Khaberni - In light of the current situation, politically and militarily tense near the Jordanian borders and during this inflamed time for the neighboring countries which have recently suffered from destruction and wars, such as Syria and Gaza, and the resulting total destruction of infrastructure, economic opportunities arise from these existing tensions surrounding us.
Therefore, Jordanian housing and contracting companies must think carefully and deeply and develop a comprehensive reconstruction plan in Syria and Gaza and enter into strong competition with countries that want to exploit these real estate investment opportunities like Turkey, Saudi Arabia, and Egypt.
On the other hand, it is a golden opportunity to improve the growth rate of the real estate sector in Jordan, as it has seen a significant decrease and slowdown in growth for the year 2024.
According to the annual report of the Central Bank of Jordan, the construction sector declined by 1.1% compared to the growth of 2.6% in 2023.
The reason for this decline is the uncertainty in the region amid geopolitical tensions, which has led to a decrease in licensed building areas and the quantities of imported building materials by 16.9% and a decrease in the volume of credit facilities granted by banks by 1.9% for the real estate sector, not to mention the fees and taxes imposed by the United States on Jordanian goods, exacerbating the significant decline in the construction sector and increasing the total cost.
Therefore, it is necessary to act quickly and put together a strategic plan to improve the construction sector for the coming year, by coordinating directly with the brothers in the Syrian Arab Republic and arranging an urgent meeting with decision-makers to present the reconstruction files, and offer competitive pricing to obtain the highest possible share.
The same applies to the reconstruction of Gaza, where participation in reconstruction projects there requires coordination with the Palestinian National Authority and the brothers overseeing the sector such as Qatar and Egypt and entering into direct negotiations with them regarding the reconstruction of the currently devastated Gaza Strip.
Anas al-Rawashdeh
