Saturday 16 January 2021

Officials at the signing ceremony

KBW Investments to set up new LED factory in Jordan

DUBAI, August 4, 2016

Dubai-based KBW Investments (KBW) will build a new LED factory in Jordan under an agreement signed recently.

KBW signed two public-private partnerships (PPP) and build–operate–transfer (BOT) agreements with respective governmental authorities of Jordan to implement large-scale LED adoption countrywide and in the Greater Amman Municipality (GAM).

The initiatives were spearheaded by KBW Investments founder and chairman Prince Khaled bin Alwaleed bin Talal.

Prince Khaled said: “The chief driving force behind KBW’s investment activities in Jordan are twofold: energy security and fostering the reduction of energy consumption.

“KBW Investments partnered with Leotek, a subsidiary of Taiwanese multibillion dollar technology manufacturer Lite-On Group, two years ago with the ultimate goal of bringing efficient, transformative technological solutions to the region. This is Leotek’s first project of this size and scale,” he said.

“After undertaking research into PPP regulations together with Jordanian investment laws, the plans were developed as joint undertakings - a first for the country. Introducing the technology itself was one challenge we faced, and another challenge was that each road’s varying conditions required specific types of luminers,” he added.

Leotek’s technical team, together with Jordanian officials performed site surveys on more than 700 km that promised exceptional results, thereby cementing KBW’s decision to invest heavily, said a statement.

The two PPP and BOT agreements follow two separate memorandums of understanding (MoU) signed by Prince Khaled in 2015.

The first agreement was solidified for a phase one implementation of 100,000 LED units across the Jordanian countryside and city outskirts on July 27 in the presence of Jordanian Prime Minister Hani Fawzi al-Mulki, it stated.

The units are to be produced by the new LED factory employing approximately 80 people, 95 per cent of whom are Jordanian. The factory, developed as a PPP and Build-Operate-Transfer (BOT) project together with two Jordanian governmental entities, the King Abdullah II Design and Development Bureau (KADDB) and the Ministry of Municipalities, represented by Cities and Villages Development Bank (CVBD), is currently under construction and has an expected completion timeframe of three months.

The second agreement, with GAM, was signed by Prince Khaled and the Mayor of Amman, Aqel Biltaji, on July 28. This agreement confirms KBW’s commencement of conceptual development on how to best execute and implement Amman Smart city infrastructure solutions, LED street lighting replacing another 115,000 units within GAM’s borders, and a solar PV power plant for future energy security and energy savings.

The use of LED technology will result in energy savings of 50 per cent and in some areas up to 70 per cent compared to the existing light infrastructure, the statement said.

Calculating only 100,000 LED installations, approximately $20 million will be saved annually, it added. – TradeArabia News Service

Tags: | Jordan | KBW Investments |

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