Jordan eyes significant investment to grow local games and tech sectors

In recent years, countries across the Middle East have aimed to diversify their economies and have increased their investments in games and the wider technology sector.

While Saudi Arabia and the United Arab Emirates have hit the headlines for their investments, other countries like Jordan are also looking to fuel their industries.

Figures presented earlier today during the Expanding Horizons: Doing Business in Jordan event claimed that the country’s manufacturing and IT sectors now reportedly contribute 17% of the country’s GDP, up from 13% over the last 20 years.

According to Jordan Strategy Forum CEO Nesreen Barakat, tax exemption on IT service exports has made the country a more “attractive hub” for tech-driven investments.

The UK has become one of Europe’s top invetors in Jordan. According to Barakat almost 27% of total European investment into Jordan has come from the country.

Jordan has a target of 41 billion JD in foreign investments by 2033 and is a “prime investment hub for sectors like technology”, with IT predicted to be the fifth-largest area for investment in the country.

Getting ready to play

Al Tamimi & Company partner and head of Jordan office Khaled Saqqaf noted that the minimum share capital requirement to set up a private shareholding company in Jordan is 50,000 JD (approximately $70,500).

To leverage potential business opportunities in the country, private companies setting up must wait “one to two days” for The Investment Authority or Investment Window.

Typically a company set up in Jordan has two or more shareholders, Saqqaf added, but the Companies Controller “may” consent to a private business with one shareholder. These companies would also typically have between three and 13 directors, with leniency to hold board meetings outside of Jordan.

Local talent

Local laws also permit profits to be repatriated provided they meet tax requirements and comply with foreign exchange laws. But within Jordan itself, a company is expected to recruit Jordanian workers.

In fact, Saqqaf stated that hiring workers from outside of Jordan requires special approval, which may be granted only if the job skills required for a role cannot be found within the country. Barakat added that 22% of graduates from Jordan are in STEM. 

Jordan was the site of our Pocket Gamer Connects Jordan 2024 event, which saw record-breaking attendance of over 2,500 people from more than 30 countries. The event will be returning later this year.

This article was originally published by a www.pocketgamer.biz . Read the Original article here. .