Amman November 19-2007 - In what is considered the latest privatization activity in Jordan’s energy sector and a pioneering accomplishment on a regional level for the privatization program undertaken by the Jordanian Executive Privatization Commission since 1996; Kingdom Electricity , a company established by JD Energy & Infrastructure (JDEI), the energy investment arm of JD Capital, Kuwait Privatization Projects Holding Company (KPPHC) and United Arab Investors, announced November 19th the purchase of 100% of the Electricity Distribution Company and 55.4% of Irbid District Electricity Company in a ceremony held at the Four Seasons Hotel which was attended by representatives of the Ministry of Energy and Mineral Resources, the Ministry of finance and the designated investors. A Share Acquisition agreement, an implementation agreement, as well as a Bulk fuel supply agreement were all signed during the ceremony.

On this occasion His Excellency Samir Z. Al-Rifai Chairman of Kingdom Electricity Company said:" We are very proud that Kingdom Electricity was chosen as the preferred bidder. We are here to reiterate our commitment in developing the energy sector in the kingdom. We will focus on developing and supporting both companies and their 2000 employees.”

Kingdom Electricity’s vision is to develop the internal qualifications of both companies to become at par with world standards. It aims at being a hub for the management of distribution networks across the region.

Haytham Al-Dahleh, CEO at United Arab Investors added: "We are very glad with this pioneering partnership. We reiterate our intention of developing the electricity distribution sector in the area through engaging our knowledge and resources. We are very interested in future privatization projects. "

Mithqal Al Sartawi, CEO of KPPHC reiterated KPPHC’s interest in supporting privatization projects: "This partnership is key to our portfolio of investments. We pledge all the support for both distribution companies through Kingdom Electricity and look forward to other projects across the Middle East.”

Three companies currently cover electricity distribution in Jordan. EDCO is concerned with the distribution of electricity to the East, South of the kingdom and the Jordan Valley. The company to date was owned fully by the government of Jordan. IDECO covers the distribution of electricity to the northern part of the kingdom. To date the company was 55.4% owned by the government. Jordanian Electric Power Company (JEPCO) covers Amman, Zarqa, Madaba and Balaqa and has been a public shareholding company since inception.

The Central Electricity Generating Company CEGCO was privatized last September. 51% of CEGCO were acquired by ENARA, a company established by Jordan Dubai Energy and Infrastructure.