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AMMAN — The Arab Bank Group achieved strong results for the financial year ending December 31, 2024, with a record net profit of $1 billion," reflecting a robust 21 per cent growth in net income after tax, amounting to $1,007.1 million compared to $829.6 million in 2023."

 Based on this record performance, the board of directors has recommended to the shareholders the distribution of 40 per cent cash dividends, according to a statement to The Jordan Times. 

"The impressive results were driven by growth across various business segments and geographic markets. Operating profit increased by 7 per cent to reach approximately $2 billion. At constant currency, total assets grew by 6 per cent to $71.2 billion, loans increased by 6 per cent to $38.3 billion, and customer deposits rose by 5 per cent to $52.2 billion," the statement said.  

The Group’s equity position also remained strong, standing at $12.1 billion at year-end, further underscoring its financial stability and resilience.

Chairman of Arab Bank Sabih Masri was quoted in the statement as saying that "the outstanding results achieved by the Group during the year 2024 reflect its successful execution of its strategy, delivered by its resilient business model. He also noted that the bank’s record net operating profit is a clear testament to its strong growth momentum across several markets, especially in the GCC region and international markets." 

He added that the bank continued to implement its ESG strategy, embedding environmental, social and governance components within its operations across various areas.

Regarding the Group's expansion and growth strategy, Masri said that the bank has recently been granted final banking license to operate in the Republic of Iraq through its subsidiary, Arab Bank Iraq, which will commence operations at the beginning of 2025. Masri also underscored the Group’s constant focus on enhancing wealth management and private banking services highlighting the expected merger between Gonet – part of Arab Bank Switzerland - with Swiss ONE Bank.

Randa Sadik, Chief Executive Officer, stated that Arab Bank delivered strong results during the year 2024, driven by well diversified growth in core banking income across several segments and markets. "The Group achieved sustainable growth in net operating profit driven by both interest and non-interest income contribution as a result of revenue diversification, growth in lending and efficient management of liquidity and funding sources, benefiting from its presence in the GCC and international markets."

Sadik added that the Group’s liquidity and asset quality remain solid where loan-to-deposit ratio stood at 73 per cent and credit provisions held against non-performing loans continue to exceed 100 per cent. "Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 17.2 per cent."

Regarding the Group's digital transformation strategy, Sadik stressed that the Group is focused on enhancing operational efficiency by deploying digital technologies and artificial intelligence tools within an institutional framework across all business units, while continuing to implement its digital strategy to provide digital banking services that meet the aspirations and financial needs of its customers. As part of Arab Bank Group’s digital transformation growth strategy, ACABES, the bank's Financial Technology and development arm, recently launched OMNIFY, an advanced digital banking solutions platform (Banking-as-a-Service) that enables companies to provide banking services and financial solutions to their customers. 

Arab Bank was named “Bank of the Year 2024 in the Middle East” by the London-based “The Banker” Magazine for the second consecutive year. The bank has also received the “Best Bank in the Middle East Award for 2024” from New York-based Global Finance publication, for the ninth consecutive year. This is in addition to receiving several significant recognitions and awards from various reputed international and regional parties.

The bank’s 2024 financial statements are subject to the approval of the Central Bank of Jordan.

AMMAN — The Ministry of Energy's fuel pricing committee on Friday decided to increase the prices of diesel and unleaded 90- and 95-octane gasoline, while maintaining the price of kerosene for February.

The committee attributed the price adjustments to recent increases in global fuel prices, the Jordan News Agency, Petra, reported.

In February, unleaded 90-octane gasoline will be sold at JD0.885 per litre, up from JD0.870 in January, while unleaded 95-octane gasoline will rise to JD1.110 per litre, compared with JD1.100 last month.

The price of diesel will increase to JD0.720 per litre from JD0.690 in January.

Kerosene prices will remain unchanged at JD0.620 per litre, and the price of the 12.5-kilogramme gas cylinder remains at JD7, as is customary, according to the committee’s decision.

The committee meets monthly to review fuel prices in line with international oil market fluctuations.

Prices of oil derivatives in the local market are calculated based on international prices, in addition to other costs, such as shipping and taxes.

Also on Friday, the Energy and Minerals Regulatory Commission decided to maintain the “differences in fuel prices” category on monthly electricity bills for February at zero fils per kilowatt-hour, Petra added.

AMMAN — Tell er-Rumeith, or Tell er-Ramith1 is an Iron Age site located 15 km to the east of Irbid and 7 km south of Ramtha. The site was built on the commanding tell, overlooking the Irbit Plateau from western side (Hosn) towards Ramtha on the north and Mafraq on the east.

This site controls the King's Highway which goes from Damascus to Amman and roads between Irbid and Mafraq.

American archaeologist Nelson Glueck (1900-1971) surveyed the site in 1943 and reportedIron I–II sherds. Glueck identified the site with biblical Ramoth-Gilead while Paul Lapp(1930-1970) described a small square or rectangular fort with a gate inits eastern side.

Tell er-Rumeith was a stronghold on the frontier between different states and statelets.

"The preliminary descriptions, which are not accompaniedby plans, section drawings and enough pictures, are vagueand render the reconstruction of the archaeology of the site almost an impossible task," said Archaeologist Omer Serghi.

"Lapps dating of the strata was probablymade according to the results of the 1950s’excavations at Hazor — at that time the only site in the north with a well-establishedstratigraphy and well-defined pottery assemblages," noted Serghi.

The archaeologist added that the site is bigger than described by Lapp as it consists of threemain elements, only one of them observed by him: an elevatedsquare or rectangular fort, a moatand an outer earth rampart. 

In the center of the complex stands the hill of the fort. Today,after centuries of erosion, it has a somewhat round shape, butoriginally it was a square, partially artificial hill, Serghi continued, adding that the constructionof the first fort probably called for some leveling and filling operations.

The slope of the hill on all sides is too regular in line andgradient for a natural slope, and hence it can be assumed that theouter walls of the fort were protected by a glacis (not mentionedby the excavators) which went down into the moat. 

When the area of the fort was extended the slope must have been re-arrangedwith a new glacis.

The broad moat is clear on at least three sides of the fort and a depression is marked on the northern and western sides.

"The scale of the building operation at Tell er-Rumeith has so far escaped the attention of scholars. The Iron IIA construction created a well-protected, elevated fort." 

"Though small in size, theformidable fort guarded the entire plateau around it, and thenearby junction of the King's Highway leading to Damascus withthe road from the Jordan Valley and Irbid in the west to the desert in the east," the archaeologist said.

Few sites in the Levant demonstrate similar strategicvalue. This is especially noteworthy in light of the fact thatin much of the 9th and 8th centuries BC, the area was disputedandprobably changed hands several times," Serghi elaborated, adding that it is difficult to decide who was responsible for the constructionof each of the forts and who can be blamed for their demise.

This fort was destroyed in 842/841 BC as an outcomeof the defeat of Israel in the battle of Ramoth-Gilead which was fought nearby. The fort of Stratum VI was then built by Hazael and destroyed during the renewed expansion of Israel tothis region in the days of Jeroboam II in the early 8th century.

AMMAN — Royal Jordanian Airlines (RJ) on Friday relaunched direct flights to Damascus, offering four weekly flights to the Syrian capital after years of service suspension.

The route reconnects Damascus to RJ’s global network, which spans over 45 destinations across Europe, the Americas, the Middle East, and the Arabian Gulf, according to the Jordan News Agency, Petra.

Vice Chairman and CEO of RJ Samer Majali and Executive Director of Corporate Communications Razan Jabarat accompanied the inaugural flight that arrived at Damascus International Airport on Friday morning.

On January 7, a RJ plane carried a delegation of technicians from the Civil Aviation Regulatory Commission (CARC) to evaluate the airport's technical and logistical conditions in preparation for the possible resumption of Jordanian flights to Syria's capital.

Chairman of CARC Haitham Misto said at the time that the flight was part of an effort to assess the feasibility of reopening the Amman-Damascus route, describing the mission as both a technical assessment and a gesture of support for the reactivation of Syrian air traffic.

Misto, who was aboard the flight with a team of CARC technical experts and representatives from RJ, also said that the visit aimed to evaluate the airport’s infrastructure and operational readiness.

International flights resumed at Syria's main airport in Damascus on January 7 for the first time since rebels toppled president Bashar Al Assad last month.

Qatar Airways also resumed flights to Damascus after a nearly 13-year hiatus, with three weekly flights scheduled.