Why Canada is footing the bill for Jordan’s troubled real estate market

In 2017, Jordan’s King Abdullah II got a $350-million bailout from Ottawa — to the tune of CAD$192 million ($153 million). It was the first time Ottawa had offered any help to Jordan since…

Why Canada is footing the bill for Jordan’s troubled real estate market

In 2017, Jordan’s King Abdullah II got a $350-million bailout from Ottawa — to the tune of CAD$192 million ($153 million). It was the first time Ottawa had offered any help to Jordan since it became the focal point of the Syria crisis in 2011. At the time, it was the largest financial assistance package the kingdom had received in a decade.

To give a sense of Canada’s role in sending aid to Jordan, Canada provided Jordan with CAD$177 million ($130 million) of humanitarian assistance in the first eight months of 2018 and another CAD$36 million ($27 million) in January 2019. Canada also doubled the size of its staff in Jordan to 158 and opened a new embassy in Amman.

The renewed Canadian investment in Jordan is part of the kingdom’s long-term security co-operation with Canada under the Canada-Jordan Strategic Partnership Agreement that was signed in November 2012. It also tracks with Canada’s renewed efforts in the Middle East.

While Canada’s effort in Jordan appears to be paying off, a new Financial Post investigation shows the King is amassing a huge portfolio in Amman. His Bahar International Real Estate company owns — and renovates — at least 11 multi-family residential buildings that stretch along King Hussein Street.

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