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"A comprehensive, collaborative elections resource."
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Land of Tycoons [Jordan]
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| Contributor | RP |
| Last Edited | RP Jun 20, 2005 05:58pm |
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| Category | Analysis |
| News Date | Sunday, June 19, 2005 11:00:00 PM UTC0:0 |
| Description | Amman is booming. Property prices in Jordan's capital city are soaring, new luxury cars fill the streets, hotels are booked solid and the stock market is surging.
Welcome to Iraq's private sector.
Driven from their own country by a deadly insurgency, Iraq's most prominent business families have exiled themselves to neighboring Jordan, where they manage their empires by telephone, e-mail and courier. At the core of this group are leaders of Iraq's dozen or so powerful merchant families who for the past century have controlled Iraq's private sector—estimated at about 5 percent of the total under Saddam Hussein's rule.
Some Iraqis are using Amman as a temporary haven from which to exploit by remote control an Iraqi economy deregulated nearly overnight by U.S. administrators. Faris Hadad-Zervos, who heads the World Bank's Iraq office out of Amman. "I hear the Jordanian government is giving automatic residency for big spenders, and a lot of Iraqis are taking advantage of it." |
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