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5% increase in number of companies registered in 2024

By - Jan 11,2025 - Last updated at Jan 11,2025

A total of 6,406 companies were registered in 2024, marking an increase of 5 per cent from 6,077 companies in 2023, and by an increase of 26 per cent, compared with 2019, from 5,088 companies (JT File)

AMMAN — A total of 6,406 companies were registered in 2024, marking an increase of 5 per cent from 6,077 companies in 2023, and by an increase of 26 per cent, compared with 2019, from 5,088 companies, the Jordan News Agency, Petra, reported.  

 

The comparison period for the 2024 and 2019 results was made to give a "clearer" picture of the years 2020 and 2021, respectively, according to the report of the Companies Control Department (CCD) published on Saturday.

 

The total value of the registered capital reached to over JD190 million in 2024, while the rate of capital increase surged by 7 per cent, compared with 2023, to reach more than JD350 million, the report showed.

 

1,043 companies increased their capital by around JD486 million, while other 259 companies decreased their capital by around JD136 million.

 

Compared with 2019, the rate of capital increase went up by 302 per cent, recording about JD87 million, as 680 companies increased their capital by about JD300 million and other 433 companies decreased their capital by about JD213 million.

 

The data also revealed that the "highest" type of companies registered in 2024 is limited liability, as 4,697 businesses out of the total figure, or 72.2 per cent registered a capital exceeding JD94 million.

 

Meanwhile, the number of companies whose registration was revoked or deregistered last year went down by 35 per cent, totalling 1,780, against 2,736 in 2023.

 

The number also dropped by 63 per cent, compared with 2019, when 4,748 companies were deregistered.

 

$554m disbursed by World Bank for 4 projects financed to Jordan for the year 2024

By - Jan 11,2025 - Last updated at Jan 11,2025

AMMAN — The World Bank disbursed approximately $554 million to four projects it implemented with the Jordanian government for the fiscal year 2024, out of a total financing of $1.235 billion in total funding for the four projects.

The percentage of financing these projects is 44.8 per cent, while the total remaining undisbursed amounts to finance these projects amounted to $681 million, according to data published on Thursday by Al-Mamlaka TV. 

During its last fiscal year, the World Bank signed four agreements for government projects and programmes in Jordan, worth $1.235 billion, in addition to $ 41 million from other donors for the same projects guaranteed by the Bank, which is considered "the highest value in the last five years." 

In April 2024, the World Bank approved the "Citizen-Oriented Digital Government" programme under the Program-for-Results (PforR) Financing Instrument, funded by a $321 million loan and a $29 million grant from the Global Concessional Financing Facility (GCFF) programme, which aims to enhance public service delivery and accelerate digital transformation.

In the same month, the Bank approved the "Enhancing Women's Economic Opportunities" project, funded by a $221 million loan and a $5 million grant from the "Early Learning Partnership" under "Childcare" investment initiative.

In July, the World Bank approved "Jordan's Human Capital" programme, financed by a $300 million loan, which aims to support the governance and effectiveness of social sectors, in order to ensure better and more sustainable outcomes for all Jordanians, as well as to enhance resilience, including protecting families from the negative effects of climate change.

In the same month, it also approved "Modernizing Education, Skills and Administrative Reforms (MASAR)" programme, financed by a $393 million loan and a $7 million grant from the GCFF, which aims to provide children and youth with the right skills for the Kingdom's labour market and economic transformation.

On April 8, the World Bank Group and the Ministry of Planning and International Cooperation have launched the new Jordan Country Partnership Framework (CPF) for the years from 2024 to 2029, which represents a new phase in the short and long-term partnership between Jordan and the World Bank Group, to support green and inclusive growth and promote job creation, especially youth and women, according to data monitored by Al-Mamlaka. 

 

Investment, trade indicators rise in 2024 — Free, development zones

Investment contracts in public free zones increased by 2% last year

By - Jan 11,2025 - Last updated at Jan 11,2025

Investment contracts in public free zones increased during the last year by 2% to reach 2,166 investment contracts, compared with 2,124 investment contracts in 2023, according to the performance indicators of public free zones published on Friday (JT file)

AMMAN — Investment contracts in public free zones increased during the last year by 2% to reach 2,166 investment contracts, compared with 2,124 investment contracts in 2023, according to the performance indicators of public free zones published on Friday.

On trade indicators, the total value of trade volume, during the past year, was JD5.895 billion, an increase of 20 per cent over the previous year, which was distributed among; JD2.624 billion of the value of imports to public free zones, with an increase of 12 per cent, and JD3,271 billion of the value of exports from public free zones, with an increase of 27 per cent, according to data seen by Al-Mamlaka  TV.

As for goods indicators, the total value of goods imported last year reached JD1,066 billion, an increase of 24 per cent, while the total value of goods exported from public free zones increased by 23 per cent to reach JD1,133 billion, compared with JD923 million in 2023.

For vehicle indicators, the data showed that Jordan imported 130,611 vehicles during 2024, an increase of 7 per cent compared with 2023, and the total value of imported vehicles increased by 6 per cent to reach JD1,558 billion.

The total number of vehicles exported from the free zones last year reached 137,861, an increase of 20 per cent compared with the previous year, increasing their total value by 29 per cent, and recording 2,138 billion dinars.

 

Kingdom’s inflation rises by 1.56% in 2024

By - Jan 09,2025 - Last updated at Jan 09,2025

The Department of Statistics says that the Consumer Price Index, a key measure of inflation, increased by 1.56 per cent in 2024 to 110.71 points compared with 109.02 in 2023 (File photo)

AMMAN — The Consumer Price Index (CPI), a key measure of inflation, increased by 1.56 per cent in 2024 to 110.71 points compared with 109.02 in 2023, the Department of Statistics (DoS) said on Thursday.

The latest DoS report highlighted several key sectors contributing to the overall rise in CPI, revealing that the prices for personal luggage saw the highest increase at 12.86 per cent, followed by water and sewerage services at 6.68 per cent, the Jordan News Agency, Petra, reported. 

Other groups that contributed to the rise are trade union dues at 5.34 per cent, tobacco and cigarettes at 4.07 per cent and rent at 3.83 per cent.

Certain categories helped in reducing the overall CPI rate, including furniture, carpets and furnishings, which dropped by 1.91 per cent, household textiles by 1.14 per cent, fuel and lighting by 1.13 per cent and oils by 1.09 per cent.

According to the report, the CPI for December 2024 increased to 111.76 points compared to 109.82 points for the same month in 2023, marking a 1.77 per cent rise.

The report highlighted that the main contributors to the CPI increase in December 2024 compared to December 2023 were personal luggage with 17.98 per cent, vegetables, dried and canned legumes with 8.11 per cent, tobacco and cigarettes with 6.75 per cent. 

Other contributors are spices, food enhancers and other edibles with 5.9 per cent and culture and entertainment with 4.76 per cent.

The CPI for December 2024 rose slightly compared to November 2024, reaching 111.76 points, up from 111.04 points.

The report noted that the main commodity groups contributing to the monthly increase in the CPI for December 2024 compared to November 2024 were meat and poultry with 3.1 per cent, household maintenance with 2.19 per cent. 

Other groups included rent with 2.04 per cent, fruits and nuts with 1.57 per cent and tea, coffee and cocoa with 0.83 per cent.

 

IPI rises by 0.81% in first 11 months of 2024

By - Jan 09,2025 - Last updated at Jan 09,2025

DoS says the general Industrial Production Index (IPI) in Jordan increased by 0.81 per cent during the first 11 months of 2024 (File photo)

AMMAN — The general Industrial Production Index (IPI) in Jordan increased by 0.81 per cent during the first 11 months of 2024, reaching 87.65 points compared to 86.94 points for the same period in 2023, according to the Department of Statistics' monthly report.

The manufacturing industries saw a slight rise of 0.11 per cent, while the extractive industries and electricity production surged by 7.96 per cent and 5.41 per cent, respectively, the Jordan News Agency, Petra, reported.

In November 2024, the index rose by 3.08 per cent year-on-year, reaching 87.91 percentage points compared to 85.29 percentage points in November 2023. 

This increase was driven by a 2.81 per cent rise in manufacturing production, a 1.92 per cent increase in extractive industries production, and an 8.33 per cent boost in electricity production, according to the report issued on Thursday. 

On a monthly basis, the index for November 2024 rose by 0.80 per cent from October, with the manufacturing sector rose by 1.52 per cent, electricity production rose by 1.72 per cent, while the extractive industries sector saw a decline of 10.39 per cent.

 

 

 

US tariff and inflation fears rattle global markets

By - Jan 08,2025 - Last updated at Jan 08,2025

LONDON — Stock markets were rattled on Wednesday by worries about incoming US president Donald Trump slapping tariffs on imports and the fading prospects for interest rate cuts.

A CNN report that Trump is considering declaring a national economic emergency to provide legal cover to impose tariffs on all imported goods sent US and European stocks into the red and the dollar higher against major rival currencies.

"Perhaps more than even during his last term of office, traders will need to pay close attention to everything coming from the new President," said David Morrison, senior market analyst at Trade Nation.

"And, just to prove a point, the dollar has soared while risk assets have tumbled on reports that Trump is mulling a national emergency declaration to allow for new tariff program."

Susannah Streeter, head of money and markets at Hargreaves Lansdown said that there is nervousness about the future given Trump's unpredictable governing style.

"Aside from the impact on global trade and growth prospects the big worry is that a big swathe of tariffs will stoke the embers of inflation and fan consumer prices," she said.

"Expectations are growing that this will tie the Fed's hands and limit interest rate cuts in the US even further this year."

The Fed has already lowered its outlook for rate cuts to two reductions this year, down from the four forecast in September before Trump's election victory.

Data released Tuesday and Wednesday pointed to price pressures and a relatively robust US labour market, denting hopes of several more cuts to interest rates in the world's biggest economy.

"Yesterday's signs of rising inflation in the US have combined with an 11-month low in jobless claims to push back expectations of any rate cuts in 2025," said Chris Beauchamp, chief market analyst at online trading platform IG.

The diminished expectations of rate cuts are "weighing on big tech stocks in particular, given that a higher rate environment pushes down the value of their future earnings", said Streeter.

US bond yields have also risen in recent days on the fading expectations of additional US interest rate cuts.

Focus now turns to Friday's release of the key non-farm payrolls report, which will provide a fresh snapshot of the US economy.

 

In Europe, German industrial orders fell more than five per cent in November, official data showed Wednesday, in the latest sign of headwinds facing the continent's largest economy.

On the corporate front, shares in British energy giant Shell slid 1.4 per cent on a weak trading update ahead of its full year results, capping gains on London's benchmark FTSE 100 index.

 

Tender floated to study establishment of stations to supply natural gas for vehicles

By - Jan 08,2025 - Last updated at Jan 08,2025

File photo

AMMAN — The Ministry of Energy and Mineral Resources on Wednesday announced the re-offering of the purchase of consulting services to study the establishment of compressed or liquefied natural gas supply stations. 

The ministry added the tender is to determine the fair commission for companies interested in this activity according to specifications and conditions, the Jordan News Agency, Petra, reported. 

The ministry set the date of selling copies of the invitation to tender electronically from January 16 to 19 to receive inquiries, and the start of submitting bids will be between January 23 and 30.

 

Industrial sector grows by 4% during first 9 months in 2024

Industrial sector contributes in 40% of real total growth of national economy

By - Jan 08,2025 - Last updated at Jan 08,2025

President of the Jordan Chamber of Industry Fathi Jaghbir says that the industrial sector proves once again that it is capable of adapting to difficult economic conditions (File photo)

AMMAN — President of the Jordan Chamber of Industry Fathi Jaghbir on Wednesday said that the industrial sector achieved a growth of 4 per cent during the last three quarters of 2024, compared with the same period in 2023. 

Jaghbir added that this growth reflects the significant role of the industrial sector in supporting the national economy, which contributed 40 per cent of the real total growth, to the overall 2.4 per cent of economic growth recorded during the last three quarters of last year, despite the developments in the region.

He added that various major industrial sectors witnessed positive developments, with the mining and quarrying sector recording a growth of 4.9 per cent, manufacturing industries by 3.8 per cent, while the growth in the electricity and water sector reached 4.5 per cent, the Jordan News Agency, Petra, reported. 

Jaghbir pointed out that these results reflect the importance of the industrial sector as a key pillar of growth and development in the Kingdom, and show the exceptional ability of the industrial sector in facing changing challenges. 

He added that the industrial sector proves once again that it is capable of adapting to difficult economic conditions and transforming crises into opportunities for growth and development.

 

Agreement signed to establish sorting, packaging for dates industry

By - Jan 08,2025 - Last updated at Jan 08,2025

The Dates Cooperative Agricultural Society signs a land lease agreement for the association to establish sorting, packing, packaging and refrigeration workshops to support date farmers in the Kingdom (File photo)

AMMAN — Secretary General of the Jordan Valley Authority Hisham Hisa and Chairman of the Board of Directors of the Dates Cooperative Agricultural Society (DCAS) Raed Saaida have signed a land lease agreement for the association to establish sorting, packing, packaging and refrigeration workshops to support date farmers in the Kingdom.

Hisa said in a statement on Wednesday that the Jordan Valley Authority seeks to stimulate investment in the Jordan Valley and support leading cooperative societies, especially in the palm sector, which is witnessing significant expansion, the Jordan News Agency, Petra, reported. 

He stressed that the authority will not hesitate to provide all forms of support and assistance to farmers, empower them and improve irrigation services, 

The authority is ready to provide any requirements for the palm agricultural sector, from training farmers on irrigation management, to employing technology in this sector for optimal use, he added.

Saaida said that the agreement highlights the authority’s developmental role in serving farmers, and that it will contribute to providing the basis for establishing date sorting, packing, packaging and refrigeration workshops, which will help develop the sector and highlight it globally as a high-end product that reflects the "pioneering" Jordanian agricultural experience.

 

He noted that the project will provide more than 80 job opportunities and will allow DCAS to establish a research station specifically to the palm sector.  

He praised the role of the authority in monitoring the water situation and the needs of palm farmers. 

Agriculture Minister Khalid Hneifat recently said that cumulative exports of dates increased to 16,280 tonnes in 2024, marking a 7 per cent rise from 2023. 

 

Jordan, India explore economic partnership

By - Jan 08,2025 - Last updated at Jan 08,2025

Chairman of the Jordanian Businessmen Association Hamdi Tabbaa highlights the investment opportunities in sectors such as ICT, artificial intelligence, energy, transportation and tourism (Petra photo)

 

AMMAN — Chairman of the Jordanian Businessmen Association Hamdi Tabbaa and Indian Ambassador Manish Chauhan on Wednesday discussed strategies to boost economic relations and explore new economic partnerships between Jordan and India.

In a statement issued on Wednesday, Tabbaa stressed the importance of fostering advanced economic cooperation that benefits both nations, leveraging the strong ties between Jordan and India across various sectors, according to the Jordan News Agency, Petra. 

He underscored the significance of attracting more Indian investments to Jordan and enhancing trade exchange by increasing interactions among private sector companies.

Tabbaa also highlighted the investment opportunities in sectors such as ICT, artificial intelligence, energy, transportation and tourism, supported by the new Investment Environment Law.

Chauhan echoed the need to expand cooperation across diverse economic sectors, focusing on technology transfer, training and investment integration, noting that Indian investments in Jordan are among the most significant in the region.

Trade between Jordan and India reached approximately $3.3 billion in 2023, with key Jordanian exports to India including chemical industries, fertilisers, aluminium and pharmaceuticals.

 

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