Business

AMMAN — President of the Jordanian Businessmen Association (JBA) Hamdi Tabbaa and Tunisian Ambassador to Jordan Moufida Zribi on Sunday discussed ways to enhance Arab partnerships and support inter-Arab investments.

During the meeting, the two sides went over enhancing economic, trade and investment cooperation by activating the Jordanian-Tunisian Joint Business Council, which was established in 2016, the Jordan News Agency, Petra, reported. 

Tabbaa stressed the importance of boosting Jordanian-Tunisian relations at the economic, trade, and investment levels and intensifying meetings for the two countries' businesspeople and the private sector to present "promising" investment opportunities and benefit from them, especially in the Kingdom's development, service and tourism projects.

Tabbaa highlighted the importance of issuing a unified Arab visa for Arab investors, including unified investment laws, to promote inter-Arab investments in various economic sectors and achieve their common interests, calling for enhancing trade exchanges, particularly in terms of Jordanian exports. 

He also noted the need to enhance the two countries' "untapped" export opportunities, especially in the garment, fertiliser and chemical sectors, increasing the number of Tunisian tourists to Jordan and promoting archaeological, religious and medical tourism in the Kingdom.

Zribi pointed to the need to activate the joint business council soon, increase trade exchange and benefit from privileges of the Kingdom's investment environment. 

The diplomat stressed the embassy's readiness to facilitate meetings for trade delegations, which would positively reflect on the two countries' economic interests.

The envoy added that the volume of mutual trade exchange has surged in recent years, stressing the importance of increasing the number of mutual tourist flow.

Based on official figures, Jordan-Tunisia trade exchange amounted to some $38 million in 2023, with the Kingdom's exports concentrated in aluminium, pharmaceutical products, fertilisers and organic chemicals.

AMMAN — The World Bank (WB) is considering a government request for additional funding for Jordan's electricity sector efficiency boosting programme, worth up to $200 million, building on previous funding of $250 million.

The proposed additional financing aims to strengthen the World Bank's support to the first phase of the government programme by achieving new measures to reduce costs and increase revenues, as well as adding activities to improve the reliability and sustainability of electricity supply, and enhance energy efficiency, according to WB data monitored on Sunday by Al Mamlaka TV.

The objectives of the additional financing are to reduce National Electric Power Company's (NEPCO) operating losses by implementing cost reduction and revenue reduction measures, maintaining the proportion of renewable energy in the electricity mix, reducing the number of power outages per subscriber, improving NEPCO's operational technology and cyber security, and enhancing its corporate governance.

The WB pointed out that the Economic Modernisation Vision (EMV) launched by the government in June 2022, stresses the importance of providing "reliable" and "affordable" electricity supply as one of the main priorities to enhance the competitiveness of the national economy.

The EMV is based on two strategic pillars; stimulating growth by unlocking the full economic potential of the Kingdom and improving the quality of life for citizens.

The vision includes eight drivers of economic growth, including sustainable resources that aim to optimise the use of natural resources to ensure sustainability and promote inclusive sectorial growth.

Jordan has made "significant" progress in increasing the share of renewable energy in its electricity mix, with the contribution of solar and wind energy rising from less than 1 per cent in 2014 to 27 per cent in 2023. 

The Kingdom has led the Middle East and North Africa (MENA) region in developing renewable energy projects linked to transmission networks, as part of its efforts to enhance energy security through the exploitation of local resources.

In March 2023, the government approved a comprehensive eight-year programme aimed at implementing the energy pillar of the EMV. 

The programme is divided into two phases: the first (2023-2025) focuses on cost efficiency, reliability of electricity supply, improving the corporate governance of NEPCO, the main operator of the electric transmission network, and enhancing the performance of the sector in general.

The second phase (2020-2026) aims to build on these achievements and work to improve the costs of the electricity sector more efficiently.

On March 31, 2023, the WB approved the financing of the Electricity Sector Supply Efficiency and Reliability Programme in Jordan, with a loan of $250 million to support the implementation of the first phase of the government's programme.

WB data shows that the value of government support for the programme in its first phase amounts to $1.275 billion, while the government proposes to provide about $990 million in the second phase of the programme, bringing the total government support to $2.264 billion.

The WB has disbursed $150 million to the programme, which aims to enhance the efficiency of Jordan's electricity sector, out of a total value of $250 million, representing 60 per cent of the total funding.

AMMAN — Representative of the ICT sector at the Jordan Chamber of Commerce (JCC) Haitham Rawajbeh, praised His Royal Highness Crown Prince Hussein bin Abdullah efforts and his continuous follow-up and support for the Kingdom's information technology (IT) sector, as a "key" pillar of the Economic Modernization Vision (EMV).

In a statement on Saturday, he said the Crown Prince's interest in the sector provides a "strong" incentive for businesses and confidence to continue achieving "rapid" growth locally and exporting their services to foreign markets, which would contribute to attracting "new" investments and companies to operate in the Kingdom and creating job opportunities.

Rawajbeh noted His Highness's remarks on the National Data Programme, affiliated with the National Council for Future Technology, constitute an "important" call to improve data use across various government institutions and develop the institutional culture necessary to manage this data "effectively."

Rawajbeh also stated unified databases would enhance "accuracy" of available information and facilitate government procedures, the Jordan News Agency, Petra, reported.

This effort would contribute to improving the e-services provided to citizens and facilitating their access to digital government services by improving data quality and organization to contribute to accelerating procedures and saving time and effort, he pointed out.

On its goals, Rawajbeh added that this strategy would help create an "integrated" digital environment that enables government sectors to provide "high-quality" services and meet citizens' needs "more efficiently."

Noting the importance of developing the digital infrastructure that supports this transformation, he underlined the "vital" role played by the ICT sector in providing "appropriate" technical solutions and developing systems that drive this process.

Jordan, he noted, is placing "remarkable" emphasis on the annual growth of the ICT sector, which would provide more job opportunities for youth, support the national economy through the transition to a digital economy, and improve services provided to citizens, which is a top goal of the EMV.

Rawajbeh stated the EMV has set "ambitious" goals for the ICT sector, including steps to increase its revenues to JD3.9 billion by 2033, raising employment to 101,000, and surging exports to JD4.5 billion.

Rawajbeh said Jordan's 1,000 IT companies across the Kingdom now export many of their software services to numerous Arab and foreign countries, in addition to their specialized competencies and expertise.

The sector has "rich and promising" opportunities, given Jordan's infrastructure, resources, "trained and qualified" human resources, and technical expertise that have contributed to the development of the technology system in many Arab countries, according to Rawajbeh.

In this context, he said the National Council for Future Technology reflects the "ambitious" royal vision to transform Jordan into a "leading" country in technology and digitization, which would contribute to building a "thriving" digital society and economy and enhance innovation, especially in light of global competitiveness in modern technology fields.

AMMAN — Jordanian Businessmen Association (JBA) President Hamdi Tabbaa and Hungarian Ambassador Attila Kali on Saturday discussed prospects of enhancing economic relations between the two countries and reactivating the Jordanian-Hungarian Joint Business Council.

Tabbaa stressed the need to reinvigorate the business council, which links the JBA and the Hungarian Investment Promotion Agency, and intensify meetings to highlight promising investment opportunities and boost Jordanian-Hungarian partnerships across various economic sectors, the Jordan News Agency, Petra, reported.

Tabbaa referred to "remarkable" improvement in many Jordanian sectors, especially tourism, real estate, food industries, energy, and ICT, stressing the need to increase the trade volume and Jordanian exports to Hungary.

The Hungarian envoy noted that relations with Jordan are "steadily growing," pointing to the development of many Jordanian sectors, particularly finance, ICT and services.

He stressed the need to reactivate the Joint Business Council and build investment partnerships, particularly in food and tourism industries, increase the trade volume and enhance untapped export opportunities, including fertilisers, pharmaceuticals and chemicals.

Kali pledged the embassy will provide facilities for businesspeople in both countries, support cooperation between private sector institutions and ease procedures to increase the number of Hungarian tourists to the Kingdom.

The volume of trade between the two countries stood at some $49 million in 2023, where vegetables, electrical equipment, machinery and food products were key Jordanian exports to the Hungarian market.

AMMAN — Jerash Governorate is witnessing a remarkable transformation in the tourism sector, as the use of rural homes as a preferred hospitality option has increased, which has contributed to the prosperity of the economic and tourism movement in the governorate.

The number of rural houses used as sites for tourist lodges in Jerash exceeded 400 as monitored on Saturday by the Jordan News Agency, Petra.

In this context, a number of stakeholders in the tourism sector highlighted the importance of this "phenomenon", pointing out that these homes provide suitable options for families and large groups at competitive prices, which enhances Jerash's position on the local tourism map.

In addition, the new tourism projects are working to promote eco-tourism, which contributes to providing job opportunities for citizens and achieving sustainable development in the governorate.

An owner of one of the tourist farms, Mohammed Maqbala, said that this type of project has provided a "stable" source of income for many families, especially in light of the high demand for rural accommodation that gives visitors a "distinctive" experience in nature. 

He stressed that equipping farms with modern facilities and providing various services helped attract more tourists.

Tourism activist Ali Al Zboun pointed out that tourist lodges have become a "preferred" choice for families and large groups due to the privacy and reasonable prices they provide compared with hotels, pointing out that this type of tourism enhances Jerash's position on the local tourism map.

Head of the Kawthar Al Ihsan Association in Jerash, Kawthar Al Qaisi said that this type of tourism provides a "distinctive" accommodation experience for visitors, especially families, because of the privacy and large areas it offers at reasonable prices. 

She pointed out that the increasing demand reflects the need of tourists for a "new style" of hospitality that combines comfort and nature.

A member of the Jordanian Environment Society Feryal Nizami, pointed out that tourist lodges contribute to promoting eco-tourism and preserving natural resources by integrating tourism activities with sustainable environmental practices.

The Mayor of Greater Jerash Municipality Ahmed Al Atoum, confirmed that the municipality has started licensing 150 houses as investment tourism projects with the aim of promoting eco-tourism and providing job opportunities for the people of the region, indicating that these projects will contribute to prolonging the stay of tourists within the governorate, which will reflect positively on the economic movement.

AMMAN — The price of 21-karat gold, the most sought-after option in the local market, on Thursday reached JD 61.70 per gram for selling, while the buying price stood at JD 59.70 per gram, according to the daily report from the Jordanian Jewelers Syndicate.

The prices for other gold types were: 24-karat gold at JD70.90 JD per gram, 18-karat gold at JD 54.90 per gram, and 14-karat gold at JD 41.60 per gram, the Jordan News Agency, Petra, reported.

AMMAN — The Open Market Operations Committee of the Central Bank of Jordan (CBJ) on Thursday held its second meeting of 2025, deciding to maintain interest rates of all monetary policy instruments at their current levels.  

The committee conducted an extensive review of local economic, monetary and financial developments while also assessing regional and global economic conditions.  

Available economic indicators stressed the strength of monetary stability and the resilience of the Jordanian banking sector, supported by a comfortable level of foreign reserves at the CBJ, which exceeded $21 billion by the end of February, the Jordan News Agency, Petra, reported.

The data also showed that the inflation rate remained low at 2.2 per cent during the first two months of this year, with expectations of stability at the same level for the entire year, contributing to maintaining purchasing power and enhancing the competitiveness of the national economy.  

In the banking sector, the data indicated positive growth, reflecting the sector’s strength and confidence in it. 

Customer deposits in banks grew by 6.8 per cent year-on-year to some JD47 billion by the end of January.

Meanwhile, the balance of credit facilities granted by banks increased by 4.8 per cent to about JD35.1 billion.  

Regarding the external sector's performance, indicators continued to show positive improvement, with tourism revenues increasing by 16.3 per cent in the first two months of 2025 to about $1.3 billion compared with the same period last year. 

Remittances from Jordanians expatriatesincreased by 1.2 per cent in January to some $320 million.  

Total exports increased by 5.8 per cent last year, reaching a value of $13.3 billion. 

Preliminary estimates indicate that the volume of foreign direct investment inflows into the Kingdom reached about $1.6 billion in 2024, reflecting investor confidence and the attractiveness of the investment environment in the Kingdom.  

At the economic activity level, the GDP recorded a growth of 2.4 per cent during the first three quarters of 2024, with expectations of it stabilising around this rate for the entire year.

A relative acceleration is expected to reach about 2.7 per cent during this year, driven by improved domestic and external demand, particularly investment-related demand, and the continued positive performance of various economic sectors.