Deputies endorse draft investment law

AMMAN — MPs on Wednesday went back on their decision to strip a projected investment commission of the right to sell state-owned land to major developers investing within special economic zones across the Kingdom.

The decision came one day after MPs voted against allowing the commission to sell land to the investors.

In a turnaround on Wednesday, deputies decided to give the commission the right to sell or rent land in the development zones.

Welcoming the decision, Prime Minister Abdullah Ensour said “this law will bring about a leap in investments in the Kingdom.” During Wednesday’s meeting, the Lower House endorsed the draft investment law after four sessions of deliberations over the bill’s provisions.

The law stipulates the establishment of an independent investment commission supervised by an investment council that will be chaired by the prime minister.

The MPs endorsed a provision on arbitration in the case of a conflict between the investor and concerned authorities.

They agreed to give six months for the internal settlement of any dispute before it is taken to international arbitration.