King optimistic about economy

26 October 2008
Amman , Jordan

His Majesty King Abdullah on Sunday expressed satisfaction with the progress made at development zones in Maan, Mafraq and Irbid.

The special zones were set up in these governorates upon the King's directives to attract foreign investments and provide work opportunities for the areas' citizens.

During a meeting held to assess the progress achieved so far at the Kingdom's development areas, the King urged authorities to continue implementing the projects until they realise the set goals in accordance with their designated timetables.

Prime Minister Nader Dahabi said the government is continuously working with the parties entrusted with the building of the development areas to provide them with what they need to complete the projects.

Since 2001, the King launched four development areas that focus on optimal utilisation of the features of each area so they will complement each other.

These are the Aqaba Special Economic Zone, the Mafraq-based King Hussein Ben Talal Economic Zone, the Irbid Economic Development Zone and the Maan Economic Development Zone.

Highlighting the achievements of the Maan zone, launched in 2007, Mohammad Turk, director of the Maan Development Corporation, said the zone has so far attracted around JD165 million in investments, noting that the estate will provide over 3,000 job opportunities.

Turk told the meeting that negotiations are under way to draw a strategic partner. Moreover, the zone's preliminary comprehensive plan has been drawn up so that the area can forge ahead with plans to attract further investments, Turk said.

The official also highlighted obstacles facing the Maan zone, underlining the importance of enforcing relevant legislation and the need for coordination among the concerned entities and agencies operating in the zone.

He also underlined the need to have sufficient technical information on mineral resources available in Maan.

Regarding the Mafraq and Irbid zones, Rami Qsous, the director of the two zones, said an agreement was concluded on the development of the Mafraq-based zone, as the necessary infrastructure for around 1,000 dunums is in place.

Also, designs for a central market have been finalised in order to serve the initiative and the local community, besides the allocation of JD15 million for the establishment of a customs centre.

Concerning the air base, Qsous said investors are currently examining project finances to determine the required funds to go ahead with the project.

Qsous also highlighted agreements signed with industrial and logistics companies, noting that by the end of this year, the occupancy rate of the Mafraq zone's first phase will amount to 50 per cent.

With regard to the Irbid zone, Qsous said a deal has been concluded with an Arab investment company to develop 50 per cent of the zone in the initial stage.

The area's development plan will be completed and endorsed by the end of this month to pave the way for the actual implementation of the project, Qsous said.

Meanwhile, Labour Minister Bassem Salem, also the chairman of the Social Security Corporation, said the government's decision to form a committee to follow up on the progress achieved at the development zones is meant to assist them.

Also today, King Abdullah urged cooperation between the public and private sectors to preserve and maximise the Kingdom's economic achievements, voicing confidence in the government's economic strategy and steps to face any consequences that may result from the international financial crisis.

At a meeting on the economy's performance during which Dahabi briefed the King on measures taken by the government to safeguard the economy from crisis repercussions, the King said he was optimistic about the economic situation.

He also noted that Jordan's priority is citizens' protection and improving their living conditions.

The King also called on the private sector to present practical proposals on measures the government can follow to stimulate growth, boost the Jordanian industry and open new markets for its products.

During the meeting, Dahabi briefed the King on the government's steps to safeguard the economy in the wake of the international financial crisis, including the decision to guarantee the deposits at banks operating in the Kingdom until the end of next year.

The premier also highlighted the government's formation of a committee to follow up on developments in the world economy.

Moreover, Dahabi called on the private sector to reduce the prices of commodities and services in light of the drop in prices on the international level, stressing the government's commitment to coordinate with the private sector as a partner.