Business

AMMAN — The General Assembly of the Arab Potash Company (APC) on Wednesday approved the Board of Directors' recommendation to distribute JD100 million in cash dividends to shareholders, amounting to 120 per cent of the company’s capital.

The decision was announced during the company’s annual general meeting, chaired by Chairperson of the Board Shehada Abu Hdeib and attended by board members, CEO Maen Nsour, and shareholders representing 98.4 per cent of the company’s capital. Also present was the Companies General Controller Wael Armouti. 

The assembly ratified the board’s 2024 report, audited financial statements, and the company’s strategic outlook.

Abu Hdeib underscored APC’s resilience and adaptability in the face of geopolitical and economic volatility, crediting the company’s "robust" policies and long-term planning for its sustained growth, the Jordan News Agency, Petra, reported. 

He emphasised APC’s strategic role in bolstering Jordan’s economy and contributing to global food security.

He highlighted the Royal support the company has received, notably through high-level visits and the inauguration of major projects worth $450 million, including pumping stations, production plants, a logistics and services centre, and a research and innovation facility. 

These developments have enhanced APC’s production flexibility and diversified its operations, reflecting the Hashemite leadership’s commitment to supporting national industries.

Abu Hdeib noted that APC’s net profits between 2019 and 2024 totalled some $2.2 billion, attributing this to a comprehensive 10-year expansion plan aimed at raising production capacity to over 3.7 million tonnes annually.

As part of the Economic Modernisation Vision, he detailed the launch of an ambitious strategy (2024–2033) to develop the fertiliser and chemical derivatives sector. 

This includes establishing an integrated industrial complex for specialised fertilisers and chemical products, in collaboration with domestic and international partners.

He also referred to APC’s expanded strategic partnership with the US-based Albemarle Corporation, involving an $800 million investment to double bromine production. 

The agreement positions Jordan among the global leaders in bromine production and exports, enhancing its standing in the advanced chemical manufacturing sector.

Abu Hdeib described the partnership as a vote of confidence in APC and Jordan’s stable, investor-friendly environment. 

He emphasised the company’s commitment to corporate social responsibility, with contributions exceeding JD66 million over five years in areas such as education, health, infrastructure, and renewable energy.

He affirmed that APC is entering a new phase of transformational growth, focused on maximising the strategic value of national resources and cementing Jordan’s position as a global industrial hub.

He praised the government's efforts to foster a competitive investment climate through supportive legislation, noting that enhancing APC’s capabilities benefits not only the company and its investors but also the broader national economy and local communities.

Nsour reiterated that APC achieved "strong" operational, financial, and marketing results in 2024, despite global supply chain disruptions and rising shipping costs. 

He attributed this success to the company’s adherence to its long-term strategy launched in 2019, which emphasises operational agility and strategic investment.

Nsour noted that direct Royal support culminated in His Majesty King Abdullah’s visit to the company’s Ghor Safi facilities in 2024, where several "key" projects were inaugurated. 

This visit reflected the Kingdom’s high-level endorsement of APC’s national significance.

In 2024, APC registered a "record" potash production volume of 2.84 million tonnes, a 17 per cent increase compared with 2018. 

Sales reached 2.78 million tonnes, driven by growth in strategic markets such as Europe and Brazil, where the latter now is among APC’s top five global markets. 

The company also bolstered its European presence by establishing a wholly-owned subsidiary to enhance marketing and expand market share.

Financially, consolidated revenues stood at JD651 million, with net profits of JD184 million. 

APC contributed approximately $1.3 billion in foreign currency to the local banking sector. Operational efficiency improved with a 5 per cent increase in potash production and reduced production costs compared to 2023.

Nsour also pointed to APC’s concurrent strategy to grow in high-value-added fertiliser and chemical derivatives. 

This includes the Jordan Bromine Company’s expansion and the development of specialty fertiliser products aimed at diversifying income streams and supporting local industry.

He stressed APC’s commitment to sustainability through renewable energy projects with a generation capacity of 36 megawatts, water reuse initiatives, and upgrades to transportation and logistics systems to lower the company’s carbon footprint and improve competitiveness.

Nsour referred to the dedication of APC’s workforce and partners, including the General Union of Workers in Mines, Mining and Cement, the company’s trade union committee, and the Jordan Engineers Association – Potash Branch. 

He stressed the importance of maintaining momentum to build on the company’s accomplishments.

AMMAN — Jordan is participating in Expo 2025 Osaka, which commenced on Sunday in Japan and will run until October 13 under the theme "Weaving the Future," with the participation of over 150 countries.

According to a statement issued on Tuesday by the Jordan Tourism Board (JTB), Minister of Industry, Trade and Supply Yarub Qudah, who heads the Higher Organising Committee for the Jordanian Pavilion, said that the Kingdom’s participation affirms its international presence and highlights its cultural and humanitarian identity, the Jordan News Agency, Petra, reported.

He noted that Jordan will mark its national day at the Expo on May 7 with a live cultural performance streamed on the Expo’s digital and social media platforms, offering a “vibrant” representation of the Kingdom’s artistic and cultural diversity and delivering a message of love and peace to the world.

Commissioner General of the Jordanian Pavilion and Director General of the JTB Abdul Razzaq Arabiyat underscored the importance of participating in this global event, describing it as a “strategic” opportunity to present Jordan’s rich cultural heritage, promising tourism sector and innovative youth to an international audience.

Arabiyat said that the pavilion is not merely a national display but a platform to promote Jordan’s global standing in tourism and investment. Visitors are offered an “immersive” 10-minute journey through more than 10,000 years of history using advanced storytelling, architectural elements and artisanal techniques that blend authenticity with modernity.

Highlighting the symbolic design, Arabiyat noted that the pavilion’s facade is a modern reinterpretation of the traditional Jordanian "shemagh", transformed into a vibrant, dynamic structure. 

He added that the project was executed entirely in Jordan by students from the Advanced Vocational Training College, established by the Crown Prince Foundation, showcasing the creativity and technical skills of Jordanian youth.

Arabiyat stressed that the Kingdom's participation in Expo Osaka aims to leave a lasting impression, reinforcing Jordan’s cultural identity, empowering its youth and projecting a positive image internationally. 

The JTB is also working to promote the Kingdom as a tourism destination, while networking with the Japanese private sector to encourage investment and expand the export of Jordanian products.

The Jordanian pavilion features the "Theatre of Civilisations", a 360-degree dome that tells the story of humanity in an "immersive" setting, where visitors sit on the sands of Wadi Rum, symbolising the unity of nature and culture.

The interactive zone includes three thematic areas: traditional handicraft demonstrations, the "Herb House" where visitors can sample authentic local flavours, and a product shop offering handmade crafts, Dead Sea products and traditional cuisine.

A private floor, accessible by reservation, offers two exclusive experiences: the "Salt Cave Spa", inspired by the healing qualities of the Dead Sea, and a multi-purpose hall for hosting cultural and artistic events, positioning the pavilion as a hub of exchange and inspiration.

AMMAN — The Central Bank of Jordan’s (CBJ) foreign reserves have reached "unprecedented" levels, bolstering confidence in the Kingdom’s economic stability and its capacity to overcome challenges, according to Firas Sultan, a representative of the financial and banking sector in the Jordan Chamber of Commerce (JCC).

As of the end of March, foreign reserves stood at $22.02 billion, covering the Kingdom’s imports of goods and services for 8.5 months, the Jordan News Agency, Petra, reported on Tuesday.

Foreign reserves refer to the deposits and bonds held by central banks in foreign currencies, with the US dollar being the primary reserve currency. 

Other foreign currencies, including the euro, British pound, and Japanese yen, also contribute to these reserves, which play a “critical” role in stabilising the national currency and facilitating debt repayment.

Sultan emphasised that foreign reserves are a “key” indicator of a country’s economic resilience. 

“Their significant increase reflects Jordan’s ability to face global and local economic pressures while maintaining financial stability. These reserves also highlight the effectiveness of Jordan's monetary policy, which has successfully adapted to evolving economic conditions,” he said.

The “record” levels of foreign reserves are attributed to “strategic” government decisions aimed at enhancing the business environment and driving economic growth, he said, adding that these measures, in line with the country’s Economic Modernisation Vision, have played a pivotal role in shaping the positive economic trajectory.

“The substantial foreign reserves provide essential support for trade operations, offering financial stability for businesses engaged in imports and exports.”

Sultan also pointed out that this development sends a “strong” signal to investors, demonstrating the national economy’s robust growth prospects and ability to generate favourable results.

“The success in building these reserves underscores the effective management of monetary policy by the Central Bank of Jordan.”

Sultan highlighted that the CBJ's “prudent” policies have enabled the country to build foreign reserves sufficient to cover extended periods of imports, further supporting the Kingdom’s economic stability and fostering a "favourable" investment climate.

AMMAN — Director General of the National Electric Power Company (NEPCO) Sofian Bataineh announced Tuesday that work on the second phase of the Jordan-Iraq electrical interconnection project has nearly reached its final stages.

In a press statement, Bataineh said the phase, which aims to supply electricity to the Al-Qa’imarea in Iraq at a voltage of 400 kilovolts, is expected to be completed by the end of August 2025.

Despite challenges faced during the implementation of the Jordan-Iraq interconnection project, Bataineh noted that they have been successfully overcome, and said he is expecting that the project to supply Iraq with between 150 to 200 megawatts of electricity.

He emphasised the strategic importance of the project in advancing regional energy integration. Jordan’s electrical grid is already synchronously connected with Egypt via a 550 MVA undersea cable operating at 400 kilovolts, and with Syria through a 400 kV single-circuit overhead transmission line.

Meanwhile, Jordan continues to supply electricity to the Palestinian side through the Al Rameh substation at 33 kilovolts, providing around 80 megawatts to the Jericho and Jerusalem areas. 

Ar Rutbah town in Iraq is currently being supplied with about 40 megawatts via a 132 kV line from Jordan’s Al Risha substation.

The Jordan-Iraq electrical interconnection project marks a strategic step toward ensuring energy security for both countries and fostering mutual energy dependence, while also supporting economic and regional stability.

Regional power integration is expected to expand further through the Jordan-Saudi Arabia electrical interconnection project, which will have a 500-megawatt capacity in its first phase.

The project promises significant opportunities for cross-border electricity exchange, development of a unified Arab electricity market, and greater energy security. 

Both parties are finalizing the necessary agreements to proceed with signing and implementation.

HONG KONG — Equities mostly rose Tuesday as some stability returned to markets after last week's rollercoaster ride, with auto firms boosted by Donald Trump's possible compromise over steep tariffs on the sector.

However, the US president's unorthodox approach to trade diplomacy continues to fuel uncertainty among investors, with speculation over new levies on high-end technology and pharmaceuticals dampening sentiment.

The announcement last week of exemptions for smartphones, laptops, semiconductors and other electronics -- all key Chinese-made products -- provided a little comfort, though Trump's suggestion they would be temporary tempered the optimism.

Traders gave a muted reaction to Treasury Secretary Scott Bessent's remarks Monday that a China-US deal could be done in an apparent olive branch as the two economic powerhouses trade tariff threats.

His comments came as Trump has hammered China with duties of up to 145 per cent, while Beijing has imposed retaliatory measures of 125 per cent.

"There's a big deal to be done at some point", Bessent said when asked by Bloomberg TV about the possibility that the world's largest economies would decouple. "There doesn't have to be" decoupling, he said, "but there could be".

Meanwhile, Trump aide Kevin Hassett said the White House had received "more than 10 deals where there's very, very good, amazing offers made to us", but did not specify from which countries they came.

After a broadly positive day on Wall Street, Asian markets pushed higher.

Tokyo, Seoul, Hong Kong, Shanghai, Sydney, Singapore, Taipei, Mumbai, Manila and Jakarta all rallied, with London and Frankfurt also climbing but Paris edged down.

The gains were boosted by a rally in autos after Trump said he was "very flexible" and "looking at something to help some of the car companies" hit by his 25 per cent tariff on all imports.

In Asia, Toyota jumped 3.7 per cent and Hyundai jumped more than four per cent, while in Europe Stellantis -- maker of Peugeot, Jeep and Fiat -- surged five per cent in Milan and Volkswagen piled on close to three per cent.

And South Korea's announcement of plans to invest an additional $4.9 billion in the country's semiconductor sector gave a little lift to chip giants Samsung and SK hynix.

Federal Reserve governor Christopher Waller provided some support to markets after suggesting he would back the central bank to cut interest rates to help the economy, instead of focusing on higher inflation.

He pointed out that prices could see a transitory rise because of the tariffs but added that if Trump reverted to the crippling tariffs included in his "Liberation Day" on April 2 then officials would be ready to step in.

"If the slowdown is significant and even threatens a recession, then I would expect to favour cutting the... policy rate sooner, and to a greater extent than I had previously thought," he said in comments prepared for an event Monday.

"In my February speech, I referred to this as the world of 'bad news' rate cuts. With a rapidly slowing economy, even if inflation is running well above two per cent, I expect the risk of recession would outweigh the risk of escalating inflation, especially if the effects of tariffs in raising inflation are expected to be short lived."

However, OANDA senior market analyst Kelvin Wong warned central bankers would face some tough choices.

"Combination of slowing growth and persistent inflation, hallmarks of a stagflation environment, poses a significant challenge for the US Federal Reserve, which may find it increasingly difficult to implement counter-cyclical monetary policies to support the economy," he said in a commentary.

Key figures around 0810 GMT -

Tokyo - Nikkei 225: UP 0.8 per cent at 34,267.54 (close)

Hong Kong - Hang Seng Index: UP 0.2 per cent at 21,466.27 (close)

Shanghai - Composite: UP 0.2 per cent at 3,267.66 (close)

London - FTSE 100: UP 0.7 per cent at 8,192.85

Dollar/yen: UP at 143.40 yen from 143.09 yen on Monday

Euro/dollar: DOWN at $1.1349 from $1.1356

Pound/dollar: UP at $1.3217 from $1.3189

Euro/pound: DOWN at 85.88 pence from 86.08 pence

West Texas Intermediate: UP 0.6 per cent at $61.89 per barrel

Brent North Sea Crude: UP 0.5 per cent at $65.21 per barrel

New York - Dow: UP 0.8 per cent at 40,524.79 (close)

AMMAN — The Board of Directors of the National Arab Mining and Transformation Industries Company (NAMIC) on Monday approved the first phase of a capital increase amounting to JD4 million.

The company said that shareholders and board members, during an extraordinary meeting, agreed to increase the company’s capital in two phases, the Jordan News Agency, Petra, reported.

The first phase, limited to current founding shareholders, will raise the capital to JD5.4 million over a two-month period. 

The second phase, set to commence immediately after the first, will increase the capital to JD40 million an additional JD34.6 million through a private subscription that includes both existing and new shareholders.

The meeting was chaired by JBA President Hamdi Tabbaa and attended by CEO Ayman Ayyash and all board members.

NAMIC is a “pioneering” initiative established by Jordanian and Arab business leaders to contribute to the implementation of the Kingdom’s Economic Modernisation Vision, with a particular focus on advancing the mining sector and transformation industries.

AMMAN — The Jordan Europe Business Association (JEBA) on Monday hosted a delegation from the Dutch embassy in Amman to explore ways of enhancing economic cooperation between the two countries and reinforcing the private sector’s role in bilateral relations.

The association said that discussions focused on proposals to deepen the economic partnership between Jordan and the Netherlands and expand it in alignment with shared interests, the Jordan News Agency, Petra, reported.

JEBA Vice President Jamal Badran highlighted the “strong” Jordanian-Dutch partnership, underlining the importance of enhanced cooperation in "key" sectors such as water, agriculture, and technology. 

He also called for establishing a permanent institutional framework to support small and medium-sized enterprises.

JEBA Secretary-General Fawaz Qattan emphasised the need to revisit visa facilitation for business travellers, particularly the Orange Carpet Programme, urging for more streamlined and long-term access for Jordanian entrepreneurs to the Schengen Area.

JEBA Director-General Hussam Saleh announced that the association will organise a Jordanian trade delegation visit to the Netherlands in August, affirming the association’s commitment to supporting trade missions and disseminating Dutch financing opportunities through its network of Jordanian firms.

Pier de Vries, deputy head of mission at the Dutch embassy in Jordan, reaffirmed the Netherlands’ commitment to supporting development efforts in the Kingdom, particularly in the areas of investment, water, food security and healthcare.

The meeting was attended by members of the association representing various economic sectors, along with Dutch mission representatives Mariska Lamars and Hamza Sabbagh.

AMMAN — The industrial sector achieved a “real” growth of 4.4 per cent during the past year compared to 2023, with contribution of 40 per cent to the total economic growth realised in the Kingdom.

President of the Jordan and Amman Chambers of Industry Fathi Jaghbir said in a statement on Monday that the “industrial sector has proven its solid position as a key driver of economic growth in the Kingdom, despite regional changes and unprecedented global economic pressures.”

He added that industry has become the backbone of the national economy, as it is the main pillar in the Economic Modernisation Vision.

Jaghbir said that the growth was driven by positive developments and noticeable growth across various industrial sectors, with the mining sector recording a growth of 5.5per cent, the manufacturing sector 4.2 per cent, and the electricity and water sector 4.8 per cent.

He also said that the industrial output at current prices reached JD8.6 billion during 2024, accounting for 23 per cent of the gross domestic product (GDP) directly, making it the highest-contributing economic sector to the national economy as a whole.

He expressed hope that the current year will bring further progress and prosperity for Jordanian industry, especially with the government's focus on the optimal implementation of all initiatives under EMV and enhancing its competitiveness. 

Jaghbir also pointed out that the industry's contribution to the GDP was supported by a 1.4 per cent growth in industrial exports last year compared to 2023, with their total value exceeding JD7.8 billion, making up around 92 per cent of total national exports.

LONDON — Stock markets rose firmly on Monday after fears over US President Donald Trump's trade war were tempered by tariff exemptions for smartphones, laptops, semiconductors and other electronic products.

But suggestions by Trump that the exemptions would be temporary added to market uncertainty as the dollar extended losses, helping gold to a fresh record high.

European indices jumped around two per cent in midday deals following last week's rollercoaster for equities as the United States and China exchanged tit-for-tat levies.

That tracked gains in Asia, with tech firms helping push Hong Kong up more than two per cent, while Tokyo and Shanghai also closed higher.

The United States on Friday appeared to slightly dial down the pressure on its trade war with Beijing, sparing electronic products -- for which China is a major source -- from painful "reciprocal" levies.

US levies imposed on China have risen to 145 per cent, and Beijing set a retaliatory 125 per cent band on US imports.

Trump on Sunday stressed that the exemptions had been misconstrued and that no country would get "off the hook" in his trade war -- especially China.

He said they would only be temporary as his team pursued fresh tariffs against many items on the list, including on semiconductors "over the next week".

The US leader's comments "have complicated matters with this category of goods apparently set to be placed in a different tariff 'bucket'", said AJ Bell investment director Russ Mould.

"Adding another layer of complexity on to an already complex trade policy may not be that well received by investors, but in the short term there is still likely to be palpable relief, particularly for the likes of Apple and Nvidia," he added.

Data on Monday showed Chinese exports soared more than 12 per cent last month ahead of the swingeing tariffs, with the United States remaining the largest single destination, accounting for $115.6 billion worth of goods.

"But shipments are set to drop back over the coming months and quarters," warned Julian Evans-Pritchard, head of China economics at Capital Economics.

"It could be years before Chinese exports regain current levels."

Amid uncertainty over Trump's trade policy, the dollar extended losses against its major peers on Monday, with the euro around a three-year high and the Swiss franc at its strongest in 10 years.

Treasuries also remained under pressure amid worries that China and other nations might dump their vast holdings, which could call into question the US government bonds as a safe haven.

And gold, a go-to asset of safety in times of turmoil, hit a new peak of $3,245.75 an ounce Monday.

Wall Street finished solidly higher Friday, helped by comments from a top Federal Reserve official that the central bank was prepared to step in to support financial markets.

Key figures around 1040 GMT 

London - FTSE 100: UP 1.9 per cent at 8,113.90 points

Paris - CAC 40: UP 2.3 per cent at 7,264.99

Frankfurt - DAX: UP 2.5 per cent at 20,884.13

Tokyo - Nikkei 225: UP 1.2 per cent at 33,982.36 (close)

Hong Kong - Hang Seng Index: UP 2.4 per cent at 21,417.40 (close)

Shanghai - Composite: UP 0.8 per cent at 3,262.81 (close)

New York - Dow: UP 1.6 per cent at 40,212.71 (close)

Dollar/yen: DOWN at 143.16 yen from 143.49 yen on Friday

Euro/dollar: UP at $1.1388 from $1.1359

Pound/dollar: UP at $1.3184 from $1.3088

Euro/pound: DOWN at 86.36 pence from 86.80 pence

Brent North Sea Crude: UP 0.9 per cent at $65.36 per barrel