AMMAN (JT) - Maan Development Company (MDC), a subsidiary of the South Company for Construction and Development (SCCD), signed an agreement on Tuseday with the renowned Lebanese leather crafting and tanning producer, Albert's Leather Crafting Company, to establish a leather crafting factory within the industrial park of the Maan Development Area (MDA).
"The investment agreement, signed by Elias Albert Al Hajj, general manager of Albert's Leather Crafting Company and Mohammad Turk, chief executive officer of MDC, stipulates the establishment of the first expansion of Albert's production plant outside of Lebanon," an MDC press release said.
With an initial investment of $4.2 million, the leather crafting factory in Maan will produce leather materials in accordance with international standards, aiming to export 80 per cent of its production and market the remaining 20 per cent locally in Jordan.
According to the press release, the leather factory, expected to be up and running by the end of the fourth quarter of 2008, will provide around 100 new job opportunities and further contributing to the economic development of the region.
Albert's Leather Crafting Company has been known throughout the Middle East as a leader in tanning and crafting of leather goods and materials since its founding in 1800, while its establishment of a factory in the MDA represents the company's first venture outside of Lebanon.
During the signing ceremony, Hajj said: "Based on our market research and studies we are glad to be taking this step in growing our business through the establishment of our new factory in Maan. MDA offers distinguished incentives, while providing a strategic location, complete infrastructure and remarkably well thought-out investment laws for foreign investors."
He added: "We look forward to expanding our presence and investments in MDA by establishing in the near future other related factories catering to the production of furniture, shoes and clothing within the industrial park of MDA."
Consisting of four complementary clusters namely a residential community, an industrial park, a Hajj Oasis, and a skill development centre, the MDA is set to become a regional hub for industrial activity and a centre of excellence for vocational training, as well as a religious landmark for pilgrims on their way to the holy cities, offering them the ideal environment for their rest, relaxation and prayer. "MDA will also be home to a thriving and self-sustained city providing its residents and visitors with a quality living and working environment to fulfill their potential," the press release concluded.
© Jordan Times 2008
