Business

AMMAN — The Jordan Enterprise Development Corporation (JEDCO) and the Saudi Export Development Authority (SEDA) signed a memorandum of understanding (MoU) on Monday to strengthen bilateral relations and enhance cooperation in export development.

The agreement, signed on the sidelines of the Saudi-Jordanian Business Forum organised by the Jordan Chamber of Commerce, aims to facilitate the exchange of studies on export opportunities, joint markets and national economic indicators. It also includes the sharing of statistical reports and trade-related information.

Under the MoU, both parties will leverage existing export growth strategies and support programs to develop the capabilities of exporting enterprises, the Jordan News Agency, Petra, reported.  

The agreement also encompasses joint training initiatives, advisory services, and technical capacity-building programs for employees.

The two entities will collaborate on promotional activities to highlight the services sector and foster entrepreneurship in both countries.

The memorandum was signed by JEDCO Executive Director Abdul Fattah Kaid and SEDA CEO Abdul Rahman Dhakir, in the presence of Minister of Industry, Trade and Supply Yarub Qudah, who also serves as JEDCO's board chairman.

AMMAN — More than 46,000 employment contracts have been supported through the National Employment Programme, with half allocated to women, Minister of Labour Khaled Bakkar said on Monday.

The minister added that 5,196 contracts were signed for beneficiaries of the National Aid Fund, including 2,228 for female workers, the Jordan News Agency, Petra, reported.

Bakkar said that the Ministry of Labour, in coordination with the Ministry of Planning and International Cooperation, is in discussions with the World Bank to restructure the National Employment Programme.

The objective is to enhance the programme's effectiveness, expand the number of beneficiaries and extend its duration to sustain job opportunities for Jordanians across all sectors.

He highlighted the role of the national employment platform "Sajil", launched in 2019, in connecting job seekers with employers.

The minister urged both job seekers and businesses to update their information on the platform, encouraging those who have not registered to do so.

The ministry aims to market Jordanians to local, regional, and international labour markets by securing employment opportunities through partnerships with various countries.

Discussing employment initiatives, Bakkar described the Remote Branches Initiative as one of the ministry’s "most effective" programmes.

Originally launched as a Royal initiative in 2008, it employed 2,556 new workers in 2024, bringing the total workforce in production units across various governorates to some 10,000.

Three new branches were opened in Um Al Jimal (Mafraq), Al Jadida (Karak), and Souf (Jerash), while five additional branches are being developed in Faisaliah (Madaba), Fuheis (Balqa), Eastern Mafraq, Mujib (Karak), Wadi Aniza (Maan), and Mughayr Al Sarhan (Mafraq).

The ministry is working on infrastructure to support these expansions.

Bakkar stressed that the ministry is implementing projects under the Executive Programme of the Economic Modernisation Vision to increase Jordanian employment and ensure fair opportunities.

These efforts include enhancing worker productivity, promoting vocational and technical professions, supporting self-employment, and boosting labour inspection, occupational safety, and social protection frameworks.

He also referred to ongoing measures to reduce reliance on foreign labour, particularly in agriculture, construction and industry, by regulating employment practices and ensuring priority hiring for Jordanians in closed professions.

The ministry is enhancing partnerships with the private sector, civil society and international organisations to improve governance in employment and vocational training. These efforts focus on raising service quality, digitalising processes, and enhancing institutional performance, he noted.

Specialised training academies have been launched in collaboration with private sector partners, including an academy with the Jordan Phosphate Mines Company to train youth in mining-related fields, the minister said.

Bakkar added that to align workforce skills with market needs, the ministry has expanded sectorial skills councils, now comprising 15 private-sector-led committees.

These councils define labour market demands and guide training programs to equip young Jordanians with skills for stable employment.

The Technical and Vocational Skills Development Authority has introduced professional licensing to certify workers' competencies.

The ministry has also prioritised entrepreneurship and small business support through the Development and Employment Fund, which offers concessional loans to youth for establishing their businesses.

These loans come with reasonable repayment grace periods to ensure sustainable growth.

Efforts to regulate foreign labour have been reinforced through new policies introduced in November and December 2024, allowing businesses to legalise their workforce while ensuring that hiring foreign workers remains conditional on the employment and training of Jordanians.

Bakkar noted that stricter policies will be implemented to balance foreign worker employment with the gradual integration of Jordanians into the workforce, ensuring a smooth transition without disrupting private-sector productivity.

Looking ahead, the ministry is developing a comprehensive labour market information system to track job seekers’ skills and employment trends, aiding policymakers in making data-driven decisions.

A Labour Market Observatory will also be established to monitor key employment indicators and ensure policy effectiveness.

AMMAN — Lafarge Jordan Cement on Monday announced a net consolidated profit of JD33.8 million after tax for 2024, a "significant" turnaround from JD1.5 million in 2023.

The sharp increase is attributed to the successful implementation of the company's restructuring plan following its insolvency process, the Jordan News Agency, Petra, reported.

"These results underscore the success of the company’s reorganisation plan, demonstrating its ability to recover and move towards a more stable and growing future," Lafarge Jordan Cement CEO Samaan Samaan said in a statement.

Lafarge Jordan aims to strengthen its market position by introducing new products and integrated marketing services that meet customer needs and enhance the user experience, Petra said.

Samaan also noted that the company is working on improving product quality, expanding its portfolio and offering innovative building solutions that support sustainability and efficiency in the construction sector.

He explained that the company has adopted a multi-year growth strategy, featuring short-term plans to enhance financial and operational performance as well as long-term initiatives to expand its business and introduce new market-driven solutions.

This strategy is based on a "well-structured" approach that takes into account market shifts and global trends in the construction industry, enabling the company to continue delivering added value to customers and shareholders alike he added.

Samaan noted that Lafarge is also committed to investing in modern technology and innovation in cement and concrete manufacturing, which will allow the company to offer more sustainable and efficient products.

Samaan emphasised that the company has a "clear" vision for the future of the construction sector in Jordan, ensuring its continued leadership in providing advanced and eco-friendly building solutions.

AMMAN — Jordan and Japan on Sunday signed memorandums of understanding (MoU) and a grant agreement, amounting to 1.334 billion Japanese yen (around $8.7 million). 

The grant, channelled through the Japan International Cooperation Agency (JICA), will fund the establishment of a SCADA system for water supply management in the Maan Governorate, the Jordan News Agency, Petra, reported.

Minister of Planning and International Cooperation Zeina Toukan and Japanese Ambassador to Amman Hideki Asari signed the MoU on behalf of their respective governments, while JICA’s Chief Representative in Jordan Shingo Morihata signed the grant agreement in the presence of Minister of Water and Irrigation Raed Abu Saud.

The grant aims to enhance the operation and management of Maan’s water supply infrastructure through the installation of SCADA systems and the rehabilitation of existing facilities. It also aims to improve water service quality in the governorate and reduce water loss, which has been a longstanding challenge.

Toukan expressed her gratitude to Japan for its ongoing support of Jordan’s development goals, specifically under the country’s Economic Modernisation Vision, emphasising the "strong and enduring" ties between the two countries and their shared commitment to expanding cooperation across multiple sectors.

Asari reaffirmed Japan's support for Jordan's economic and political reforms, lauding the kingdom as a regional model for progress and stability.

AMMAN — The Kingdom's imports of mobile phones amounted to around JD15.1 million in January, with the number of devices reaching 155,000.

The Association of Mobiles and Accessories Investors (Vision) on Sunday said that the value of imports in January 2024 reached JD10.8 million for 148,000 devices, which reflects a "noticeable" growth in the volume of imports during the current year, the Jordan News Agency, Petra, reported. 

Head of Vision Ahmad Alloush said that one of the brands imported mobile devices at the beginning of the year worth about JD8 million, which indicates the continued growth of brands in the local market. 

Jordan's imports of mobile phones in 2024 amounted to some JD176 million, with a total of 1.855 million devices, Alloush said in remarks earlier this year. 

At the time, Alloush highlighted a 13.7 per cent increase in the value of imports in 2024 compared to 2023, when imports totalled JD154.6 million. 

The number of imported devices also rose by 7.5 per cent, from 1.726 million in 2023 to 1.855 million in 2024, he noted.

AMMAN — The Development and Employment Fund (DEF) on Monday announced that it financed 1,599 projects across the Kingdom in 2024, marking a 12 per cent increase from 1,422 projects in 2023, DEF Director General Mansour Wreikat said on Sunday.

Wreikat said that the volume of finance for these projects totalled JD21.1 million in 2024, marking a 31 per cent increase compared to JD16.1 million in 2023, the Jordan News Agency, Petra, reported.  

The funded projects created 3,245 jobs in 2024, 29 per cent higher than the 2,524 jobs generated in the previous year. 

The percentage of female-led projects also grew, reaching 44 per cent in 2024 compared to 39 per cent in 2023.

The commercial sector accounted for 49.7 per cent of funded projects, followed by education 21.3 per cent, services 15.9 per cent, tourism 5 per cent, crafts 4.1 per cent and industry 4 per cent.

Wreikat highlighted an improvement in loan repayment rates, with total collections reaching 94 per cent in 2024, up from 93 per cent in 2023. 

The fund also conducted 142 awareness sessions nationwide, marking an 8 per cent increase from 131 sessions in the previous year.

AMMAN — The Jordan Economic Forum (JEF) has hosted British Ambassador to Jordan Philip Hall, during a recent discussion session on Jordanian-British relations.

JEF Chairman Mazen Hmoud and members of the Board of Directors and the General Assembly of the forum attended the event, the Jordan News Agency, Petra, reported. 

Hmoud stressed that the relations between Jordan and the United Kingdom extend for many decades, and are characterised by their "historical depth" and close cooperation in various field. 

Hmoud noted that this "strong bond" includes relations between the two Royal families, especially between His Majesty King Abdullah and King Charles, who have met twice in recent months, as well as the ongoing coordination between the two governments in political, economic and security affairs.

The ambassador announced that efforts are underway to establish a Jordanian-British business council, expressing his aspirations to announce it officially in the next few months.

Hall noted that the UK accounts for about 10 per cent of Jordan's imports of the services sector, while goods constitute a smaller proportion ranging between 2 and 3 per cent of total imports.

He added that the services sector is the most growing field, noting that Jordan has great potential in this sector, especially in the fields of ICT and financial services.

The envoy said that Jordan has "great" opportunities in the ICT sector, as it has a "strong" market that relies on qualified cadres who speak fluent Arabic, which gives it a competitive advantage in providing services to regional Arabic-speaking markets.

Hall also referred to the pharmaceutical sector, pointing out that the Jordanian Hikma company is "one of the largest" companies registered in the UK, as it is classified in the "FTSE 100" index for the largest hundred companies on the London Stock Exchange.

He mentioned the free trade agreement signed between the two countries, explaining that despite the signing of the agreement, there are some challenges facing its implementation on the ground.

The diplomat added that the free trade agreement between Britain and Jordan came after Brexit, and is very similar to the agreement that linked Jordan to the EU in terms of trade conditions and customs exemptions.

The ambassador stressed his country's commitment to boosting relations with the Kingdom, noting that the strength of the Jordanian economy is a vital factor in the region, and depends on promoting economic development and political participation.

The ambassador pointed out that more than 80 per cent of the total British aid provided to Jordan goes to support the humanitarian sectors and protect refugees and host communities.

Hall noted that the UK seeks to support Jordan in providing protection and basic needs for refugees, in addition to supporting the local host communities.

AMMAN — Chairman of the Amman Chamber of Industry (ACI)  Fathi Jaghbir discussed ways to enhance joint cooperation and increase trade exchange between Jordan and the United Arab Emirates with Chairman of the Jordanian Business Council in Dubai Ahmad Hindawi and Chairman of the Jordanian Business Council in Abu Dhabi Mohammad Maaitah.

According to a statement on Saturday, Jaghbir said that Jordan's industry chambers are harnessing their capabilities and expertise to serve Jordanian expatriates and others wishing to invest in the Kingdom's industrial sector, as the Kingdom enjoys a "stimulating" investment environment and industrial opportunities with added economic value.

Jaghbir, who is also head of Jordan Chamber of Industry, noted that the Jordanian industrial sector possesses "distinguished" capabilities and components, and "promising" opportunities, the Jordan News Agency, Petra, reported. 

Hindawi said that Jordanian businesspeople in the United Arab Emirates are "ready" to contribute to achieving economic and administrative development in the Kingdom by offering their practical expertise and establishing investments that contribute to employ the national workforce.

The two UAE-based councils proposed organising a Jordanian-Emirati investment conference in Dubai next April to explore opportunities for joint investment and industrial integration among the two countries' businesspeople and introduce Jordan's investment opportunities.

The participants agreed to hold periodic meetings for the two councils' members with Jordan and Amman chambers of industry.

AMMAN — The Unit of Financial Computer Emergency Response Team (Jo-FinCERT) at the Central Bank of Jordan (CBJ), in collaboration with the global company Immersive Labs, has conducted an interactive practical exercise simulating cyberattacks on financial institutions in the Kingdom.

CBJ Deputy Governor Khaldoun Washah said that this is part of a series of exercises planned by the CBJ to be conducted throughout the year, where these efforts aim at enhancing the resilience of the banking sector and testing its ability to confront advanced cyber threats, according to a CBJ statement.

Washah noted that these initiatives are critical to ensuring the stability of the national economy, as protecting financial infrastructure from cyberattacks boosts investor confidence and maintains a secure environment that supports economic growth, particularly in light of the rapid digital transformation within the sector.

He also noted the bank’s plan to intensify periodic exercises and include tailored evaluations for sector institutions to ensure the integration of cybersecurity regulations and practical measures.

Jo-FinCERT Director Ibrahim Shafie pointed out that the exercise included scenarios simulating advanced cyberattacks, such as malware and breaches of critical systems, to assess the speed of response and the quality of coordination with regulatory bodies.

Shafie added: "These exercises are an effective tool to enhance the sector’s digital immunity by identifying operational gaps and improving readiness to face complex threats, including targeted attacks on digital banking services, which pose a direct challenge to the stability of the financial system."

Shafie stressed that the CBJ focuses on enhancing cybersecurity awareness and improving the capabilities of national teams in managing electronic crises.

He added that these efforts align with CBJ's strategic objectives that prioritise cybersecurity, not only to protect financial services but also to safeguard the national economy from the impacts of attacks that could disrupt development and affect the sector's investment attractiveness.