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| 16 November, 2017

Jordan's GAM approves establishment of joint-stock company

Dealers monitor price movements on an electronic board at the investors gallery at the Amman Stock Exchange January 15, 2013. REUTERS/Ali Jarekji

Dealers monitor price movements on an electronic board at the investors gallery at the Amman Stock Exchange January 15, 2013. REUTERS/Ali Jarekji

REUTERS/Ali Jarekji

The decision will allow the GAM to launch projects and initiatives owned by the municipality in cooperation with the private sector

AMMAN — The Greater Amman Municipality (GAM) in its last session approved the establishment of a joint-stock company aimed at investing in the sectors of transportation, real estate, development, services and tourism with an initial allocation of JD100,000, according to an official.

The decision will allow the GAM to launch projects and initiatives owned by the municipality in cooperation with the private sector at the local and international levels, Amman Mayor Yousef Shawarbeh said in a statement e-mailed to the Jordan Times on Thursday.

The first project of the joint-stock branch will be a public transportation company aimed at establishing a new public transportation service in Amman, Shawarbeh said, noting that the service will be operated by the private sector and committed to specific routes and frequencies.

The details of the project are yet to be announced, but “the new public transportation company will not be a substitute for the current integrated transportation company”, the mayor asserted.

Last month, Shawarbeh announced that the GAM is planning to float a tender for the development of the public transportation system in the city, with the aim of introducing 100 new buses by next year.
The mayor explained that the buses will be owned by the GAM, and operated by a private company "in order to ensure the highest standards".

The decision came in contrast with the current model, in which buses are both owned and operated by private companies and regulated by the public sector.

In correlation with the new announcement, the mayor stated that the new buses will have to commit to specific routes and frequencies, and several payment systems such as prepaid cards and mobile pay will be implemented.

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