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Tue 24 Apr 2007 05:27 PM

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Amman plans $5bn medical city

Kuwaiti investors apply to Jordanian government to launch the healthcare complex.

Kuwaiti investors are looking to set up a ‘medical city' in Amman at a cost of between $3 billion and $5 billion, according to Jordan's Petra news agency.

The investors proposed an application to the Jordanian government last week, offering a partnership deal with one of the kingdom's largest financial institutions, Social Security Co-operation.

The project is set to include hospitals with the latest medical technology, as well as hotels and entertainment facilities.

According to Jordanian medical officials quoted in Jordan Times, the project will offer "a new type of service to the region including organ transplant, stem cell research and new methods in treating complicated diseases."

The plan is being considered by Jordan's government and is expected to be operational by 2012 if approved.

In February, ArabianBusiness.com reported that investors from the GCC were beginning a mad dash to acquire a foothold in Jordan's economy as the kingdom invites offers for private companies to take a stake in key infrastructure projects.

According to the
Jordan Times

, investors from all over the Gulf - including Kuwait, Saudi Arabia and the UAE - have been flocking to Jordan over the past three years to invest oil revenues in development projects mainly in real estate and education.

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