World Economic Forum, Dead Sea, Jordan, May 19th, 2007 - Under the patronage of His Majesty King Abdullah II, Jordan Dubai Capital (JD Capital) and Social Security Investment Unit announced on Saturday the signing of the ِArticles of Association for "Inwan", a mortgage finance company, with a start-up capital of over US $ 75 million.
Inwan will be Jordan's first specialized mortgage finance company and aims to be the leader provider of loans for both future house owners and developers. The company will also be targeting the financing of middle and low income housing. As part of this new venture JD Capital and Social Security Investment Unit will own an equal stake of 25% each, while Global Investment House, Tameer Jordan and Jordan Kuwait Bank will own different stakes of the remaining 50%.
The announcement of Inwan was made at a signing ceremony held Saturday by their Excellencies Samir Z. Al-Rifai, CEO of JD Capital and Mufleh Akel, Chairman of the Social Security Investment Unit, in the presence of H.E. Mr. Mohammad Al Gergawi, Executive Chairman of Dubai Holding, and Mr. Sameer Al Ansari, Executive Chairman and CEO of Dubai International Capital LLC, as well as Inwan partners; Mr. Omar El-Quqa Executive Vice President of Corporate Finance and Treasury at Global Investment House, Dr. Khaled Wazani, General Manager of Taameer Jordan and Mr. Mohammed Al Asmar General Manager of Jordan Kuwait Bank.
Commenting on this partnership Samir Al-Rifai, CEO of Jordan Dubai Capital said: "Inwan will be a pioneer in providing financial services to all Jordanians looking for suitable housing accommodation, and for real estate developers. The company’s incorporation is derived from the continuing persistence in following HM's vision for the provision of homes for everyone in the Kingdom. Our partnership today is a proof of the seriousness we are endeavored with, through providing a wide range of services that benefit the local communities”.
Mr. Mufleh Akel Chairman of SSIU said: "Our partnership comes in line with our vision in giving priority for establishing and contributing to national economically feasible investments. We see this as a great opportunity to support the Jordanian community and the real estate sector by offering alternatives to what already exists in the financial mortgage sector. Inwan comes after an extensive local and global market study and envisions a five-year plan that will enhance the mortgage finance market and provide financial support to developers and future house owners."
Inwan is JD Capital's second venture in the financial services sector after its stake in the US$ 34 million in FIRST Islamic Insurance Company announced earlier in 2006.