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Jordanian government measures pushing major investors to quit the market

January 18, 2016 at 12:43 pm

Owners of seven foreign trademarks are planning to leave the local Jordanian market with capitals worth 65m Jordanian Dinars ($91,5m), an informed source told the Al-Ghad newspaper on Sunday.

The sources, who preferred to remain anonymous, said that these seven trademarks are owned by two companies. One of the companies is owned by an Indian investor and the other is owned by an investor from the UAE.

Spokesman of Jordan’s malls Khalid abu-Hassan said: “The trademarks are planning to quit the Jordanian market due to accumulated reasons, including high running costs and the arbitrary real estate taxes.”

Abu-Hassan noted that the closure of the two companies with their trademarks would have negative results on the local economy, alongside the negative impact on the 1,000 workers employed.

He said that this is a “very important” issue that the government “must” review, alongside reviewing the running costs of the malls before these companies leave the market.