As part of the Jordanian government's package for economic reform, the Jordanian parliament passed a new law regulating and promoting investment in the country. The Investment Promotion Law No. 16 of 1995 ("Law No. 16")was issued late last year to coincide with the Middle East/North Africa Economic Summit held in Amman, Jordan, between 29 October and 2 November 1995.
Law No. 16 replaces a complex and interrelated sets of rules that used to regulate investments of both Jordanian nationals and Arab and foreign nationals. Regulations implementing Law No. 16 were issued in January 1996 dealing with issues such as non-Jordanian ownership of investment projects and incentives accorded to those projects falling under new legislation.
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