Amman, May 14 (Petra) — The Jordan Free and Development Zones Group (JFDZ) has successfully resolved a long-standing backlog of stalled investments in the Dead Sea Development Zone, signaling a new chapter for the region’s growth and revitalization.

Sakher Ajlouni, JFDZ Chairman, announced that all 11 troubled investment agreements, some of which had been inactive since 2011, have now been legally and amicably settled. The move is part of broader efforts to reset the investment landscape and prepare the area for high-impact development opportunities.

The resolution process involved a case-by-case review of contracts, offering flexibility to some investors while mutually terminating others, all without financial losses to the state. Ajlouni emphasized that the aim was not just to close a chapter, but to clear the path for future projects aligned with national development goals.

As part of this reset, the Group is currently updating the region’s master development plan, originally drafted in 2011. The new version is being shaped by recent market research, shifting investor priorities, and Jordan’s economic modernization agenda. The updated blueprint is designed to encourage strategic, sustainable investment while making better use of available land and resources.

Ajlouni stressed that the new plan will provide clear guidance for investors and stakeholders, striking a balance between economic growth and environmental preservation. Final approval is expected in the near future.

Mohammad Al-Wakid, Director General of the Development Zones, added that the total value of the resolved projects was around 58 million dinars. These included lease-to-own and development contracts, two of which have now resumed work on-site.

He explained that the delays were primarily due to weak financial planning by investors and mismanagement of contracts issues that persisted despite generous government support, including payment flexibility and exemption from penalties.

Currently, five major tourism projects are under construction in the area, with some already open and others nearing completion. These initiatives are part of a broader action plan to reposition the Dead Sea as a prime destination for both investment and tourism.

Al-Wakid concluded by noting that although the state lost valuable time due to previous project failures, the region is now poised for a fresh wave of development. With past obstacles removed, the focus shifts to attracting capable investors and transforming the Dead Sea into a model of sustainable growth.

//Petra// WH

14/05/2025 11:57:57