RIYADH: Jordan is eyeing new projects worth 1.8 billion Jordanian dinars ($2.5 billion) between 2023 and 2026 in Saudi Arabia and other countries as part of its investment promotion strategy, stated an official document released on Monday.
While quoting the document, the Arabic daily Alghad said the target was the outcome of the Jordanian Investment Council’s approval of the country’s general investment policy and promotion strategy for 2023-2026.
Devised with the help of the World Bank, the strategy targets investors from Saudi Arabia and other Gulf states of the UAE, Kuwait and Qatar, besides India, China, Japan, the US, Canada and Germany.
The report said the strategy is part of an economic vision targeting a capital inflow of 30.5 billion dinars in the next 10 years.
Last week, Jordanian Investment Minister Kholoud Saqqaf invited entrepreneurs and investors from Saudi Arabia to take advantage of the country’s attractive investment benefits and opportunities.
During a virtual meeting organized by the Ministry of Investment and Jordan Chamber of Commerce with the Saudi-Jordanian Business Council, Saqqaf said that economic relations between Jordan and Saudi Arabia had reached an “advanced” level in many areas, especially investment and trade.
She said that Jordan was benefiting from free trade agreements it had signed with many countries, which allow exports to numerous markets, according to state-run news agency Petra.
The minister added that Saudi investments are among the most significant made by Jordan, and are spread across many high-value sectors, such as infrastructure, banking, trade, tourism, real estate development, agriculture and healthcare.
During the Investment Council meeting last month, Saqqaf also revealed that the total amount of investments benefiting from the Investment Environment Law in Jordan increased by 49.1 percent to 288.5 million dinars during the first quarter of 2023 from 193.5 million dinars in the year-ago period.
She added that 91 investment projects benefited from the investment law and were expected to provide 3,200 job opportunities, according to the Jordan Times report.
The report also added that the industrial sector received the largest share of investments, accounting for about 57 percent of total investments or 165.6 million dinars.
