Amman May 8, 2006—Jordan Dubai Capital (JD Capital) and the Social Security Corporation's (SSC) Investment Unit Commission, announced Sunday, the signing of a Memorandum of Understanding. Under this MOU both parties will collaborate in the creation of a company concerned with investment in the tourism and developmental sector. The company will undertake the establishment of the biggest touristic investment project to be developed in Dibbeen, northern Jordan with a total cost of upwards of JD100 million.

The announcement was made at a press conference held yesterday and attended by their Excellencies Samir Al-Rifai, CEO of JD Capital, Mefleh Aqel, President of the Social Security Corporation's Investment Unit Commission and Maha Al-Khatib, Director General of the Jordan River Foundation. The conference was also attended by Yahia Khalid, Acting Director at the Royal Society for the Conservation of Nature (RSCN). Mr. Ammar Khammash, the project's key Architect, a Jordanian architect with extensive on hand experience in sustainable development projects participated in the signing ceremony.

This project, which is considered one of the major investment projects in northern Jordan, aims at improving Jordan’s tourism in general and enhancing tourism in Dibbeen and northern Jordan in particular. It takes into consideration the environmental and developmental aspects of the location. The project also aims at uplifting the tourism sector which constitutes a pivotal pillar of the national economy.

In line with HM King Abdullah II vision, this major venture will contribute to realizing a more developed northern region within the kingdom. It also constitutes the first of a set of promising investment projects to be developed in the north and will impact positively on the local communities. The project, which is JD Capital’s first developmental venture, also aims at improving the livelihood of Dibbeen residents and contributes in developing the infrastructure for the surrounding region, given that Ajloun and Jerash are in particular dire need for such a developmental venture.

Characterized by its numerous sustainable design elements and living amenities, the Dibbeen project will reflect the greener side of Jordan. It will include eco-friendly hotels and entertainment facilities such as sport and therapy clubs and a conference center on an area of 500,000 square meters. The project is designed to complement nature and will be the first project that embraces five-star hotels in the north.

His Excellency Samir Al-Rifai, CEO of JD Capital, said this project has three main aspects that represent an exceptional high-revenue opportunity for investors and stakeholders. It will largely contribute to developing local communities in the north in terms of providing economic and social benefits, and decreasing unemployment by creating various job opportunities. It will also ensure the protection of the environment, woods, plant cover and the overall eco-system of the forest. This project will provide diversity for the tourism destinations in Jordan, position Dibbeen as a tourist destination, and promote it as one of the most charming natural spots in the kingdom.

His Excellency Mefleh Aqel, President of the SSC Investment Unit Commission, said this partnership represents a huge step towards enhancing and expanding the role of tourism in the national economy, and hence it positively affects the national and tourism income. He mentioned the profitable proceeds of the project, which will influence the national economy and be available for Social Security Corporation members. Aqel added that the establishment of this company in the Kingdom is certainly a significant step towards promoting Jordan as a regional tourism center that enjoys a high growth rate, and fulfilling the growing needs of the Kingdom. He also added that such a project will enhance the growth of development schemes outside the capital, Amman, which will result in improving the livelihood of residents in other governates and provide more job opportunities.

Mr. Aqel confirmed that the Unit gives priority for establishing or contributing to national, economically feasible investments by focusing on real investments.

This project is considered the first eco-friendly investment project in northern Jordan that is based on complete cooperation with the RSCN, a Jordanian independent voluntary organization devoted to the conservation of Jordan’s natural resources. The Dibbeen project is committed to promoting indoor environmental quality, water savings and eco-friendly materials selection as well as helping alleviate unemployment and contributing to Jordan's economy. It will engage the local community of the north and upgrade the skills of local workers, who will undergo training in a variety of areas.

JD Capital and RSCN signed an MOU under which the RSCN will follow up on the flow of the project and support the efforts of those who are in charge. In this regard, Al-Rifai said: “Jordan has witnessed a noticeable growth in the tourism sector. This growth was accompanied by an increasing interest in the idea of conservation of the environment. Therefore, Dibbeen’s project represents the best example of Jordan’s trend towards an eco-friendly development. The cooperation with the RSCN and Jordan River Foundation confirms that Dibbeen project seriously takes into consideration the principle and standards of environmental and developmental aspects. We will work on enhancing this trust through the environmental impact evaluation study which is currently under preparation to be submitted to concerned parties to obtain required permissions for the completion of the project. This represents an example of nature and conservation projects and of real partnership between the public and private sectors.”

Yahia Khalid, Acting Director at RSCN praised the efforts of those who are in charge of the project and considered the RSCN an integral part of this first serious environment-conserving project in northern Jordan. He added: “We are delighted at the RSCN to be part of this project which is based on conservation of the environment and on making sure that the surrounding forest is not affected. We take this opportunity to highlight the fact that our objectives do not conflict with investments; rather, they support and encourage them. Today, we request the private sector members and investors to follow these two institutions' models and engage us from the beginning in their plans to eliminate harmful environmental impacts.” RSCN has extensive experiences in environmental tourism projects in Dana, Ajloun and Al-Mujib, which witness tremendous success.

During the press conference, JD Capital signed a memorandum of understanding with Jordan River Foundation represented by its Director General, Her Excellency Maha Al-Khatib. Under this MOU, both parties will prepare training and qualifying programs for the local community. These programs will enable members of the local community to participate in the project during the implementation and operation phases. In addition, they will prepare developmental programs to produce products that reflect a distinguished image of Ajloun and Jerash. A number of individuals and societies will also be trained, qualified and urged to establish small projects that support the activities of the facilities to be implemented in the project. All this will be achieved in accordance with JD Capital's strategy emphasizing on social responsibility and local community development. Her Excellency, Maha Al-Khatib, said: “Jordan River Foundation will work under this MOU on developing the local community in the project’s area through qualifying and nurturing talent, and launch awareness campaigns for youths and students in order to prepare them to engage in new work experiences that require high skills and professionalism. This project comes in line with our efforts exerted in the area.” Al-Khatib praised Dibbeen project for the job opportunities it will provide and hence eliminate unemployment and upgrade the local community by relying on local products.

The project is expected to be implemented during the coming three years and before the beginning of 2010.