House endorses key articles in new investment bill

Lower House  Parliament
(File photo: Ameer Khalifeh/Jordan News)
AMMAN — The Lower House of Parliament on Sunday continued deliberations on the draft law regulating the investment environment for 2022, the Jordan News Agency, Petra, reported.اضافة اعلان

The deputies approved a number of articles in the bill, after “extensive” debate, as referred by the House’s Economy and Investment Committee.

The lawmakers approved Article 15 as sent from the government, which entailed replacing the phrase “300 Jordanians” with “250 Jordanians”. The new version now reads: “If the legislative or regulatory clauses are amended or altered and the outcome will have a negative impact on the investor who has investments in a single project amounting to JD5 million or more, or who has employed 250 Jordanians or more, then he/she has the right to demand deferring implementation of these articles for a seven-year period from the date of fulfilling any of these two conditions.”

The House also approved Articles 16 and 17, which grant the investor, his family and his high-profile employees an “investor identification card” to facilitate procedures at official authorities and facilitate their entry and exit to and from the Kingdom.

In addition, the deputies approved Article 18, which establishes the development zone through a Cabinet decision upon the recommendation of the Minister of Investment. The zone’s borders are set, modified, or canceled by a government decision, all the while preserving the investors’ acquired rights.
239 investors have obtained Jordanian citizenship since 2018
In a related item, the House approved Article 19, which details the mechanism of transferring land ownership of a development zone from the public Treasury to the Ministry of Investment, which has authority to sell or lease land plots to the main developer, according to the development agreement approved by the Cabinet under the specified financial leasing conditions.

Deputy Prime Minister and Minister of Local Administration Tawfiq Krishan, speaking at the meeting, said that there is no sale of state lands, but rather a sale to the developer, which consists of government companies.

In response to the lawmakers’ interventions, Krishan said that the government stands by its laws, and that the draft law regulating the investment environment is now debated in Parliament.

Meanwhile, Al-Mamlaka TV, quoting data from the Ministry of Investment, reported that from 2018 until the end of July this year, 239 investors qualified for and obtained the Jordanian citizenship.

According to the data, the investments of these individuals contributed to employing 12,757 people.

The law granting Jordanian citizenship was issued on December 12, 2018; several amendments were made to it.

The ministry data shows that investments were made in the industrial, tourism, medical, educational, and energy sectors, as well as in satellite broadcasting.

Some people obtained citizenship by making deposits with the Central Bank of Jordan.

In March 2022, the Parliament agreed to add commercial sectors to those approved for the purpose of granting Jordanian citizenship to investors, and approved the technical committee’s recommendations that included the mechanisms and bases for implementing this decision.

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