RIYADH: Jordan’s economy saw a 47.6 percent rise in investments in the first half of 2023, in what is seen as a validation of a new law designed to encourage more funds into the country.
Aggregate investments in Jordan amounted to 598.2 million Jordanian dinars ($844.8 million) in the first six months of the year, up from 405.3 million dinars over the same period in 2022, according to data released by the government.
Around 236 projects utilized the benefits provided by the Investment Environment Legislation, which was passed in Sept. 2022, reported the government.
These results come following the Ministry of Investment’s efforts to put in place strategic plans to attract new funding streams and further amplify current ones.
“As Jordan sets its sights on continued economic growth, the Ministry of Investment remains steadfast in its mission to empower existing investments, encourage expansion, and attract fresh investments across key sectors,” according to an official release by the department.
Jordan’s economic prospects are further bolstered by the ministry’s cooperation with both the public and private sectors, standing in line with the Economic Modernization Vision 2033.
According to research submitted by the investors, these projects are expected to generate a sizable workforce, with an estimated 15,200 employment prospects.
The expansion projects garnered an investment volume of 307 million dinars – making up 51 percent of all investments made during the first half – which underlined the impressive increase shown in these initiatives.
The report also underlined that these developments are anticipated to generate close to 10,600 new jobs.
As for newly initiated investments supported by the law, they totaled 91.1 million dinars, making 49 percent of the total investments, and are anticipated to provide around 4,600 job opportunities during that period.
The industrial sector harvested around 71 percent of the total investments, worth 422.1 million dinars, followed by the trade sector with 17 percent of investments, valued at 100 million dinars.
The ministry also launched a number of promotional and marketing tools, such as the Jordanian debut of the innovative portal Invest.Jo, which acts as a resource for investors.
The platform showcases eight priority investment sectors and features 21 investment opportunities worth roughly 1 billion dinars.
“With such initiatives in place, Jordan’s economy stands well-positioned for sustainable growth and prosperity,” added the release.
