Business

AMMAN — The Aqaba-Amman Water Desalination and Conveyance Project, also known as the National Carrier Project, is advancing according to plan, Minister of Water and Irrigation Raed Abul Saud said on Wednesday. 

He stressed that the project aligns with Royal directives, government commitments, the Economic Modernisation Vision, and the Water Sector Strategic Plan for 2023-2040, according to the Jordan News Agency, Petra. 

Abul Saud underscored the strategic significance of the initiative, which is designed to strengthen Jordan’s water security, adding "Upon completion, the project will provide 300 million cubic metres of desalinated water annually, benefiting four million citizens."

The initiative aims to alleviate the pressure on Jordan's groundwater and surface water resources, offering sustainable solutions to meet the Kingdom’s growing water demands.

Earlier this month, Jordan formalised a partnership agreement with a consortium of investors, led by Meridiam and Suez, marking a key milestone in advancing the project through a public-private partnership.

The project’s first phase is set to begin in March 2025, with initial site preparation activities. This phase will include land surveys to define boundaries and topography, soil tests to assess load-bearing capacity and identify underground obstacles, site clearing and levelling for construction, and the establishment of necessary infrastructure and safety protocols, according to the minister.

Financial closure is anticipated in July 2025, a crucial step to secure funding and complete legal and technical preparations. 

"This phase will involve finalising financing agreements and guarantees, obtaining all necessary government approvals, verifying feasibility, and finalising contractual and insurance arrangements." With financial closure, fund disbursements will commence, ensuring long-term project sustainability and attracting further investments, Petra reported. 

Abul Saud reiterated the government’s commitment to begin engineering works by the end of the year. 

Upon completion, the National Water Carrier Project will be Jordan’s first large-scale desalination plant, one of the largest in the world, and the country’s largest infrastructure project to date. 

The project will provide a reliable water supply of 300 million cubic metres annually to much of the Kingdom, improving water distribution, alleviating pressure on existing resources, and helping to replenish over-extracted aquifers to ensure a sustainable and reliable water supply for Jordan's future.

The project aims to ease the strain on Jordan’s groundwater and surface water resources, offering sustainable solutions to the Kingdom’s growing water needs, he added.

Earlier this month, Jordan signed a project agreement with a consortium of investors, led by Meridiam and Suez, marking a pivotal moment for advancing the project through a public-private partnership.

The project’s initial phase will commence in March 2025, starting with site preparation, including the conduction of land surveys to define boundaries and topography, performing soil tests to assess its load-bearing capacity and detect underground obstacles, clearing and levelling the site for construction and setting up necessary infrastructure and ensuring safety protocols, according to the minister.

The project will reach financial closure in July 2025, a critical step that will secure funding and ensure all legal and technical preparations are in place, he added, noting that this phase includes: finalising financing agreements and guarantee contracts, acquiring all necessary government permits and approvals, verifying financial and technical feasibility, finalising contractual and insurance arrangements

With financial closure, fund disbursements will begin, ensuring the long-term sustainability of the project and attracting additional investments, he noted.

Abul Saud highlighted the government’s determination to kickstart the engineering works by year’s end. Once completed, the National Water Carrier Project will be Jordan’s first large-scale desalination plant and one of the largest in the world—as well as the largest infrastructure project in Jordan’s history.

The project will secure a reliable water supply of 300 million cubic meters per year for much of the kingdom. It is expected to improve water distribution, reduce pressure on existing water resources, and help replenish over-extracted aquifers, ensuring a sustainable and dependable water supply for the nation’s future.

AMMAN — Jordan’s exports to Iraq saw a remarkable 45.6 per cent increase in the first 11 months of 2024, reaching JD 830 million.

This represents a growth of over JD 260 million compared to JD 570 million during the same period in 2023, according to official statistics reviewed on Tuesday by the Jordan News Agency (Petra).

The trade balance between the two countries recorded a surplus of JD 658 million, with the total trade volume rising to JD1 billion, up from JD745 million in 2023. In contrast, Jordan’s imports from Iraq slightly declined to JD172 million by November 2024, compared to JD174 million in 2023.

Iraq ranked as the second-largest destination for Jordanian exports within the Arab Free Trade Zone, accounting for 25.4 per cent of total exports to the region, which amounted to JD3.257 billion by November 2024.

A representative from the Iraqi Business Council in Amman highlighted that, despite the significant growth, Jordan’s exports still fall short of the industries’ full potential.

He emphasised the importance of fostering deeper ties with Iraqi companies and government bodies to expand Jordan’s role in Iraq’s reconstruction projects.

The representative also pointed to the substantial presence of Jordanian companies in Baghdad in varieties of sectors such as hospitality, banking, oil, technology, and construction, which underscores the strong economic relationship between the two countries.

The Officer of Jordan Chamber of Industry’s Export to Iraq attributed the rise in exports to the strengthened economic relations and private-sector efforts. Fertilisers and pharmaceuticals were among the leading export products, followed by detergents, electrical wires, plastics, and food items.

Over the past two years, the private sector, in collaboration with the government, has worked to deepen trade ties and foster business partnerships.

Initiatives included the organisation of major delegations to trade events such as the Baghdad International Fair.

The upcoming Jordan-Iraq Business Forum is expected to further bolster these efforts.

Jordan’s exports to Iraq include fertilisers, electrical equipment, detergents, paints, fresh produce, mineral water, juices, pharmaceuticals, clothing, and skincare products. Imports from Iraq primarily consist of crude oil, grains, dates, nuts, organic chemicals, and aluminum products.

The trilateral partnership agreement between Jordan, Iraq, and Egypt, established during the 2019 Cairo summit, continues to serve as a platform for enhancing regional cooperation. Key initiatives include the Basra-Aqaba oil pipeline and collaborative projects in trade, energy, and infrastructure.

This partnership aims to achieve sustainable development, focusing on food and energy security while strengthening long-term regional stability and economic integration.

AMMAN — Jordan's tablet computer imports reached JD45 million in 2024, according to customs data released Tuesday by the Association of Mobiles Phone and Accessories Investors (Vision), the Jordan News Agency, Petra, reported.

Head of Association Ahmed Alloush, reported that with an average market price of JD97 per device, total tablet imports reached approximately 464,000 units during the past year, citing certified customs documentation.

The figures mark a significant increase from 2023's imports of 310,000 devices, though roughly matching 2022's level of 451,000 units, demonstrating fluctuating market demand over the three-year period.

The data, based on certified customs invoices, reflects official import volumes through Jordan's customs channels, Alloush said in a statement, providing insights into the kingdom's consumer electronics market trends.

AMMAN — The Aqaba Water Company on Monday launched a biogas power generation station at its wastewater treatment facility in northern Aqaba, marking a significant step towards innovation and sustainability in the water sector.

The project, considered a pioneering initiative in Jordan, aims to advance the transition to clean energy, enhance environmental and economic efficiency and preserve natural resources, the Jordan News Agency, Petra, reported.

Director General of the Aqaba Water Company Mufid Louzi described the launch as a "milestone" for the company, reinforcing its reputation as a leader in adopting innovative and sustainable solutions.

"This biogas power plant represents a shift towards achieving energy self-sufficiency for our wastewater treatment facility, while easing pressure on traditional power grids and contributing to a cleaner, healthier environment," Louzi said.

He stressed the company’s commitment to sustainable development, highlighting the project’s role in improving service quality for the local community, reducing carbon emissions and supporting national efforts to address climate change. The facility also enables the eco-friendly and sustainable reuse of organic waste (sludge).

The company has significantly expanded its wastewater treatment capacity, increasing it from 12,000 cubic metres to 40,000 cubic metres per day.

The new facilities rely on green energy alternatives, including solar power and biogas generated during the wastewater treatment process, ensuring the station’s sustainability and operational efficiency.

AMMAN — Chairman of the Board of Commissioners of the Jordan Securities Commission (JSC) Adel Bino on Sunday said that the Cabinet's decision on regulating virtual and digital assets is a strategic choice for the state, and is in line with the objectives of the National Council for Future Technology.

During an interview on the "Sunday Economic" TV programme, he said that the JSC is mandated to develop a regulatory legislative framework in order to build a safe legislative environment for dealers in this sector.

The decision came to "cryptocurrencies" and the goal at this stage is to regulate dealing with virtual currencies such as "Bitcoin and Ethereum", which are the largest tradings in the world, according to Bino. 

He added: "What applies to traditional securities applies to digital assets," as Al-Mamlaka TV reported.

Bino stressed that trading in virtual currencies today in Jordan is prohibited through bank accounts, and through financial services companies licensed by the JSC, stressing that the ban is from the Central Bank of Jordan.

He pointed out that trading in digital assets at this stage will be for investment purposes, stressing that companies that trade in virtual assets will apply transparency and disclosure requirements.

He stressed that the tax rates and methods of application are left to the decision of the Income and Sales Tax Department, since they are considered as part of the income.

Bino noted that the use of virtual assets as a method of payment has not worked even in the developed countries.

He pointed out that each country adapts its regulatory framework to stop the risks it is trying to avoid, stressing that the legislative framework that will be worked on will be "broad" to achieve investor protection, and stressed that accounts in virtual assets will be subject to money laundering instructions.

Bino said that a large number of platforms in the region were founded by young Jordanian entrepreneurs.

AMMAN — Chairman of the Board of Commissioners of the Aqaba Special Economic Zone Authority (ASEZA) Nayef Fayez and Swedish Ambassador to Jordan Maria Sargren on Monday discussed cooperation in investment, tourism, creative industries, electronic games, leadership and innovation.

Fayez discussed the investment incentives and benefits offered by ASEZA to attract investors and businesses. 

He stressed that Aqaba provides a secure and stable investment environment that aligns with its strategic goals, facilitating the localisation of investments, the Jordan News Agency, Petra, reported. 

Fayez outlined Aqaba's ambitious plans, which include transforming the city into a smart hub and positioning it among the top 100 cities worldwide. 

He noted that the goals are rooted in developing the green economy, smart infrastructure and the integration of cutting-edge information technologies.

Discussions reviewed opportunities for collaboration in the creative industries and electronic gaming sectors. 

Fayez underscored Aqaba’s vision of becoming a regional centre for the booming industries and emphasised the importance of attracting Swedish investments to support this growth.

Talks during the meeting covered investment opportunities in environmentally sustainable industries, particularly paper production as an eco-friendly alternative to plastic bags.

-Kingdom's exports to US increases by 14.0% last year

-Imports increases by 4.7% in 2024

AMMAN — Jordan's exports to the US continued their upward trend in 2024, reaching JD 2.044 billion by the end of November, an increase of 14.9 per cent compared to JD 1.779 billion during the same period in 2023.

The Department of Statistics (DoS) reported on Sunday an increase in Jordan's imports from the US, which totalled JD 1.134 billion for the January-to-November period, marking an increase of 4.7 per cent from JD 1.083 billion in the same period last year.

The trade balance between Jordan and the US reflected a surplus of JD 910 million during the same period, highlighting Jordan's growing export strength. Total trade between the two countries reached JD 3.178 billion by November 2024, compared to JD 2.862 billion in 2023, the Jordan News Agency, Petra, reported.

Jordan's top exports to the US include apparel, jewellery, fertilisers, pharmaceuticals, IT services, food, live animals and engineering goods. While Jordan's main imports from the US include transport equipment, machinery, electrical equipment, cereals, chemicals, medical equipment, food products, wood pulp, animal products, furniture, iron products, used clothing, vegetable oils and wood products.

The US-Jordan Free Trade Agreement, signed in October 2000 and fully implemented in January 2010, has significantly boosted bilateral trade. Over the past two decades, trade has increased by an estimated 800 per cent, underscoring the success of the agreement in deepening economic ties between the two countries.

AMMAN — Chairman of Jordanian Businessmen Association (JBA) Hamdi Tabbaa discussed with Commercial Attaché at the Chinese Embassy Cheng Yongru, ways to hold a Jordanian-Chinese economic conference during the current year in the Kingdom to support bilateral economic and trade relations and enhance mutual investments.

Tabbaa on Sunday affirmed the importance of developing bilateral relations in multiple economic sectors, primarily tourism, energy and education, and activating the Jordanian-Chinese Business Council to enhance volume of mutual trade and investment.

Tabbaa called for intensifying meetings for the two countries' businesspeople and the private sector to present and benefit from investment opportunities, especially in development, service and tourism projects, the Jordan News Agency, Petra, reported.

Yongru stressed the importance of strengthening joint economic, trade and investment relations, welcoming the economic conference aimed to enhance volume of mutual trade and investments.

Noting the embassy's role in providing support for joint economic projects in various sectors, Yongru expressed the Chinese side's interest in investing in Jordan's various development sectors and enhancing mutual trade exchange and investment flow.

He said that Jordan enjoys an "advanced" investment environment, which provides opportunities for Chinese investors to invest in the Kingdom, calling for continued coordination and consultation among businesspeople to present the two countries' existing investment opportunities.

According to official data, volume of Jordan-China trade exchange amounted to nearly $4,855 million in 2023, as exports accounted for about $359 million, while imports approximately stood at $4,496 million.