Business

AMMAN — The Kingdom's pharmaceutical exports increased by 14.8 per cent in 2024 compared to the previous year, reaching JD611 million despite regional supply chain disruptions caused by the Israeli aggression on Gaza, according to the latest foreign trade data from the Department of Statistics.

Fadi Atrash, representative of the therapeutic industries and medical supplies sector at the Jordan Chamber of Industry, said that pharmaceutical exports were the second-fastest growing industrial export sector in 2024, the Jordan News Agency, Petra, reported.  

He noted that the industry's growth reflects its resilience and recovery despite regional instability.

Atrash highlighted that pharmaceutical companies introduced new, innovative drug categories last year, while demand for Jordanian medicines increased in neighbouring markets, adding that several sector enablers outlined in the Economic Modernisation Vision (EMV) were implemented, particularly in streamlining registration procedures.

The pharmaceutical sector is a key pillar of the EMV, contributing to the expansion of high-value exports, Atrash said, noting that pharmaceuticals account for some 5 per cent of Jordan’s total industrial exports.

Jordan’s pharmaceutical industry, one of the oldest in the Arab world, began with the establishment of a factory in Salt in 1962. Today, the country exports 80 per cent of its pharmaceutical production, he noted. 

Atrash added that the sector represents 85 per cent of the therapeutic industries and medical supplies industry, comprising 27 facilities across the Kingdom with a registered capital of JD280 million. It employs about 7,000 people, with women making up 35 per cent of the workforce.

Jordanian pharmaceutical exports currently reach 85 global markets, with key destinations including Saudi Arabia, Iraq, the United States, the UAE, Algeria, and Yemen, he said. 

The sector has an annual production capacity of JD1.5 billion and specialises in branded generic medicines, adhering to international quality standards, the sector representative highlighted.

Atrash noted that the Kingdom produces around 4,500 pharmaceutical products, covering a range of medical specialties such as chronic diseases, oncology, infectious diseases, neurology, psychiatry, allergies, and gastrointestinal conditions. 

Jordanian manufacturers produce various pharmaceutical forms including tablets, capsules, liquids, drops, sprays, solutions, intravenous injections, and creams, he added.

Atrash commended the role of regulatory authorities, particularly the Jordan Food and Drug Administration, in supporting pharmaceutical sector growth through modern regulations and oversight, highlighting efforts by the Jordan Chamber of Industry to expand exports and open new markets, including participation in the Middle East Pharma Exhibition in Saudi Arabia.

The EMV aims to increase employment in the pharmaceutical sector to 16,000 by 2033 and boost exports by 20.3 per cent annually, reaching JD 2.1 billion by 2033, up from JD 200 million in 2021. 

It also targets JD1.1 billion in new investments, raising the sector’s GDP contribution to JD1.7 billion by 2033, compared to JD536 million in 2021.

The vision outlines several initiatives to enhance the industry’s competitiveness, including improving productivity, reducing costs, developing specialised talent, and introducing pricing mechanisms to ensure market stability.

AMMAN — The Industrial Property Protection Department has issued 16 patents during January and February of 2025, with one originating from a domestic inventor, according to official statistics released on Monday.

Data reviewed by the Jordan News Agency, Petra,  revealed "robust" intellectual property activity across sectors, with trademark registrations reaching 718 through February's end, while renewal applications totalled 1,074 during the same period.

The department's operations during this period also included renewing 94 existing patents, issuing five industrial property licensing agreements, processing 204 name and address modifications for registered properties, and facilitating 275 ownership transfers.

These figures follow last year's intellectual property performance when the department registered 5,687 trademarks, renewed 6,245 existing ones, and granted 111 patents, including eight to Jordanian innovators.

Under Jordan's intellectual property framework, patents protect "innovative concepts developed by inventors in any technological field, whether product-based, process-oriented, or both, that provide technical solutions to specific challenges."

The patent registration protocol involves comprehensive examination procedures beginning with applicant guidance and culminating in certificate issuance. 

This includes thorough technical and formal reviews ensuring compliance with statutory requirements, along with public notification mechanisms such as Official Gazette publications and registry access protocols for interested third parties.

Trademarks are legally defined as distinctive visible indicators used to differentiate a commercial entity's goods, products, or services in the marketplace.

AMMAN — Financial experts lauded the Central Bank of Jordan's (CBJ) "sophisticated" monetary management, crediting its meticulous approach to currency flow regulation, interest rate calibration, and inflation containment as critical to maintaining dinar stability in turbulent regional markets.

Industry insiders told the Jordan News Agency, Petra, that monetary policy transcends mere technical mechanisms, serving as the bedrock of macroeconomic equilibrium that underpins market confidence.

The CBJ's "monetary kitchen," staffed with elite financial technicians, meticulously analyzes global economic currents to formulate responsive policies that have demonstrated remarkable resilience over decades.

These specialists deploy a comprehensive monetary toolkit to achieve strategic objectives while maintaining market discipline.

Recent CBJ disclosures reveal substantial gold reserve appreciation, with holdings climbing to JD4.763 billion by February's close JD506 million increase from year-end 2024.

Physical gold holdings expanded to 2.318 million ounces, while aggregate foreign reserves reached $21.097 billion, providing robust 8.2-month import coverage.

Adli Qandah, banking sector analyst, underscored gold's pivotal role in the CBJ's reserve architecture, noting its dual function as stability anchor and confidence builder for the Jordanian dinar.

The CBJ's strategic gold transactions represent standard portfolio rebalancing rather than policy shifts, he explained, pointing to the institution's balanced asset management approach that synthesises diversification with sustainability.

Financial strategist Jamal Masri characterised recent gold transactions January sales of 105,000 ounces amid price spikes followed by February acquisitions of 100,000 ounces as textbook market timing within routine reserve management operations.

"These transactions reflect standard central banking practice, not extraordinary measures," Masri highlighted, cautioning against misinterpretation by non-specialists.

Head of the Economics Department at the University of Jordan Raad Tall highlighted gold's function as an inflation hedge and volatility buffer within the CBJ's monetary arsenal.

The bank's transparent reporting practices, he noted, provide critical institutional credibility while helping neutralise market speculation and unfounded economic narratives.

The experts concurred that CBJ's gold management strategy has demonstrably strengthened Jordan's economic foundation, enhancing its resilience against external pressures and positioning the kingdom as a bastion of monetary stability in a volatile region.

AMMAN — The Housing Bank has finalised an agreement with the National Carrier Project Company to secure a syndicated loan of up to $770 million to finance the National Carrier Project.

The agreement was signed by Ammar Safadi, CEO of the Housing Bank, and Jad Harbieh, General Manager of the National Carrier Project Company, in the presence of key officials from both parties, according to the Jordan News Agency, Petra.

The loan will enable the National Carrier Project Company, a joint venture between global infrastructure giants Meridiam and Suez, to move forward with this major initiative.

Including the construction of a desalination plant on the Red Sea, as well as a network of pipelines, pumping stations and transmission lines to transport water from Aqaba to Amman, the project aims to supply up to 300 million cubic metres of drinking water a year to Aqaba and Amman, meeting the needs of around 4 million people a year.

Safadi expressed his pride in Housing Bank's role in leading the syndicated loan arrangement, underlining the bank's strong position in the Jordanian banking sector.

"Managing large financing deals is core strength of Housing Bank, reflecting its ability to provide tailored financial solutions to support major development projects that benefit the national economy," he said.

Meanwhile, Harbieh expressed his appreciation for Housing Bank's "unwavering support for national projects and his optimism for the successful implementation of the syndicated loan."

"This agreement marks a significant milestone in the advancement of the National Carrier Project, which will be a game changer for the Kingdom's infrastructure and water management."

AMMAN — Jordan's national exports increased by 4.1 per cent in 2024, reaching a total value of JD8.579 billion, compared with JD8.245 billion in 2023, the latest monthly report on foreign trade issued by the Department of Statistics (DoS) showed on Sunday.

The report also revealed an overall increase in total exports, which rose by 5.8 per cent to JD9.433 billion in 2024, compared with JD8.912 billion in the previous year, the Jordan News Agency, Petra, reported. 

Re-exports experienced a "significant" increase, rising by 28 per cent to JD854 million in 2024, compared with JD667 million in 2023.

Meanwhile, Jordan's total imports increased by 4.5 per cent to JD19.110 billion in 2024, compared with JD18.288 billion in 2023.

As a result, the trade deficit, the difference between the value of imports and total exports, widened by 3.2 per cent in 2024, reaching JD9.677 billion, compared with JD9.376 billion in 2023. 

The cover ratio of exports to imports was 49 per cent in 2024, unchanged from the previous year.

In December 2024, total exports amounted to JD813 million, of which JD747 million were national exports and JD66 million were re-exports.

Imports for the month totalled JD1.826 billion, resulting in a trade deficit of JD1.013 billion.

This represents an increase of 13.5 per cent in total exports, 12.3 per cent in national exports, 29.4 per cent in re-exports and 39.8 per cent in imports compared with December 2023.

The coverage ratio in December was 45 per cent, down from 55 per cent in the same month of 2023, reflecting a decline of 10 percentage points.

AMMAN — The clearance of hybrid vehicles in Jordan increased by 27 per cent in the first two months of 2025, reaching 2,290 units compared with 1,802 during the same period in 2024, the Jordan Free Zones Investors Commission (JFZIC) said on Sunday.

Jihad Abu Nasser, the commission’s representative for the vehicle sector, said that overall vehicle clearance totalled 7,987 units in January and February, down from 12,738 in the same period last year, the Jordan News Agency, Petra, reported. 

Abu Nasser added that electric vehicle clearance saw a sharp decline of 54 per cent, dropping to 4,025 units compared with 8,814 in 2024. 

Meanwhile, he noted that gasoline vehicle clearance fell by 5 per cent to 884 units, down from 930, and diesel vehicle clearance decreased by 34 per cent to 788 units, compared with 1,192 last year.

Re-export activity saw a "notable" increase, rising by 52 per cent to 11,402 vehicles in the first two months of 2025, up from 7,494 in the same period in 2024, Abu Nasser said, attributing this growth to higher exports to Syria in recent months.

He also reported a 37 per cent decline in vehicle clearance from the Zarqa Free Zone during January and February.

AMMAN — The Central Bank of Jordan's (CBJ) gold reserves increased by JD506 million to JD4.763 billion by the end of February, compared with the end of 2024, which reached JD4.257 billion.

The number of ounces of gold at the CBJ increased to 2.318 million ounces in the first two months of this year, compared with 2.304 million ounces at the end of 2024.

The value of foreign currency and gold reserves at the bank at the end of February 2025 amounted to about $21.097 billion, compared with $21.015 billion, at the end of 2023.

The central bank's foreign currency reserves are sufficient to cover the Kingdom's imports of goods and services for up to 8.2 months, Al Mamlaka TV reported, noting that the CBJ has sought to increase its gold assets, especially in the last five years.

AMMAN — The Social Security Corporation (SSC) on Sunday announced the allocation of 160 permanent total or partial work-related disability salaries during the past year, with cumulative number of these salaries reaching 6,058. 

As the key feature of work injury insurance, the SSC noted the service does not require specific subscription periods for the insured person to be entitled to receive benefits, the Jordan News Agency, Petra, reported.

The SSC added that the occupational injury must be approved by the corporation to receive the pension. 

The SSC said if the work injury results in permanent total disability, the injured person is entitled to a monthly pension equivalent to 75 per cent of the salary.

The SSC added that workers, who sustained a work injury that caused a permanent partial disability exceeding 30 per cent, will also receive pension.

This salary is allocated from the date of the final report on the injured person’s health condition, which is then increased by JD40.

As for cases with a disability from a work injury that are less than 30 per cent, the injured person is entitled to a lump sum compensation that aligns with the disability rate from the total salary multiplied by 36 months.

AMMAN — The Jordan Industrial Estates Company (JIEC) and Al Mithaliah Arab Company for Juice and Beverage Manufacturing on Saturday signed a JD-10 million investment deal for a new food production facility.

The agreement, which will establish a 33-dunum facility in Al Muwaqqar Industrial Estate, is expected to create some 150 jobs during its initial operational phase, the Jordan News Agency, Petra, reported. 

"Jordan's industrial cities, particularly Al Muwaqqar, have become the premier destination for manufacturers looking to establish operations in the Kingdom," said JIEC Director General Omar Juwaid, who signed the agreement with Zaid Bazzaz, General Manager of the Al Mithaliah Arab Company.

Juwaid attributed this growing interest to the competitive investment environment created through tax and customs exemptions, payment facilities, and other incentives provided under Jordan's Investment Law.

"This partnership with Al Mithaliah Arab Company represents one of our most significant investments in the food sector and will showcase Jordanian product quality in markets throughout the region and beyond," Juwaid added.

Al Muwaqqar facility continues its rapid growth trajectory, attracting 26 industrial companies with investments totalling JD95 million in 2024 alone.

The industrial estate now hosts 103 companies across food manufacturing, engineering, packaging, textiles, and other sectors, with a cumulative investment of JD641 million that has generated more than 4,700 jobs.

Bazzaz described Al Mithaliah Arab Company as "a leading regional beverage manufacturer committed to developing local production capacity to serve both domestic and export markets."

"We selected Al Muwaqqar after careful evaluation of the incentives and logistics advantages that will enable us to reach global markets efficiently," he said, noting that the agreement demonstrates a shared commitment to enhancing Jordan's industrial ecosystem through modern infrastructure development.

Established in 2011, Al Muwaqqar Industrial Estate spans 2,500 dunums developed across three phases, with its most recent expansion adding 305 dunums to accommodate growing demand, according to Petra.

The facility is strategically located east of Amman near the international highway connecting Jordan with Saudi Arabia and Iraq.