Business

AMMAN — The Jordanian Masarat Foundation for Development and Innovation launched a study on Wednesday titled "Industry as a Means of Inclusion — Employment of Persons with Disabilities in Textile and Garment Factories."

Minister of Labour Khaled Bakkar emphasised the importance of adopting a scientific approach in diagnosing sectorial issues, noting that any study must be based on accurate scientific principles. 

He expressed the ministry’s openness to research that can help address challenges within various sectors, the Jordan News Agency, Petra, reported.

Bakkar highlighted that the ministry established the "Better Work" department in 2020 in partnership with the International Labour Organisation to create safer working environments in the textile and garment sector, improve working conditions, and enhance sectorial competitiveness.

He also pointed out that the ministry provides a clear mechanism for submitting labour complaints through its Himaya (protection) platform, offering detailed reports and resolution processes for labour-related grievances. 

Executive Director of the Masarat Foundation Talal Ghneimat said that integrating persons with disabilities into the Jordanian labour market is not just a legal obligation but a national, social and ethical responsibility.

He noted that true sustainable development cannot occur without ensuring equal participation for all groups, including those with disabilities. 

Ghneimat also stressed the growing priority of integrating persons with disabilities into the workforce at the local and international levels. 

He highlighted that, while progress has been made in recent years, many individuals with disabilities still face significant challenges in securing decent employment opportunities. 

The study, conducted by Masarat Foundation, focused on the employment of persons with disabilities in the national textile sector, examining the challenges they face and assessing the availability of suitable workplace accommodations. 

Ghneimat called on businesses to establish inclusive work environments, adhere to laws protecting the rights of persons with disabilities, and raise public awareness about the contributions of people with disabilities to the national economy. 

The study’s recommendations included the development of vocational training programmes tailored to persons with disabilities, equipping them with the skills required by the labour market. 

It also emphasised the importance of ensuring their right to participate fully in society and adapting workplaces to meet their needs, including implementing health and safety measures. 

The study recommended organising workshops to raise awareness of the rights of workers with disabilities among employees and managers, particularly regarding the implementation of necessary accommodations. 

The study proposed improvements to the physical infrastructure of textile and garment factories, including the installation of accessible pathways and ramps for individuals with mobility impairments, as well as making adjustments to restrooms and other facilities to accommodate workers with disabilities.

AMMAN — The Sustainable Employment Promotion project on Wednesday has concluded, having successfully created 4,450 job opportunities in the Kingdom’s industrial sector.

Implemented by the Eastern Amman Investors Industrial Association (EAIIA) in partnership with the Trade for Employment (T4E) project, the initiative was funded by the German Agency for International Cooperation (GIZ), the Jordan News Agency, Petra, reported. 

The project provided support to 129 industrial companies, training more than 2,300 job seekers and preparing them for the labour market, while also enhancing the skills of production supervisors across multiple firms.

During the closing ceremony, Minister of Industry, Trade and Supply Yarub Qudah stressed the ministry’s commitment to boosting linkages within the industrial sector to enhance the added value of national products.

He noted that the Industry Support and Development Fund aims to increase product value, integrate technology, and enhance competitiveness in the local and export markets. 

Qudah also announced that new grant agreements under the second phase of the fund’s operations are planned to be signed by the end of next month. 

He stated that modifications to eligibility criteria will enable more industrial firms to access support, as the fund has received over 1,500 applications.

The minister underscored the need to diversify the Kingdom's export markets and maximise the benefits of free trade agreements. 

He praised the project’s success in generating employment in export-oriented industries, calling for its replication across other industrial clusters.

He also highlighted the industrial sector’s role as a "key" driver of economic growth, noting that every dinar invested in industry generates a threefold return. 

The government is working to lower energy costs by expanding natural gas supply to industrial zones, with six additional zones set to receive connections within two years, reducing costs by 40 per cent compared with heavy fuel use, the minister said.

On trade expansion, Qudah noted that the ministry is pursuing strategic partnerships, including efforts to enter African markets through a free trade agreement with an African nation.

He also reiterated Jordan’s commitment to boosting economic ties with Syria, particularly in reconstruction efforts.

 The Mafraq Development Zone, located 18 kilometres from the Jaber border crossing, has been designated as a hub for reconstruction activities, with 18,000 square metres of storage and warehouse facilities under development. 

Jordan has also begun supplying electricity to Syria, covering key areas such as Nassib and the customs terminal.

EAIIA Chairman Iyad Abu Haltam noted that the project aimed to boost youth employment in the industrial sector while helping companies attract skilled workers and sustain employment, particularly in export-driven industries.

Over its six-year duration, the project facilitated 4,450 jobs and benefited 129 industrial firms. 

It also trained more than 2,300 job seekers and improved production supervision across more than 30 companies. 

The initiative organised job fairs and networking events to support long-term employment.

Abu Haltam stressed the association’s commitment to expanding this experience to other industrial zones and ensuring the sustainability of its employment support unit through ongoing programmes and partnerships.

Since its launch in 2018, the project has created 6,139 sustainable jobs and provided 6,366 individuals with employability training, contributing to the labour market.

AMMAN — Hikma Pharmaceuticals PLC posted 'robust' financial results for 2024, with revenue climbing 9 per cent to $3.127 billion compared to $2.875 billion in 2023, according to audited figures released on Wednesday.

The multinational pharmaceutical company strengthened its market position as the seventh-largest supplier of generic medicines in the US and maintained its standing as the second-largest pharmaceutical company by sales in the MENA region for the second consecutive year, the Jordan News Agency, Petra, reported. 

Hikma's strategic expansion included the acquisition of Xellia Pharmaceuticals' US finished dosage form business, enhancing its injectables division.

The company also secured an agreement to acquire 17 Takeda brands previously licensed to Hikma, a move expected to bolster future profitability in its Branded segment.

The company's injectables business, which supplies generic injectable and specialty medicines to hospitals across North America, Europe, and MENA, grew by 9 per cent to $1.306 billion. 

This growth was attributed to "strong" performance across all three geographical markets and expanded US-based manufacturing capacity through the Xellia acquisition.

"In MENA, we saw strong growth across most of our markets, supported by new launches and good demand across our broad portfolio," the company stated. 

European operations saw 20 per cent growth in proprietary products, benefiting from recent market entries in France, the UK and Spain.

The branded business, supplying branded generics and in-licensed patented products across MENA, delivered 8 per cent reported growth by 9 per cent in constant currency to $769 million. 

Hikma's generics business, which supplies oral, respiratory, and other products to the North American retail market, grew 9 per cent to $1.026 billion, surpassing the $1 billion revenue mark for the first time. 

The company reported increased market share in sodium oxybate and strong performance from its nasal spray franchise.

Hikma CEO Riad Mishlawi expressed confidence in the company's outlook, saying: "It's been another strong year for Hikma with double-digit revenue growth, increased profits and a resilient margin."

"We continued to invest in the business to support our future progress with a strategic acquisition alongside new partnerships and agreements," Mishlawi added.

AMMAN — The Saudi-Jordanian Business Council on Tuesday has reaffirmed its commitment to boosting economic cooperation between the two countries, stressing the need to enhance trade and investment ties and capitalise on available opportunities.

During a meeting held in Amman, council members underscored the importance of fostering a new phase of collaboration, the Jordan News Agency, Petra, reported. 

The meeting was chaired by Jordan Chamber of Commerce President Khalil Haj Tawfiq on the Jordanian side and Al-Jouf Chamber of Commerce President Hamdan Samrain on the Saudi side.

Discussions focused on expanding trade and investment relations, overcoming barriers to economic exchange, and identifying joint initiatives to facilitate growth.

The council agreed to reactivate sectorial subcommittees to address industry-specific challenges and develop actionable solutions.

It also proposed holding regular meetings, setting a structured schedule for business delegations, and adopting a new logo that reflects the depth of bilateral relations.

A key focus of discussions was the establishment of a mechanism to enhance collaboration, conduct feasibility studies on investment prospects, and share insights with business leaders to encourage joint ventures.

Talks during the meeting also explored measures to streamline trade procedures, accelerate customs processing, and enhance cooperation in logistics, renewable energy and food security.

One of the main initiatives proposed was establishing a joint digital platform within the council to serve as a hub for trade and investment opportunities.

The platform would facilitate business networking, help open new markets, and support collaboration across various sectors.

It would also help organise trade exhibitions and business forums, offer training programmes and provide support for entrepreneurs in areas such as technology, industry and services.

Council members stressed the platform’s role in promoting joint projects in both traditional industries and emerging sectors like renewable energy and ICT.

The initiative would also focus on investment-friendly policies, improving trade facilitation, and supporting small and medium-sized enterprises (SMEs) through financing, mentorship and market access.

The meeting also addressed existing challenges in trade relations, with the council announcing plans to conduct a remote survey to collect industry-specific data and refer findings to relevant authorities for finding solutions.

Council members also discussed restructuring subcommittees to oversee key economic sectors, including logistics, agriculture, education and technology, ensuring that challenges within each sector are addressed.

In a move to further boost ties, the council agreed to organise a visit by a Jordanian trade delegation, in coordination with the Jordan Chamber of Commerce and the Federation of Saudi Chambers, to Saudi Arabia and explore business opportunities.

An executive committee will also be established to monitor the implementation of council recommendations.

Discussions highlighted the need for ongoing engagement through periodic meetings, delegation exchanges, and investment-focused initiatives.

Participants also proposed organising a joint Jordanian-Saudi trade exhibition in the Kingdom to showcase business opportunities and foster economic partnerships.

Haj Tawfiq stressed the "strong" ties between Jordan and Saudi Arabia, commending both leaderships for their continuous efforts to enhance economic cooperation.

He noted that the council plays a "vital" role in advancing trade and investment relations, facilitating dialogue between business communities, and driving private-sector growth.

Established in 1997, the Saudi-Jordanian Business Council aims to boost trade flows, resolve business challenges, encourage joint ventures and enhance economic exchange between the two kingdoms.

Samrain highlighted the Saudi private sector’s interest in expanding business relations with Jordan, noting the sustained growth in bilateral trade and investment.

He stressed the importance of fostering genuine partnerships that serve the interests of both economies, referring to the "strong" participation of business leaders as a testament to the commitment to enhancing economic ties.

AMMAN — A recent study prepared by the Department of Statistics (DoS) on Tuesday revealed that the agricultural sector in the Kingdom is one of the main pillars of the growth of the national economy, as the sector contributes some JD1.7 billion as an added value to the national economy.

The study showed that the agricultural sector accounts for 23.5 per cent of the overall national economy through its connection with sectors such as food industries, restaurants and hotels, meat and fish preservation, bakeries, animal production and transportation, Al-Mamlaka TV reported.

Agriculture is also connected with other sectors such as production inputs, water, energy, fertilisers, plastic industries, veterinary medicines and pesticides for the year 2022.

The study also indicated that the agricultural sector achieved an added value of about JD1.7 billion, ranking fourth in terms of value added at the level of economic sectors, and first at the level of commodity sectors.

DoS Director-General Haidar Freihat pointed out that the study was based on the analysis of the input and output tables issued annually by DoS, which classify the national economy into 40 sub-sectors.

He also explained that the study showed that the agricultural sector affects the national economy by 15.8 per cent through backwards linkages, as a result of the demand created by the agricultural sector on the products of other economic sectors.

Freihat added that the sector also contributes 7.7 per cent to the national economy through forward linkages, where the products of the agricultural sector are considered as production inputs in the production process of other economic sectors.

Minister of Agriculture Khaled Hneifat pointed to the importance of this study in the strategic planning of the sector, stressing that the ministry will focus on sectors with a "strong" impact on the overall economic activity, with the aim of achieving balanced growth through various economic clusters and growth drivers.

AMMAN — Economists have stressed that the national economy is based on its stability and flexibility, including the geographical location of the Kingdom, prudent monetary policy, economic relations with many major world markets, and the presence of qualified and young human wealth.

They pointed out that despite many challenges, which affected various aspects of life, especially tourism, investment and finance, the national economy achieved many positive indicators, the Jordan News Agency, Petra, reported.

The Central Bank of Jordan's (CBJ) foreign reserves exceeded $21 billion, while the dollarisation rate dropped to 18.4 per cent by the end of last year, and the inflation rate decreased to 1.6 per cent and is expected to stabilise at around 2 per cent this year.

The real estate market recorded an increase in trading volume by 9 per cent during January, compared with the same month last year, where the total trading volume reached around JD545 million.

The GDP in the first quarter of the current century increased by five folds, recording in 1999 a value of JD7.12 billion, while in 2023 it reached about JD36 billion at current prices.

GDP per capita rose from JD1,235 in 2000 to JD3,133 in 2023, and the Kingdom's foreign currency balance reached a record of some $21 billion, compared with $4.7 billion in 2000.

Social Security Investment Fund CEO Ezzeddin Kanakrieh said that the recently announced annual results of the fund, which show a growth in comprehensive income last year to nearly JD1 billion, and the increase in the fund's assets to JD16 billion at the end of 2024, which is equivalent to about 40 per cent of GDP, highlight that the national economy, despite the multiple challenges and unstable conditions in the region, has achieved positive economic returns and indicators.

Former minister of finance Mohammad Abu Hamourpointed out that the Kingdom's economy maintained low inflation rates of less than 2 per cent during the past year, despite the wave of unbridled inflation witnessed by many countries in the region.

 He attributed this stability to CBJ's measures to keep pace with regional and global developments related to the interest rate, in addition to the prudent policies of the CBJ, which maintained price stability and the stability of the dinar exchange rate.

President of the Society of East Amman Industrial InvestorsEyad Abu Haltam said that there are strengths in the national economy, the most important of which are political stability and the high credit rating.

He explained that Jordan's monetary policy has been prudent since the 1990s, which has maintained the stability of the dinar exchange rate.

Associate Professor of Economics at Mutah UniversityAhmad Majali considered that "the role of the economic policies adopted by the government in enhancing the ability to adapt cannot be denied. Over the past years, the state has pursued a strategy that combines controlling the fiscal deficit and rationalising spending."

Economist Hussam Ayesh stressed that financial and monetary stability of the Kingdom is an "exceptional case" in the region for a small economy like Jordan, especially if it is compared with regional countries.

AMMAN — The Aqaba Special Economic Zone Authority (ASEZA) on Tuesday announced that the gulf city received a "record" 86,000 local and foreign tourists during January.

ASEZA Deputy Chairman and Commissioner for Economic Development and Tourism Hamza Haj Hassan on Tuesday said that this number reflects ASEZA's "strategic" plan in the tourism sector, the Jordan News Agency, Petra, reported.

He said that the number of tourists in January marked an increase of nearly 103 per cent at a two-night stay rate, where the number of Jordanians reached 48,000 visitors, accounting for 55 per cent, and 38,000 foreign tourists.

The percentage of hotel reservations during the same month was nearly 50 per cent, recording an increase of 84 per cent, and the highest percentage was for 4-star hotels.

He added that the tourist port of Aqaba received two tourist ships carrying 3,000 tourists, while Wadi Rum received 12,000 tourists during January, stressing that the authority seeks to increase these numbers through tourism plans and programmes.

Hajj Hassan pointed out that these figures came as a result of the programmes and activities implemented by ASEZA within its strategic plan, the most important of which is the launch of the Aqaba Carnival for Tourism and Shopping and the Aqaba Waves Festival.

He added that such activities contributed to activating local and foreign tourism movement despite the difficult regional conditions.

In light of halting 23 charter routes to Aqaba, the ASEZA seeks to find new tourist markets, mainly Saudi Arabia, whose tourists to Aqaba increased by 55 per cent in January, he added.