Founders of the new company include Jordan Trade Facilities Company, GIH and its subsidiary, Global Investment House Jordan(GIH Jordan),which will jointly own a 60 per cent stake.

'Global is planning to have the new company publicly listed and will offer 40 per cent of the company in an initial public offering (IPO) in early 2006,' says a company representative at Global Investment House Jordan. 'GIH Jordan has also applied for a licence from the Securities Exchange Commission to allow it to provide investment banking services.'

GIH signed a memorandum of understanding (MoU) in September with Aqaba Development Corporation (ADC) to establish an integrated business park with office space and a convention centre, covering a built-up area of about 150,000 square metres in the Aqaba Special Economic Zone (ASEZ).

The local Engiconis preparing a feasibility study. GIH plans to invest up to $100 million in a series of projects in the ASEZ (MEED 11:5:05).

GIH also plans to invest up to $28 million in an insurance company. It already has a 30 per cent stake in the local Umniah Telecommunications & Technology Company, a subsidiary of Kuwait's Alghanim Group, which was awarded a licence to establish a third mobile network in August.