Business

AMMAN — Jordan has claimed the top position among Arab countries and ranked 20th globally in the National Cyber Security Index (NCSI), regarded as the second most significant index after the Global Cybersecurity Index (GCI) issued by the International Telecommunication Union (ITU).

According to the NCSI website, the Czech Republic ranked first globally, while the US secured the 11th position. 

Among Arab nations, the rankings were as follows: Morocco (25th), Tunisia (26th), Bahrain (29th), Saudi Arabia (34th), Egypt (42nd), Oman (43rd), Qatar (45th) and Kuwait (48th).

From now on, 61 countries will be listed in the NCSI, with additional nations to be included as they meet the index's requirements.

Former director of the National Cybersecurity Centre Bassam Maharmeh said in a LinkedIn post that the NCSI is issued by the Estonian government agency EGA, which is recognised as a European leader in digitalisation and cybersecurity. 

The index is considered the second most important after the GCI, in which Jordan ranked 27th globally in its latest 2024 edition.

The Kingdom advanced 44 positions in the GCI, achieving a global ranking of 27 in the 2024 report issued by the ITU, compared to 71st in the 2020 report.

The GCI evaluates countries’ adherence to cybersecurity requirements and standards across five key criteria related to managing cybersecurity at the national level. Jordan achieved a perfect score of 100 per cent in three of these criteria.

AMMAN — The Jordan ICT market size is estimated at $3.73 billion in 2025, and is expected to reach $5.10 billion by 2030, at a compound annual growth rate (CAGR) of 6.47 per cent during the forecast period (2025-2030), according to Mordor Intelligence.

IT investments are increasing in Jordan, and the demand for ICT is expected to grow significantly over the next five years, the global market research consulting firm said, attributing the ICT market's growth in the Kingdom to the rise in overall digitalisation demand and scalable IT infrastructure, the widespread adoption of 5G networks, and the increasing penetration of technology investments, among others.

"Driven by a growing emphasis on digital technologies such as cybersecurity, artificial intelligence, and robotics, the ICT sector in Jordan is experiencing notable expansion. Local companies are making substantial investments in both hardware and software services, further fueling this growth," Mordor Intelligence said in its latest report. 

It said that Jordan is witnessing a surge in the adoption of 4G and 5G technologies, driven by the expansion of new networks and a growing appetite for high-speed connectivity services. 

"5G's transformative potential impacts various sectors of Jordan's economy, supporting applications from enhanced mobile broadband to extensive IoT deployments. Its high speed and low latency are crucial in driving this transformation."

Mordor Intelligence said that Jordan is gaining traction in the e-commerce sector, which demands a robust cloud infrastructure. 

"In August 2023, the Jordan Customs Department (JCD) launched an electronic platform designed as a comprehensive documentary database aimed at streamlining the e-commerce landscape."

"This initiative addresses the trade sector's demands and underscores the government's commitment to safeguarding Jordanian traders, sellers, and producers. It is a proactive step to counter a trend where consumers, rather than supporting local goods, are increasingly turning to electronic platforms, causing significant losses to the sector."

AMMAN — The Kingdom’s tourism revenue in 2024 amounted to JD7.239 billion, marking a 2.3 per cent decline compared to 2023, data by the Central Bank of Jordan (CBJ) showed on Tuesday.   

According to the data, this decrease was attributed to a 3.9 per cent drop in the number of tourists, the Jordan News Agency, Petra, reported.

The CBJ data also showed an increase in tourism revenue from Jordanian expatriates by 7.7 per cent and from non-Jordanian Arab tourists by 12per cent.

In contrast, tourism revenue from European, American and other nationalities declined by 54 per cent, 35.2 per cent, and 15.3 per cent, respectively.

On the other hand, the data revealed a 4.1 per cent increase in spending on outbound tourism during 2024, reaching JD1.937 billion compared to 2023. 

Meanwhile, remittances from Jordanian expatriates to the Kingdom increased by 2.9 per cent during the first 11 months of 2024.  

According to preliminary data issued by CBJ, remittances totalled JD3.3 billion, compared to JD3.17 billion during the same period in 2023, Petra added.

In 2023, the Kingdom’s income from tourism increased by 27.4 per cent, according to previous data issued by the CBJ.

The country’s tourism income reached JD7.41 billion in 2023, up from JD5.254 billion in 2022, where the number of tourists who visited Jordan in 2023 totalled 6,353,800 visitors.

The number of visitors in 2023 rose by around 25.8 per cent when compared with the number of tourists in 2022.

An International Monetary Fund report said in June 2024 that the current impact of the war on Gaza is concentrated on the tourism sector as a result of the cancellations by tourists from advanced economies, which account for a third of tourism revenues.

Bookings cancelled in the last quarter of 2023 reached at least 65 per cent, largely due to the Israeli war on the Gaza Strip, according to official estimates.

AMMAN — Menzies Aviation, a global leader in ground handling services, has officially inaugurated a new air cargo centre at the Queen Alia International Airport in collaboration with the Ministry of Investment.  

The new facility serves as the airport’s second air cargo terminal, doubling its capacity and enhancing operational efficiency, the Jordan News Agency, Petra, reported.   

The centre successfully handled its first air cargo flight, utilising a National Airlines B747-400F aircraft that transported some 100 tonnes of goods.  

Spanning 8,000 square metres, the facility features state-of-the-art automated handling systems and advanced technologies capable of managing all types of cargo, including perishable items like pharmaceuticals, vegetables and fruits.  

Equipped with advanced security systems to ensure operational safety and prevent smuggling, the centre also incorporates cutting-edge air cargo technology, such as modern robotics, elevated transfer vehicles (ETVs) and advanced cargo handling systems.

The project has created around 400 jobs in the air cargo and handling sector, with plans for further workforce expansion in the next phase.  

CEO of Menzies Aviation Jordan Dominic Coleman expressed pride in the partnership with the Ministry of Investment, highlighting the Kingdom's strategic importance for air cargo services.  

“This project enables us to deliver high-quality logistics services to clients across the region and the world, while bolstering the Queen Alia International Airport's status as a major air cargo hub in the Middle East,” Coleman said.  

He also voiced aspirations to work with Jordan’s economic team to expand the project in future phases, contributing positively to the Kingdom’s economic sector. 

Founded in 1833 in Edinburgh, Scotland, Menzies Aviation is the world’s largest ground handling company, offering services in over 300 airports globally, including ground handling, air cargo and aircraft catering.

AMMAN — The number of containers loaded with imported goods entering the Kingdom through Aqaba Container Terminal reached 427,000 in 2024, compared with 445,000 containers in 2023, according to the statistical data from the Jordan Logistics Association (JLA).

The number of containers loaded with goods exported from the Kingdom through the port last year totalled 109,000, compared with 125,000 containers in 2023, marking a 13 per cent decrease, the Jordan News Agency, Petra, reported.

According to the statistical data, the number of containers imported through the port in November 2024 rose to 42,562 containers, compared with 36,790 containers in the same period of 2023, an increase of 15.7 per cent.

Similarly, the number of containers in December 2024 rose to 40,883 containers, compared to 31,770 containers in December 2023, an increase of 28.6 per cent.

President of the JLA Nabil Khatib described the 4 per cent decline in the total number of imported containers as "acceptable," given the prevailing regional conditions, unstable maritime navigation in the Red Sea, and the repercussions of the Israeli war on Gaza.

Khatib noted that the second half of 2024 saw an improvement in container traffic at Aqaba Container Terminal despite the overall annual decline compared to 2023.

“We witnessed noticeable improvement in the last part of the year in terms of both imported and exported containers compared with the beginning of the same year,” he said, expressing hope for continued progress in 2025.

Khatib attributed the decline in exported containers last year to weak purchasing power in export markets, competition faced by some Jordanian products, and the use of land transport for exports to Gulf markets.

He further explained that shipping costs remain high, unchanged since the onset of the Red Sea crisis, as many major global shipping lines rerouted through the Cape of Good Hope.

Founded in 2007, JLA represents professionals in the shipping industry in Jordan, fosters a competitive environment, protects freight forwarding workers and develops systems for freight intermediaries and logistics service providers.

The association also represents the International Federation of Freight Forwarders Associations in Jordan, which was established in Switzerland in 1926 as a non-governmental organisation.

AMMAN — The number of non-Jordanian's ownership transactions increased by 10 per cent last year compared with the same period in 2023, as sales of apartments increased by 4 per cent and land by 22 per cent, compared with the last period last year, according to the monthly report of the Department of Land and Survey.

According to the report, the number of ownership transactions for non-Jordanian investors during the past year was 2803 properties, including 1643 apartments, an increase of 4 per cent, and 1160 plots of land, an increase of 22 per cent, with an estimated value of 221.8 million dinars, an increase of 10 per cent, compared with the same period of 2023, of which JD140 million, or 63 per cent, for apartments, and JD81.5 million, or 37 per cent for land.

Iraqi nationality in non-Jordanian ownership transactions during the past year ranked first with a total of 628 properties, followed by Syrian nationality with a total of 507 properties, Saudi nationality third with a total of 395 properties, followed by US nationality with a total of 177 properties, according to the data of report monitored by Al-Mamlaka TV.

In terms of value, Iraqi nationality also topped these transactions with an estimated value of JD79 million, amounting to 36 per cent of the estimated value of non-Jordanian's ownership transactions, Syrian nationality second with a value of JD27.9 million, 13 per cent.

US nationality third with a value of JD17.7 million, or 8 per cent, and Saudi nationality fourth with a value of JD15.5 million, and 7 per cent.

During the past month, the number of non-Jordanian ownership transactions increased by 43 per cent reaching to 252 properties compared with the same period of 2023, and by 5 per cent compared with November, whereas apartment sales increased by 53 per cent reaching to 155 apartments compared with their counterparts in 2023, and by 4 per cent compared with the previous month, and land sales increased by 29 per cent and 97 land plots compared with the same month of 2023, and 7 per cent compared with the previous month.

The estimated value of these transactions amounted to JD21.6 million, an increase of 47 per cent, compared with December 2023, and by 9 per cent compared with last November, of which reach JD14.4 million, or 67 per cent, for apartments, and JD7.2 million, or 33 per cent for lands.

Iraqi nationality ranked first in the number of non-Jordanian ownership transactions during the month of December with a total of 57 properties, Syrian nationality ranked second with a total of 34 properties, Saudi nationality third with a total of 31 properties, and American nationality ranked fourth with a total of 21 properties.

In terms of estimated value, Iraqi nationality ranked first with an investment volume of JD6.3 million, 30 per cent of the estimated value of non-Jordanian ownership transactions, American nationality second with a value of JD2.5 million by 12 per cent, and Syrian nationality third with an investment size of JD1.8 million, by 9 per cent. 

The volume of real estate trading in Jordan during the past year reached JD6.69 billion, a decrease of 4 per cent compared with the same period in 2023, according to the monthly report of the Department of Land and Survey.

According to the report, the trading volume in the real estate market in the Kingdom during last December amounted to JD458 million, a decrease of 9 per cent compared with the same period in 2023, and a decrease of 11 per cent compared with the previous month.

• Total trade exchange is approximately $250m in 2024
• Over the past decade, the trade volume between the two countries surpassed $3.17 billion

AMMAN —The trade balance between Jordan and Qatar recorded an increase of 5.6 per cent in 2024, compared with 2023, reflecting a steady growth in economic relations.

Total trade exchange in 2024 was approximately $250 million, recording an increase from 2023 amount of $236.2 million, and $219.7 million in 2022, according to recent data released by Qatar's Planning and Statistics Authority.

Jordan's exports to the Arab Gulf state include a collection of consumer and food products, such as fresh and processed foods, vegetables, fruits, meats, dairy products, grains, and other goods. Notable items are fresh cheeses, poultry, sweets, rice, juices, nuts, oils, pickles, herbs, honey, eggs, and Jordanian coffee.

Qatar's exports to Jordan were predominantly chemicals and industrial products, including motor oils, sulfuric acid, aluminium molds, paraffin, polyethylene, iron rods, chemical fertilisers, plastic bags, organic fertilisers, and medical solutions.

The ongoing growth in the trade balance was primarily driven by rising Qatari imports of Jordanian food and consumer goods, with a marked rise in demand for vegetables and fruits since 2020.

Over the past decade, the trade volume between the two countries surpassed $3.17 billion, according to the Qatar Planning and Statistics Authority.

AMMAN — Jordanian Businessmen Association (JBA) and Syrian International Business Association (SIBA) signed a framework memorandum of understanding (MoU) on Sunday to support prospects of economic relations between the two countries' businesspeople.

The memo, which was signed by JBA President Hamdi Tabbaa, and SIBA Chairman Mohammad Chaer, aims to enhance Jordanian-Syrian cooperation and exchange expertise in various economic and investment fields, the Jordan News Agency, Petra, reported. 

The memo seeks to boost joint cooperation in holding events, conferences and forums that serve advancement of bilateral economic relations, document contact channels and provide possible facilitation, according to a JBA statement,.

The MoU also encourages and facilitates the two sides' transfer of available expertise and information on opportunities for advancing various economic sectors and establishing "strategic" partnerships at the local, Arab and regional levels.

Under the MoU, the two sides cooperate in holding bilateral business meetings, conducting joint studies, research, statistics and reports in various economic fields and holding workshops.

Tabaa said arrangements are underway for a Jordanian delegation to visit Syria in the coming period to explore cooperation opportunities, especially in the education, banking, health, information technology, insurance, construction and transportation sectors.

Tabaa stressed the importance of working to activate Jordan-Syria "transit route" to contribute to stimulating bilateral trade flow.

Meanwhile, Chaer stressed the importance of developing bilateral relations in many economic, investment and commercial sectors, adding that the memo would enhance cooperation and exchange expertise in various fields, in light of the "diverse" opportunities at the commercial and investment level.

Noting development of bilateral trade relations, he said over 300 Jordanian trucks crossed in one week, and more than 85 vegetable lorries were exported to Syria.

Chaer stressed the need for Jordanian investments in Syria to benefit from current opportunities, especially reconstruction projects and harness Jordan's expertise to support economic sectors and development projects.

Since 2011, he noted volume of Syrian investments in Jordan has reached more than $1.5 billion, adding that Syrain investors have establsihed more than 380 industrial facilities and 1,400 commercial businesses in the Kingdom.

AMMAN — Jordan's residential property market recorded a 19 per cent year-on-year surge in large-unit transactions during November-December 2023, with 2,743 units sold in the above-150-square-meter segment, the Department of Lands and Survey reports.

"The robust uptick in transactions directly correlates with the Cabinet's 50 per cent registration fee exemption policy," Director General Ahmad Al-Amoush said, noting that total real estate trading volume reached JD6.7 billion in 2023, with projections indicating continued market momentum through 2025. 

The market response validates the effectiveness of the government's real estate stimulus package, which includes a dual-tier fee structure: a complete registration fee waiver for first-time buyers of units under 150 square metres, coupled with a 50 per cent exemption for larger units.

The initiative also features a three-year, 50 per cent property tax reduction for first-time homeowners, which is designed to enhance market accessibility and stimulate housing demand, the Jordan News Agency, Petra, reported. 

On the digital transformation front, the Department has achieved a 70 per cent reduction in footfall through automation, processing 11,451 digital transactions and issuing 67,243 property documents including title deeds and land plans as of November's data.

The agency is poised to roll out 22 additional digital services as part of its comprehensive automation strategy targeted for completion by end of 2025.

The policy framework aims to optimise market liquidity while providing sustainable financing solutions for prospective homeowners, particularly those seeking mortgage financing.

AMMAN — Amman Chamber of Commerce (ACC) and Abu Dhabi Chamber of Commerce and Industry (ADCCI) signed a joint cooperation agreement to enhance collaboration in the trade, services and investment fields.

The agreement, signed by Chairman of ACC Khalil Hajj Tawfiq and Head of ADCCI Ahmed Jasim Al-Zaabi, aims to consolidate joint economic cooperation ties to serve interests of the two sides' commercial sector, the Jordan News Agency, Petra, reported. 

Under the agreement, both sides transfer information and local legislation regulating trade and investment, and team up to increase joint investment opportunities in their private sector establishments to push increased trade cooperation.

The two sides also provide the necessary support and facilitations to make visits by trade and economic delegations, and extend all forms of assistance to facilitate communication means of business owners, in a bid to expand "better" awareness of the possibilities and opportunities available to develop trade and service exchanges.

Additionally, the two sides will cooperate to organize events that serve their business sector, hold seminars in the economy and trade fields, and any other necessary activities, aimed to serve implementation of the cooperation agreement goals in-person or via virtual events.

According to an ACC statement on Saturday, Hajj Tawfiq said the agreement will be a "true and serious" start to increase trade exchange and establish investment partnerships, and build on their deep "brotherly" relations, praising efforts of Jordan's Ambassador to UAE, Nassar Habashneh, in supporting and strengthening relations in various fields.

Hajj Tawfiq called on the Jordanian and Emirati private sectors to benefit from the two countries' "positive" bonds and deepen joint bilateral relations in investment and trade areas and exchange benefits to serve higher interests, especially in light of the developments witnessed by the global economy.