Jordan Engineers Association Formalizes a Strategic Partnership with The National Integrated Industries Complex (NIIC)

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) October 4, 2010 -- In a joint press release, Jordan Engineers Association and NIIC (private shareholding company) announced the signing of a strategic partnership agreement between both parties, which will support NIIC’s objectives in enhancing the Jordanian industrial sector in electronic & electrical home appliances.

According to this agreement the Jordan Engineers Association will Participate with 10% from NIIC’s capital which is in the amount of 50 million shares /JD after capital raised, therefore making the new capital share distribution as follows: 47% Middle East Complex, 28% Exeed Industries “The industrial arm of National Holding”, and 15% Baniyas Investment and Development Company, In addition to the percentage of Jordan Engineers Association.
The signing ceremony took place at NIIC Factories premises at Al Muwaqqar - Amman, where NIIC management arranged an informative tour for the association’s members and representatives, covering air conditioning, washing machines, refrigerators, plastic and polystyrene factories as well as the warehouses. During the tour NIIC’s youthful Jordanian engineers and staff members presented a detailed and Comprehensive explanation of the Factories’ machines and production lines that are the first of their kind in the Middle East.

Commenting on the partnership, the chairman of NIIC, Mr. Osama Darwish Al Khalili said: "We at NIIC appreciate the important role played by Jordan Engineers Association in support of the industrial sector through its strategic partnership in the Company, and we believe that the integration of the Company’s staff work with the association will in turn help NIIC reach its goals of achieving its sought after international levels and exports".

For his part, Engineer Abdullah Obeidat, president of Jordan Engineers Association; pointed out the importance of industrial investment and the vital role it plays in achieving sustainable development and progress of national economy, saying: "Jordan Engineers Association seeks to support national investments, particularly in leading companies and factories that are set on international standards and principles. After studies we found that NIIC has the industrial and investment potential that encouraged us at the association to study such contribution, it is considered an important investment in the field of electrical and electronic home appliances manufacturing, and will develop the manufacturing of this sector in the kingdom, therefore we decided to go on with this partnership and support NIIC with all our energies and expertise".
Eng. Obeidat further added that the association is seeking through its contribution in NIIC to diversify its investments and supplement its investment portfolios in successful industrial projects; this move is consistent with the association’s investment strategy that encourages economically feasible National Investments that will employ Jordanian engineers and maximize the benefits of the country’s capabilities.

Mr. Mashhour El Basha, CEO of NIIC, further explained how the association will play an important and active role in this new phase of the company, saying: "the partnership between us and Jordan Engineers Association, is crucial especially after the launching of the production lines, the start of the actual production stage, and accessing the Jordanian, Syrian and Egyptian markets. In this stage and with the association support we are looking forward to complete the production lines in the refrigerators factory which will give us the opportunity to increase the volume of our exports to these countries, as well as to enter the markets of different countries in the Middle East and North Africa. "

Al Basha added: "The complex is progressing in accordance to its initial production strategy and expansion plan, which will enable it to acquire 3% of the market size in the Middle East and North African markets by the fourth year of the factories’ operation; when the production volume of the factories is 700 thousand electrical and electronic units per shift/ year, with an estimated annual sales volume of 300 million U.S. dollars, 90% of which will be in export markets, which would certainly contribute in the development of Jordanian exports and the improvement of the economy".
This partnership underscores the importance of the NIIC project for the Jordanian economy and the big role it is playing in placing the label "Made in Jordan” amongst the countries manufacturing and exporting electrical and electronic home appliances.
NIIC, Initial investment is estimated investment is estimated to be in the amount of 200 million dollars, operates as a (CKD) which is complete manufacturing of the product which reaches to 80% of each unit of air conditions, refrigerators and washing machines’ at its factories.

This method of production is meant to contribute in improving the efficiency of working capital and the reduction of cost and delivery times and any other expenses. NIIC will be presenting to the