King meets representatives of venture capital firms

AMMAN — His Majesty King Abdullah on Tuesday stressed the need to increase the growth of the entrepreneurship sector in Jordan, in line with the Economic Modernisation Vision.

At a meeting with representatives of venture capital firms held at Al Husseiniya Palace, King Abdullah called for focusing on the early stages of project inception and developing innovative concepts through various support programmes, incubators and workshops, according to a Royal Court statement.

His Majesty underscored the importance of facilitating the work of investment funds and start-ups, enabling Jordan to achieve its objectives and compete globally.

At the meeting, attended by HRH Crown Prince Hussein, the King noted the importance of implementing training programmes to build the capacities of young Jordanians, motivating them to start their own projects and maintaining the Kingdom’s position as an incubator of innovation and entrepreneurship.

Prime Minister Bisher Khasawneh said the entrepreneurship sector in Jordan is ranked fourth regionally, noting there are 17 venture capital funds for entrepreneurial projects and over 40 incubators and accelerators in Jordan.

Digital Economy and Entrepreneurship Minister Ahmad Hanandeh and Investment Minister Khuloud Saqqaf gave a brief on the government’s priorities in relation to the entrepreneurship sector.

Minister Hanandeh spoke of the national policy on entrepreneurship, which comprises an executive plan with over 22 projects, noting that the ministry had signed agreements with seven training providers to train university graduates.

The ministry is also coordinating with Jordanian experts abroad to contribute to the training of thousands of young men and women, the minister said.

According to Hanandeh, the year 2021 saw an increase in the investment volume in start-ups in Jordan, reaching nearly JD120 million, compared to JD20 million in 2020.

For her part, Saqqaf highlighted the need to encourage innovation and investment in start-ups, as well as providing a suitable doing of business environment to facilitate procedures and ensure legislative stability.

His Majesty listened to attendees’ ideas on means of utilising the available resources at funds in Jordan, which was among the first countries in the region to create an entrepreneurship ecosystem.

Participants pointed to the economic importance of the entrepreneurship sector, calling for increasing funds for research and development at start-ups, to enable them to expand their scope and innovation.

They identified challenges facing some start-ups in attracting investments at the stage following ideation, and suggested measures to facilitate access to finance.

In addition, they called for revisiting regulations governing start-ups to ensure flexibility in procedures.

They called for boosting investments in women-led start-ups, in order to increase women’s contribution to the national economy.

Jordan is home to over 200 registered start-ups, in addition to 14 investment funds that have collectively allocated $110 million to invest in Jordan.