‘Jordan targets double digit growth for key economic sectors‘

AMMAN — Jordan’s efforts to attract investment for areas of the economy identified as ripe for development, against a backdrop of wide-ranging fiscal reforms, are explored in a new report from the global research and consultancy firm Oxford Business Group (OBG).

The Report: Jordan 2018 notes that the manufacturing, electricity, water, transportation, ICT and construction sectors are being targeted for double-digit growth as part of the kingdom’s broader drive to boost its gross domestic product.

With local, regional and international transit networks earmarked for development, OBG also maps out a raft of public transport projects in the pipeline.

Moreover, the port city of Aqaba is a key focus of the publication. 

OBG charts the seaport’s growth story, documenting its ongoing expansion into a tourist destination and success in attracting investors for its special economic zone.

The Report: Jordan 2018 also looks at the steps being taken to support the broader tourism industry’s development, which include marketing strategies to tap fledgling segments, rolling out new attractions and strengthening international connectivity. 

Other areas of the economy explored include the kingdom’s health sector, which has carved a niche as a regional hub for both medical tourism and the manufacturing of pharmaceuticals, according to the OBG statement.

The Report: Jordan 2018 contains contributions from HRH Crown Prince Hussein and Prime Minister Hani Mulki, along with a detailed sector-by-sector guide for investors. 

It also features interviews with other high-profile personalities, including Omar Malhas, minister of finance; Muhannad Shehadeh, minister of state for investment affairs; and Nasser Shraideh, chief commissioner of the Aqaba Special Economic Zone Authority. 

Commenting after the launch, Oliver Cornock, OBG’s editor-in-chief and managing editor for the Middle East, said the implementation of a new, mid-term economic development strategy confirmed the kingdom’s commitment to reinvigorating growth, boosting foreign direct investment and bridging the budget deficit after a few difficult years.

“While a challenging external climate, austerity measures and higher taxes have weighed on some sectors of Jordan’s economy, its strengths, which include an educated, skilled workforce, a resilient private sector and well-established tourism industry, continue to provide solid foundations for future growth,” he said. 

“The government’s latest plans to give priority to green practices and digital technology will support its longer-term targets for economic development.”