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Tuesday, August 6, 2013

Hotel industry brings investment to Jordan

Inflows of foreign direct investments into the Kingdom more than doubled during the first half of this year when compared with last year's figures, an official report showed Sunday.

According to the Jordan Investment Board (JIB), the volume of foreign investments that benefit from the Investment Promotion Law reached JD384.4 million this year, marking a 112 per cent increase from the same time frame in 2012, when foreign capital inflows stood at JD181 million.

Investments by Jordanian businesspeople registered a 6 per cent increase, reaching JD360 million in the January-June period from JD339 million in the first half of 2012, the JIB report said, indicating that domestic investments represented 48.4 per cent of total investments last year.

Overall volume of investments, both foreign and domestic, for the first half of 2013 jumped to JD744.4 million from JD520.9 million during the same period of 2012, recording a 43 per cent growth rate.

On July 18, JIB acting CEO Awni Rushoud said in a phone interview with The Jordan Times that the volume of overall investments for the first half of 2013 was JD626 million ($887 million) and that investment inflows had increased by 21 per cent since last year.

Responding to a question by The Jordan Times on Sunday regarding the discrepancies in the figures between earlier remarks and the latest report, the JIB chief said that previous statistics he gave were still preliminary and unofficial.

The latest report on capital inflows shows that despite the government's efforts to shift investment projects outside the capital into other governorates, Amman attracted 80 per cent of the investments.

After Amman, Balqa Governorate attracted 9.7 per cent of the total and Irbid 5 per cent, according to the report.

Industrial investments took the lion's share as it covered 83.7 per cent of the total investments benefited from the incentives made available by the promotion law.

The hotel industry had the second largest share of the total investments with 10.6 per cent, followed by the healthcare sector (4.6 per cent), tourism (0.8 per cent) and agriculture (0.4 per cent).


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