Industrial Climate

Al Hassan Industrial Estate

The Company is located in Al Hassan Industrial Estate at Irbid, which is the first Qualified Industrial Zone (QIZ) worldwide. The Estate was established in 1991 and so far over one hundred hectares have been developed for industrial use. A network of internal roads, electricity, water, sewage, telecommunications, rainwater drainage and lighting on the roads are provided by the Jordan Industrial Estates Company.

Industrial projects that are located within the Industrial Estates are granted incentives and exemptions like developed plots and buildings, infrastructure like road network and ancillary services, utilities like electricity and water at reasonable cost, access to international markets through trade agreements, freedom to own or rent property at competitive prices, full repatriation of profits and capital, free transfer of shares, duty-free and quota-free access to US markets through Qualifying Industrial Zones (QIZ) and full exemption from taxes and fees on fixed assets and spare parts.

The industrial climate in Jordan

The Hashemite Kingdom of Jordan, under the rule of King Abdullah, has taken several initiatives to improve the industrial climate of Jordan by encouraging foreign investment, making the economy more market-oriented and globally competitive and carrying out reformative measures in key sectors like banking, tourism and information technology. Government is striving to promote and encourage new industrial projects and investment initiatives through the establishment of Industrial Estates and Qualifying Industrial Zones (QIZ). Jordan has benefited from numerous free trade agreements (FTAs) with the United States, European Union, European Free Trade Association, the Greater Arab Free Trade Area, Morocco, Turkey, Singapore and Canada.

In the very first year of the rule of King Abdullah, in 2000, Jordan joined the World Trade Organization (WTO). In December, 2001, the US-Jordan Free Trade Area Agreement came into force, though it was fully implemented only in 2010. Jordan Investment Board (JIB) provides a ‘one-stop shop’ for foreign investors. For all commercial and capital transactions, the Jordanian Dinar (JD) is fully convertible. There is no ceiling on the amounts residents may transfer abroad and no restriction on the amount of foreign currency residents can hold in banks.

Classic Fashion Apparel Industry Ltd.