UN Tourism has presented a new volume of its “Tourism Doing Business: Investment Guidelines” as a part of its 50th UN Tourism Regional Commission for the Middle East, with a focus on the investment potential of Jordan, which fully recovered from the pandemic with 6.3 million international visitors by 2023, an 18.5 pc rise.

Jordan saw USD 7.4 billion in foreign inflows from tourism in 2023, up 28 pc from pre-pandemic levels, confirming the travel industry’s position as one of the primary drivers of the economy and GDP growth in the nation.

According to a press statement by UN Tourism, it was elaborated in collaboration with the Ministry of Tourism and Antiquities of Jordan and the guide provides a comprehensive overview of the socioeconomic reality of Jordan, its tourism performance and investment opportunities.

“One of Jordan’s driving forces of recovery is the active and solid partnership we have with the private sector. The government of the Hashemite Kingdom of Jordan has embarked on legislative reforms targeting investment as a whole by introducing a new investment law and also significant reforms in the tourism law,” says Makram Queisi, Minister of Tourism and Antiquities of the Hashemite Kingdom of Jordan.

The statement adds that UN Tourism highlighted the appealing value proposal of the country, which counts with globally recognised UNESCO World Heritage sites, a new wonder of the world, Petra and unique natural attractions with celebrated therapeutic benefits.

“Jordan offers a one-of-a-kind tourism proposition with a rich umbrella of options that include seven subsectors such as medical and wellness tourism, film tourism, business or agritourism. This diverse offer is paired with institutional stability, strategic policymaking, and a robust recovery of post-pandemic tourism figures,” says Natalia Bayona, UN Tourism Executive Director.

“These reforms are the result of direct and continuous dialogue with the private sector. We are taking solid steps into transforming Jordan into a haven for investors, and with the help of our formidable partnership with UN Tourism and the introduction of the UN Tourism investment guide of the Hashemite Kingdom of Jordan we are on the right track,” adds Queisi.

UN Tourism says that Jordan has fully recovered from the pandemic with 6.3 million international visitors by 2023, an 18.5 pc increase over the 2019 record. Between January and September 2023, trade, restaurants, and hotels have increased their weight in the economy, reaching 12.5 pc of GDP compared to 11.4 pc in 2019.

The statement adds that tourism in Jordan employed 54,856 people in 2023, a slight increase from 2019 and representing 4 to 5 pc of Jordan’s total employed population. Jordan’s air travel sector has rebounded, maintaining connections to 43 countries through 54 airlines by 2023.

UN Tourism says that the Jordanian economy has experienced a steady growth rate of 2.2 pc and has kept inflation stable at an average rate of 2.1 pc over the past decade. IMF projections suggest that Jordan’s GDP recorded a 2.6 pc increase in 2023, and it is expected to grow by 2.6 pc in 2024 and 3.0 pc in 2025.

The guidelines also provide a detailed analysis of the investment outlook and greenfield investment dynamics. When it comes to Foreign Direct Investment (FDI), FDI inflows surged by 83 pc in 2022, reaching the mark of USD 1.1 billion, which nearly matches the country’s 10-year average inflow. A trend that seems to have continued into 2023, adds the statement.

UN Tourism says that the country is also implementing a series of strategies to strengthen its competitiveness and investment frameworks and to support the growing innovative entrepreneurial ecosystem: the Economic Modernisation Vision (2023 – 2030), the Investment Promotion Strategy (2023 – 2026), and the Jordan National Tourism Strategy (2021 – 2025).

The sattemetn adds that these initiatives are projected to attract additional investments of around USD 3.8 billion in the tourism sector by 2033.

“Supported by sizeable investments, tourism diverse products and Jordan’s natural beauty, tourism can be an engine of job creation and growth in the country. Tourism investment offers opportunities for economic diversification and market-creation when effectively managed,” says Basmah Al-Mayman, Regional Director for the Middle East.