Saudi Arabia's Savola Group plans to buy a 5-10 per cent stake in Jordan's Taameer Holding Company as part of a wider partnership, Taameer said.

Taameer Jordan general manager Khaled Al Wazani said Savola planned to obtain the stake in the country's largest listed property firm directly from existing shareholders or by picking up the shares on the Amman bourse.

Savola, the Gulf's largest food company by market value, is expected to make a final decision soon, Wazani added.

Wazani said Savola's interest in the Jordanian firm was part of a wider 'strategic' partnership the two firms were discussing that would focus on undertaking joint projects in Saudi Arabia and the region, Wazani added.

Taameer is developing luxury residential compounds and a $900 milion residential city on the outskirts of the capital Amman.

Taameer was set up last year by a group of local businessmen, funds and GCC investors, including Kuwait's Global Investment House. It's initial public offering was oversubscribed 14 times and raised over $1 billion.

Many Gulf investors flush with oil revenue are seeking opportunities in the Jordanian market, attracted by free market policies and relatively lower prices of assets compared with other regional markets.

Savola plans to invest 18 billion Saudi riyals, expanding ($4.80 billion) in North Africa and Central Asia and developing new businesses, including supermarket retailing.