawya