Jordan’s foreign direct investment (FDI) inflows reached $457.8m during Q3 2024, marking a 3.7 per cent increase compared to the same period in 2023, according to preliminary data from the balance of payment, according to Central Bank of Jordan (CBJ).

These inflows accounted for 3.2 per cent of the country’s GDP, maintaining a stable share and highlighting the continued appeal of Jordan’s economy to international investors, despite regional challenges.

For the first three quarters of 2024, total FDI inflows to Jordan amounted to $1.3 bn, or 3.3 per cent of GDP. While this represents a decline from $1.6 bn during the same period in 2023, the current figures remain higher than the cumulative FDI recorded in both 2021 and 2022, indicating sustained investor confidence in Jordan’s economic prospects.

According to the report by the Jordan News Agency (Petra), Arab countries contributed nearly half (49.1 per cent) of the total FDI inflows, with Gulf Cooperation Council (GCC) nations making up 31.7 per cent.

European Union countries accounted for 11.5 per cent of the total FDI, with the Netherlands leading the way at 4.9 per cent, followed by France at 3.5 per cent.

Non-Arab Asian countries contributed 7.2 per cent, with China (2.5 per cent) and India (2.1 per cent) being the largest investors in this category.

The remaining 32.2 per cent of FDI came from other regions.

Financial and insurance sector attracted the largest share of FDI into Jordan

In terms of sectoral distribution, the financial and insurance sector attracted the largest share of FDI, accounting for 15.7 per cent of total inflows.

Manufacturing industries followed with 7.7 per cent, while information and communication received 7.5 per cent.

The mining and quarrying sector attracted 7.3 per cent, and transportation and storage garnered 7.0 per cent. Wholesale and retail trade accounted for 6.1 per cent of FDI.

Real estate and land investments by non-Jordanian individuals also represented a significant portion, contributing 14.9 per cent to the total FDI inflows during the period.

The latest figures underscore Jordan‘s ongoing attractiveness as an investment destination, bolstered by its strategic position in the region, growing infrastructure, and efforts to diversify its economy.

Despite global uncertainties and regional instability, the country has managed to maintain steady FDI inflows, particularly from key regional and international partners.

Its government has been focused on enhancing the investment climate and improving economic resilience, making it an increasingly viable hub for international capital.

Dubai property giant DAMAC Group’s chairman Hussain Sajwani promised a $20bn investment in the booming US data centre industry in the coming years, he and US President-elect Donald Trump announced on Tuesday at Trump’s home in Palm Beach, Florida.

“They may go double, or even somewhat more than double, that amount of money,” President-elect Trump said of DAMAC Group.

The construction of new data centres by EDGNEX Data Centers, a unit of DAMAC, in Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois, Michigan, and Indiana will generate employment opportunities for thousands of Americans.

“This is an extremely exciting moment for us. Our foray into the US market in data centres represents a significant milestone in our journey to build a global digital infrastructure platform that will empower businesses today and in the future,” Sajwani said in a statement.

The “first phase” of EDGNEX’s expansion will involve strategic partnerships, land acquisition alongside utilities, and the purchase of existing data centres and platforms. Phase 1 will establish approximately 500MW of capacity, with one facility in the Sunbelt and another in the Midwest.

Sajwani’s pledge is the latest example of a foreign business leader promising to spend heavily in the US after Trump’s election victory over Democratic Vice President Kamala Harris.

Last month, Softbank CEO Masayoshi Son unveiled plans to invest $100bn in the US and create 100,000 jobs over the course of Trump’s four-year term.

Meanwhile, DAMAC has ramped up investment in the buoyant artificial intelligence (AI) sector with a $50m Anthropic deal. The group has also made significant investments in xAI, an American AI startup founded by Elon Musk, and Mistral, a French AI firm.

Earlier in December, EDGNEX and PPC Group announced plans to develop a cutting-edge data centre in Spata, East Attica, Greece, through a new joint venture called Data In Scale.

With operations in 10 countries, including the UAE, Malaysia, and Italy, EDGNEX’s projected capacity exceeds 1000MW. The company’s current operational data centres include over 10MW in Saudi Arabia and 5MW in Thailand (coming online in Q1 2025).

DAMAC’s US investments extend beyond data centres, encompassing real estate and private equity. The property developer is developing a $1bn Miami condo project (designed by Zaha Hadid Architects).

Read: DAMAC Group ramps up AI investments with $50m Anthropic deal

Bahrain’s gross domestic product (GDP) grew by 2.1 per cent in constant prices during Q3 2024 compared to the same period in the previous year, according to the latest data from the Information & eGovernment Authority.

According to a report published by the Bahrain News Agency, the country’s GDP at constant prices reached BD3,734m, while at current prices it totaled BD4,342m during the third quarter.

The growth was primarily driven by the non-oil sector, which saw an increase of 3.9 per cent at constant prices and 1.5 per cent at current prices, reflecting the continued diversification of Bahrain’s economy away from its reliance on oil.

In terms of sector contributions, the manufacturing sector ranked first among non-oil activities, accounting for 20.1 per cent of Bahrain’s GDP at current prices. This was followed by financial and insurance activities, which contributed 17 per cent to the country’s overall economic output.

The report also highlighted significant growth in certain sub-sectors.

According to preliminary estimates, professional, scientific, and technical activities recorded the highest growth rate at constant prices, with an increase of 13.8 per cent. This was followed by information and communication activities, which saw a growth rate of 11.9 per cent, both on an annual basis.

Bahrain focused on diversification

The strong performance of these sectors reflects Bahrain’s efforts to foster economic diversification, particularly in high-value industries such as manufacturing, finance, and technology.

The Information & eGovernment Authority noted that the positive GDP growth is part of the kingdom’s broader economic strategy to reduce its dependence on oil revenues, focusing on non-oil industries as key drivers of future growth.

Bahrain’s ongoing economic development initiatives have been aligned with its Vision 2030 plan, which seeks to create a more sustainable and diversified economy through investments in innovation, digital infrastructure, and skilled sectors.

EFG Hermes, the investment banking arm of EFG Holding, said on Monday it had completed its advisory role on the $449m initial public offering (IPO) of Almoosa Healthcare Company on the Saudi Exchange (Tadawul).

Almoosa Health, a leading healthcare provider in Saudi Arabia, offered 30 per cent of its total issued share capital, comprising 9.3 million new shares and 4 million existing shares at SAR 127 ($33.87) per share. The offering valued the company at SAR 5.6bn ($1.5bn).

The IPO saw strong investor interest, with an oversubscription rate of 103 times. The company began trading under the ticker ALMOOSA on Tuesday and rose 15 per cent on debut as it hovered around the SAR139.60 mark.

“We are honoured to have played a pivotal role in the successful IPO of Almoosa Specialist Hospital, a key milestone for Saudi Arabia’s thriving healthcare sector,” Saud Altassan, CEO of EFG Hermes KSA, said in a statement.

Karim Meleka, co-head of investment banking at EFG Hermes, said the strong demand highlighted investor appetite for high-quality healthcare assets in the kingdom.

“We are proud to have played a role in the second Saudi healthcare group IPO this year and look forward to building on this momentum in 2025,” he said.

Based in Saudi Arabia’s Eastern Province, Almoosa Health operates two hospitals in Al Ahsa with a combined capacity of 730 beds. It serves around one million patients annually and employs 326 physicians across various specialties.

The company reported SAR 979m in revenue and SAR 98m in net income in 2023. For the first nine months of 2024, it posted SAR 870m in revenue and SAR 40m in net income.

EFG Hermes acted as a joint bookrunner and underwriter on the transaction.

DP World’s container handling capacity has surged past 100 million TEUs, a substantial increase from 75.6 million TEUs in 2014, fuelled by more than $11bn (Dhs40.4bn) in investments over the past decade, according to the Dubai Media Office.

The logistics giant’s capacity has expanded by 33 per cent, driven by a combination of global expansion projects, including greenfield developments and acquisitions across the supply chain, from warehousing to transportation.

DP World’s gross container handling capacity surged by 5 per cent over the past year, solidifying the state-owned firm’s 9.2 per cent global market share. The expansion enhances the company’s ability to meet growing demand and extend its reach within the global supply chain.

“Crossing the 100 million TEU mark is a momentous milestone in our journey, which began 45 years ago. We are confident that the global container market will continue to grow in the years ahead and we will have the capacity to service it,” said Sultan Ahmed bin Sulayem, group chairman and chief executive of DP World.

With global container throughput expected to grow by 2.8 per cent in 2024, according to Drewry Container Forecaster, DP World has undertaken substantial investments spanning multiple countries across the globe.

The company is developing new ports in Senegal and India, complementing its existing infrastructure, multimodal transportation, and logistics services to better connect businesses with their customers.

“Over the last 20 years, we have invested in ports and terminals across the world, often in less traditional and underdeveloped trade markets, where our socio-economic impact has been significant. One of the major highlights of 2024 has been our takeover of the Dar es Salaam facility in Tanzania, which has not been developed since the 1950s,” said Tiemen Meester, COO of Ports & Terminals at DP World.

Last month, DP World commenced maritime works at the Port of Ndayane, marking a major step in the development of the $1.2bn project to transform Senegal into a major global trade hub. Phase 1 of the project includes an 840m quay and a 5 km channel capable of accommodating the world’s largest container ships and handling 1.2 million TEUs annually.

The second phase of the project, which adds a 410-meter quay, will position Ndayane as a leading logistics hub in West Africa upon completion.

Read: DP World issues MENA region’s first $100m blue bond