Jordan

Amidst a slowdown in the Middle East’s private equity industry, Jordan’s small and medium-sized enterprises (SMEs) are set to get a boost from a new private equity fund.

Jordan’s massive stores of oil shale have been the topic of much discussion lately, with investors keen to help the kingdom harvest the energy locked in the layers of rock underfoot.

With low prices translating into sustained growth in subscriber numbers, Jordan’s highly competitive mobile phone market now has a penetration rate of over 108%. To keep that number increasing, industry players are calling for a sales tax on smartphones to be rescinded, while also launching new mobile phone-based services.

Jordan’s recently unveiled five-year national tourism strategy foresees the private sector playing a growing role in the sector, with the eventual goal of doubling the industry’s contribution to GDP.

Significant progress has been made on the goals set out for Jordan’s information and communications technology (ICT) sector to reach by the end of 2011, with internet penetration rates, foreign direct investment (FDI) and revenues all increasing, even as government spending declines. Expanded plans for the sector for the 2010-16 period should be finalised by the end of this year.

Jordan’s government has undergone major overhaul with almost one third of all cabinet ministers reshuffled by Prime Minister Marouf Bakhit. Nonetheless, this does not appear to flag any major shift in economic policy.