IslamicFinance.de

The Kingdom of Jordan closed its inaugural local currency Sukuk, which was more than three-times oversubscribed. The Kingdom raised Jordanian Dinar JOD 34 million (USD 47.9 million) maturing in 2021, with an expected profit rate of 3.01%. The Islamic Corporation for the Development of the Private Sector (ICD) acted as Transaction Technical Support and Advisor. The sovereign issuance is part of a comprehensive joint-Technical Assistance Package provided by Japan International Cooperation Agency (JICA) and ICD. According to Finance Minister Omar Malhas, Jordan aims to widen the use of Sukuk in the short-term. The Sukuk will play a critical role in increasing the effectiveness of the financing mechanisms of government needs to cover the budget deficits.

Gulf Finance House announced that its landmark $300 million development project, Jordan Gate, based in Amman, Jordan is due for completion early 2011 following the signing of a new agreement between Bayan Holding Jordan Gate Company, Alhamad Company, the construction company responsible for delivering the project and Hektar as a new investor. With the signing of the new agreement, the Jordan Gate project is expected to be completed early next year. Jordan Gate is the most extensive and significant infrastructure development in Amman. The project consists of two 43 storey towers, with one of the towers to be transformed into a hotel to be operated by Hilton Hotels and the other tower to provide offices, multi-purpose lounges and halls for meetings, presentations and conferences. A commercial podium connecting the two towers will host shops, entertainment centres, a food court and other services.