The formation of a new company that will run the Saudi-Jordanian Investment Fund was a milestone in the implementation of a project that would serve the interests of Saudi Arabia and Jordan, media sources quoted a senior official.

The new company is a joint investment between Saudi General Investments Fund (SGIF), which manages around 200 investments worldwide, and two local bank groupings: Jordan Commercial Banks Group and Jordan Islamic Banks Group, Yasir Al Rumayyan, supervisor of SGIF was quoted as saying by the Jordan News Agency, Petra.

The fund will be investing in vital sectors in Jordan, such as energy and tourism, the official said, adding that the project comes in line with the Saudi development plan for 2030, which seeks diversification of investments and destinations.