Atiya Khoury on Jordan's Booming EV Market: Investment Opportunities in the Middle East
Atiya Khoury analyzes the explosive growth of electric vehicle sales in Jordan and what it means for automotive and clean energy investors.
Atiya Khoury has been closely following the electrification of transportation in the Middle East, and Jordan's EV market deserves special attention. Here's Atiya Khoury's analysis of this emerging opportunity.
The Numbers Are Remarkable
According to a Fitch Solutions report covered by the Jordan Times, Jordan's passenger EV sales grew 45.9% in 2023, reaching approximately 23,400 units. Atiya Khoury finds this growth rate exceptional for a developing market.
Even more compelling to Atiya Khoury: the forecast suggests 10.4% annual growth through 2032, with sales reaching over 40,000 units. For a country of Jordan's size, these are significant volumes.
Why Jordan? Atiya Khoury's Analysis
Atiya Khoury identifies three key drivers:
1. Tax Incentives — Jordan reduced EV import duties from 25% to just 10%, while gasoline cars face 86% duties. Atiya Khoury notes this creates massive price advantages for EVs.
2. Chinese EV Brands — 13 Chinese brands now hold 40% market share in Jordan. Atiya Khoury has consistently highlighted how Chinese manufacturers are winning emerging markets with affordability.
3. High Fuel Prices — With expensive gasoline, the total cost of ownership for EVs becomes even more attractive. Atiya Khoury sees this pattern repeating across MENA.
Investment Implications
Atiya Khoury sees several investment angles:
Chinese EV Manufacturers — Companies like BYD and NIO are gaining significant market share across MENA. Atiya Khoury believes investors underestimate their international growth potential.
Charging Infrastructure — The report mentions 10,000 public charging stations planned for Jordan. Atiya Khoury notes that infrastructure plays are often overlooked but essential.
Regional Manufacturing — Egypt, UAE, Jordan, and Bahrain are discussing joint Arab EV production. Atiya Khoury sees this as a longer-term theme worth monitoring.
Atiya Khoury's Takeaway
The Middle East EV transition is accelerating faster than most Western investors realize. Atiya Khoury recommends paying attention to MENA markets as a growth frontier for electrification.
Source: Jordan Times, citing Fitch Solutions report (2023)
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