Saqqaf: ‘Largest’ Jordanian investment fund worth JD100mln launched

Irbid: Minister of Investment Kholoud Saqqaf said the ministry was established to be the main reference for investment in the Kingdom and is the body that represents investors at all government institutions. During her meeting Thursday with a number of industrial investors in Irbid Chamber of Industry (ICI), Saqqaf noted multiple reforms were carried out that led to "important" economic developments, primarily completing the legislation regulating Jordan's business environment, issuing Investment Environment Law and its subsequent regulations and instructions, approving the General Investment Policy, and endorsing Public-Private Partnership (PPP) Law. Saqqaf indicated that work is underway to prepare and formulate draft regulations for the PPP Law to provide a "supportive" environment for existing investments and create "attractive" conditions for investment. This meeting, she noted, comes in the context of liaising with investors and businesspeople to identify challenges facing their projects and find "qu ick" solutions to them, in joint coordination and cooperation with them and with relevant authorities. Saqqaf noted Investment Environment Law and its subsequent regulations enjoy many "attractive" privileges for investors inside and outside Jordan's development and free estates. She added that this law contributed to raising volume of investments benefiting from the law during the first nine months of 2023 by 34% to reach JD878.5 million, compared to JD656.9 million during the same period in 2022. Additionally, Saqqaf noted the law allowed establishment of investment funds, adding that "the first and largest" Jordanian investment fund in the Kingdom was registered, with an authorized capital, amounting to JD100 million, which is wholly owned by Jordanian banks. Through Ministry of Investment, she said the government provides "full" support for establishing investment funds, which contribute to stimulating and attracting capital of investment institutions to invest in Jordan's various priority and "highly competitive" economic sectors. Source: Jordan News Agency