The United Nations Tourism Organization (UNWTO) has unveiled a comprehensive set of investment guidelines for Jordan, aiming to bolster its tourism sector and drive post-pandemic growth. These guidelines were presented at the “Investing in Tourism: Opportunities and Challenges for Sustainable Financing” conference, which was part of the 50th UN Tourism Regional Commission for the Middle East.
The report, developed in collaboration with Jordan’s Ministry of Tourism and Antiquities, provides an in-depth analysis of the country’s socioeconomic landscape, tourism performance, and investment opportunities. It highlights Jordan’s globally recognized UNESCO World Heritage sites, including the iconic Petra, as well as its unique natural attractions known for their therapeutic benefits.
Jordan’s Minister of Tourism and Antiquities, H.E. Mr. Makram Queisi, emphasized the importance of partnerships with the private sector in driving the country’s tourism recovery. He stated that the government has introduced legislative reforms targeting investment as a whole and specifically in the tourism sector, creating a more conducive environment for investors.
The UNWTO Executive Director, Natalia Bayona, presented the report’s findings at the conference, highlighting Jordan’s diverse tourism offerings, including medical and wellness tourism, film tourism, business tourism, and agritourism. She emphasized the country’s institutional stability, strategic policymaking, and robust recovery of post-pandemic tourism figures.
Jordan’s resilience in the face of the pandemic is evident in its impressive tourism performance in 2023. Key insights from the “Tourism Doing Business – Investing in Jordan” report include:
* Economic Performance and Growth Prospects: Jordan’s economy has grown steadily at a rate of 2.2%, with stable inflation averaging 2.1% over the past decade. The IMF projects a GDP growth of 2.6% in 2023, with further increases in 2024 and 2025.
* Tourism’s Contribution: In 2023, tourism generated USD 7.4 billion in foreign inflows, surpassing pre-pandemic levels by 28%, solidifying its role as a key income source and driver of GDP growth.
* Investment Outlook: Foreign Direct Investment (FDI) inflows surged by 83% in 2022, reaching USD 1.1 billion, close to the 10-year average. This trend continued into 2023.
Basmah Al-Mayman, UNWTO’s Regional Director for the Middle East, emphasized the potential of tourism as an engine of job creation and growth in Jordan, supported by sizeable investments and a diverse range of tourism products. She highlighted the importance of effective management to ensure economic diversification and market creation.
Jordan is making significant investments in its tourism sector. The Jordan National Tourism Strategy 2021-2025 emphasizes the importance of investments to attract more tourists, create jobs, and boost competitiveness. The USAID Building Economic Sustainability through Tourism Project, a $36 million initiative, aims to make Jordan a globally competitive tourism destination by enhancing tourism facilities, improving site management, increasing marketing efforts, and promoting secondary sites. Additionally, the Mediterranean Tourism Investment Company (METICO), which operates the Four Seasons Hotel in Amman, has been actively investing in the sector, reporting post-tax profits of JD1.8 million in 2022.
Jordan’s post-pandemic recovery and its commitment to sustainable tourism development make it an attractive destination for investors. The new investment guidelines provide a roadmap for potential investors, highlighting the opportunities and challenges in Jordan’s tourism sector. The country’s unique cultural heritage, natural beauty, and strategic location position it as a promising destination for tourism investment.
