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Jordan’s stability attracts foreign investments, says Majid Al Futtaim’s CEO

By JT - Nov 16,2022 - Last updated at Nov 16,2022

Majid Al Futtaim

AMMAN — The Kingdom's political and social stability has helped form an attractive business environment and encourage foreign investments in various fields, according to Hani Weiss, CEO of Majid Al Futtaim. 

Weiss, whose company owns and operates Carrefour throughout Jordan, told the Jordan News Agency, Petra, that the Kingdom has “succeeded” in protecting its appeal to foreign investors. 

Weiss attributed this success to His Majesty King Abdullah's ongoing directives in the sector, which have given rise to a regionally competitive investment environment, despite the pressures of global political unrest and the adverse impacts of the COVID-19 pandemic. 

He also praised Jordan's economic development resulting from ongoing economic reforms, noting that the economy will undergo "significant" improvement in the coming period, especially following the launch of the Economic Modernisation Vision, which will contribute towards making Jordan an attractive destination for foreign investment. 

The CEO also referred to the measures taken by the government to address the repercussions of the pandemic, noting the vital role these procedures played in re-energising foreign investment and ensuring its sustainability, advancing Jordan’s position among the most appealing Arab countries for foreign investment. 

In this regard, Weiss said that Carrefour dealt with the repercussions of the pandemic with a “high level of proficiency” to ensure the sustainability of its economic contribution to the Jordanian market.

As for the ramifications of global crises, and the Russian-Ukrainian war in particular, the CEO said that these challenges impacted Carrefour as much as they have impacted other brands, especially given that inflation has increased between 5 and 7 per cent. 

The CEO also shed light on Carrefour's renewable energy project. Using solar cells, the project already generates 17,000 megawatts of clean energy and powers 42 out of the company's 53 branches in the Kingdom. 

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