Investment Law beneficiary projects increased by 34% in first 9 months – ministry

AMMAN — The value of projects that applied for Investment Law benefits during the first nine months of this year increased to JD878.5 million compared with JD656.9 million during the same period of 2022, marking a growth of 34 per cent, the Investment Ministry announced on Wednesday.

Ministry of Investment said on Wednesday that 372 projects, mainly in the industrial sector, have benefitted from the law with the potential to create approximately 30,000 jobs. 

It added that around 18,000 new jobs are expected to be generated from the investments which have been expanded during the January-September period, adding that the value of new investments benefiting from the law amounted to JD448 million and are projected to provide 12,000 jobs. 

The industrial sector accounted for the biggest share of investments under the law during the first three quarters of 2023, with 64 per cent of the total number of investments valuing JD564.6 million. 

Investment in the commercial sector stood at JD169.5 million, comprising 19 per cent of the total investments, the ministry said, followed by the tourism sector which stood at JD53.4 million.

The remaining economic sectors, including hospitals and healthcare centres, agriculture, information technology, services, technical production, transport, research and development accounted for 11 per cent of total investment, the ministry said.

The value of investments under the law outside the development zones reached JD790.7 million with 323 projects, comprising 90 per cent of the total investments, while 49 schemes under the law inside development zones had a total value of JD87.8 million.