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Analysis

The Central Bank of Jordan partners with local entrepreneurs to develop financial technology offerings
OBG
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The rapidly evolving financial technology (fintech) industry is emerging as one of the most vibrant segments of the global financial services sector, collecting over $22bn in investment in 2015 – a figure that is expected to grow exponentially. The usefully disruptive effect of new products and services has raised competition levels and compelled incumbent institutions to innovate their offerings…

Analysis

Legal reforms in Jordan focus on the judicial branch, corruption and regional governments
OBG
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Since October 2016 Jordan’s King Abdullah II bin Al Hussein has spearheaded a series of reforms aimed at building a more effective and efficient judicial system. Reforms are expected to promote civil rights, boost the efficiency of the courts and strengthen the rule of law, which King Abdullah II described as an “essential requirement for a successful democratic transformation.” Additionally,…

Analysis

Tax reforms aim to bridge Jordan's budget deficit
OBG
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Jordan has made significant progress in preserving macroeconomic stability and reducing the fiscal deficit in the past few years. However, on the back of continued efforts by the government to fulfil the stipulations of the $723m extended fund facility agreement with the IMF, the government may need to pursue more widespread reforms to increase income tax revenues and limit tax avoidance if it is to…

Analysis

Sharia-compliant lenders offer alternative financing in Jordan
OBG
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Still comprising a small portion of the financial services sector, Islamic finance is set to play a much bigger role in Jordan’s economic development by supporting financial services diversification and offering a potential solution to limited credit access and excess liquidity. The segment currently comprises four banks, three of them Jordanian and one foreign. The country’s first Islamic bank,…

Analysis

Jordan's airports and flag carrier position for expansion and competition
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The aviation sector has been recognised in Jordan’s recent expansion plans as a fundamental driver of the kingdom’s future prosperity, encouraging growth across a variety of sectors, from tourism to trade. Jordan 2025, the long-term development programme, has therefore targeted the Queen Alia International Airport (QAIA) in Amman and the King Hussein International Airport (KHIA) in Aqaba to undergo…

Overview

Facts for visitors: Useful information for business and leisure travellers
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Language & People The people of Jordan are renowned for their hospitality and friendliness. Most people will go out of their way to assist visitors, and making friends with local Jordanians is relatively easy. Arabic is the country’s official language, though English is also widely used. Street signs and buildings are often labelled in both Arabic and English. Still, knowing some basic Arabic…

Overview

Traditions continue to shape modern-day Jordan
OBG
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The Hashemite Kingdom of Jordan is widely seen as a pillar of stability in a region that has been disrupted by conflict in recent years. Despite challenging surroundings, Jordan has managed to maintain efficient political workings and positive economic growth. As a country with scarce natural resources but a highly educated population, the kingdom aims to become a regional leader in sectors with significant…

Overview

Jordan's energy sector turns focus to private development and renewable resources
OBG
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Dependent on imports and grappling with regional instability and major supply disruptions, Jordan’s energy sector has faced several challenging years. Rapid population growth, which includes the kingdom absorbing an estimated 1.3m Syrian refugees since 2011, has exacerbated existing water scarcity, especially in the northern region of Jordan. These challenges have prompted the government to pursue…

Overview

Jordan's national strategy to reinvigorate economic growth
OBG
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Macroeconomic growth hit a 25-year low in 2016 as ongoing regional volatility continued to constrain trade, exports and investment. The Syrian refugee crisis has exacerbated existing pressures on fiscal stability and social infrastructure, while public debt has been on an upward trend as the government attempts to cover the costs associated with hosting over 657,000 refugees. However, 2016 may have…

Overview

Jordan's growing coastal city Aqaba continues to attract investment
OBG
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While most business activity is still concentrated in and around Amman, as Jordan’s only seaport city, Aqaba plays an important role in the economy. Since the decision to turn the coastal port city and its surroundings into a special economic zone was announced in 2001, its significance as an economic base and tourist destination has grown. Aqaba borders both Israel and Saudi Arabia, 360 km to the…