Jordan, one of the world’s most economically advanced countries, is getting a $5-billion infusion from Qatar to boost cement production.
The new cement production is a major boost to Jordan’s economic output.
The government said Thursday the cement will boost cement-making capacity by 80 per cent and create 4,000 construction jobs in the kingdom.
The investment will also help Jordan’s export competitiveness.
Jordan has been the world leader in cement production since 2000.
The kingdom is also in the process of building an advanced cement manufacturing facility.
The move is likely to help Jordan cement its economy in a period of political instability.
Prime Minister Nasser Judeh, who is a former member of the United Nations Economic Commission for Western Asia, announced the investment last week in an address to the Jordanian Chambers of Commerce and Industry.
The announcement was seen as an important step towards a long-term plan to diversify its economy away from the cement industry.
Jordan’s cement sector has grown from $100 billion in 2000 to $5.5 billion today, according to the World Economic Forum.
A cement company will make cement in the country’s major cities and export it to markets in the Middle East, Europe, Africa and Asia.
The cement will be produced by Qatari-owned Jeddah cement company, which is part of the Qatari conglomerate Amal.
Jordan is one of only three Arab countries to produce cement.
Egypt and Israel produce the most cement and are the main suppliers of the cement to the Gulf Cooperation Council.
Qatar is Jordan’s largest export market and supplies nearly all of the countrys cement needs.
The United States is Jordanís largest supplier of cement, supplying about two-thirds of the total cement demand.
The Qatar cement company’s new $5bn investment will boost the cement production capacity by almost 80 per 100,000 cubic meters.
The amount is expected to be invested in cement-producing areas and other infrastructure, as well as in the cement processing sector.
The countrys industry is in transition and the cement-industry is undergoing rapid changes, said Ali al-Khatib, a cement industry expert.
Jordan will be able to compete better in global markets and in international competitions.
It will have more capacity in the global cement market and it will be a more competitive producer of cement in international markets, al-Kaabi said.
The Jordan cement industry is already diversifying.
Jordan produces about a third of the global supply of cement and is expected in 2020 to export about half of the demand, according the World Bank.
The Kuwait-based firm, Jeddahs cement company is also diversifying, as it is investing in cement processing and upgrading its cement production facilities.
The company, known as KFC, has diversified its operations, with its biggest investments in the past 10 years coming from the Middle Eastern market.
It has invested in new projects, including the expansion of its cement plant in Kuwait City and the construction of a cement processing plant in Jordan.
The $5billion investment is expected by the end of this year.
It is expected that by 2020, the cement plant will have produced about 8 million tons of cement.
Jordanis are expected to make up the lion’s share of the new cement imports.
About 10 million tons will be imported annually from Qatar, which has a market value of $20 billion.
The other countries supplying cement are the United Arab Emirates, Kuwait, Kuwaiti-based Al-Qa’ida-linked Islamic State of Iraq and the Levant (ISIL), Saudi Arabia, Bahrain and the United States.
Qatar has also become a key supplier of the construction materials used in the construction and maintenance of the Jordan-Kuwait pipeline.