IEAI signs MoU with Italian companies worth JD 6 million to manufacture pre-cast concrete

The memorandum was signed at the Kempinski Hotel on Thursday evening, May 10th by Mr. Mohammad Turk, CEO of IEAI, Mr. Gasparro Domenico, President of Gasparro Macchine and Mr. Roberto Sampierto, President of LIMA.

The project is expected to supply high quality prefabricated structures with original engineering at highly competitive prices to both the local and regional market. The joint venture will span an area of 30,000 square meters within Al Mushatta Industrial City with an estimated capital value of approximately JD 6 million, where Gasparro Macchine provides the moulds and LIMA integrates its technology and know-how to produce its unique pre-cast structures.

Mohammed Turk stated: "This venture falls under our company objectives to collaborate with well recognized international investors in Jordan. This partnership will supply the market with quality products manufactured using the highest international standards yet 'made in Jordan'. It is part of our mission to attract high added value investments into Jordan, such as those made by our partners today."

Gasparro Domenico remarked: "We are very excited about this opportunity to work in the Middle East. We see vast potential in this emerging market and feel confident with the right partners joining us in this venture." On the other hand, Mr Roberto Sampierto added: "We are looking forward to this project and we are confident that our product will penetrate the local and regional market."

The memorandum was negotiated during the companies' visit to the "Rebuild Iraq" annual exhibition which took place from May 7th-10th and in which IEAI was a participant displaying Al Mushatta Industrial City. The completed feasibility study for the project is due in four months from signing of the memorandum, bearing in mind that each company involved will be a shareholder in the new joint venture. Furthermore, the memorandum was strongly supported by the United Nations Industrial Development Organization (UNIDO), which recommended Al Mushatta Industrial City as a location for the Italian companies and IEAI as a strategic partner. In addition, it helped arrange the initial meeting and strongly encouraged the investment in Jordan.