Report highlights Jordan as regional leader in entrepreneurship

AMMAN — A recent report issued by the Arabian Gulf Business Insight magazine cited Jordan as one of the best countries in the entrepreneurship environment, prompting experts to call for building upon the positive report and further enhancing the business system for startups.

“Such a report, which entails a positive ranking, is positive for the Kingdom. Jordan is unique and pioneering in terms of start-ups,” economist Wajdi Makhamreh told The Jordan Times on Saturday.

“Jordan focuses on entrepreneurship and on supporting small- and medium-sized enterprises. This helps attract investments to Jordan in several sectors,” Makhamreh added. 

Ibrahim Mohammad, an expert in start-ups and entrepreneurial skills, said that Jordan enjoys a “unique position” in the Middle East in terms of supporting startups.

“Jordan needs to continue supporting start-ups, which help create jobs and are now reaching several markets around the world. More financial support is necessary for growth,” Mohammad told The Jordan Times.

 “A well-educated workforce and access to local and international funding have helped to create a ‘dynamic ecosystem’ that makes it a strong location for start-ups,” said Ibrahim Al Safadi, CEO of Luminous Life+, which supports entrepreneurs through its incubator Jordan Start, said in the report, a copy of which was sent to The Jordan Times.

Investment in digital services and FinTech services is a major part of Jordan’s 2025 national plan to accelerate growth and development.  

Faisal Al Armouti, CEO of delivery platform Doorbox, said in the report that changes to the business environment helped drive his decision to launch a company this year. 

 “There has been a significant shift in mindset surrounding the potential for start-ups to succeed, with a growing number of success stories and a supportive community of entrepreneurs and investors,” he said. 

The Kingdom’s total startup funding increased by 500 per cent in 2021 over the previous year, and the recent launch of the Jordanian Ministry of Digital Economy and Entrepreneurship and its $100-million tech-focused venture capital fund is fostering “a vibrant entrepreneurial culture”. 

“The challenge is that a lot of capital being made available to these entrepreneurs is profit-driven, first and foremost,” said Karim Samra, founder of Changelabs, a social enterprise accelerator focused on the Middle East & Africa, in the report. 

“They need to show potential exists for scalability, expansion and growth. But not all great businesses can do that.  One solution is to lean on non-governmental organisations and charities that are not profit-driven to create a blended investment strategy that provides a first-round of funding before looking to the private sector for the second tranche,” Samra added in the report. 

Diaa Al Qassem, another entrepreneurship expert, said Jordan has a conducive startup environment, and the presence of a large number of startup incubators has enhanced Jordan’s position in this regard.