Business

AMMAN — The Ministry of Public Works and Housing completed 186 projects across various sectors in 2024, including road, building, and governorate initiatives, with a total value of JD311.7 million.

Ministry spokesperson Omar Maharmeh said that 145 projects are currently underway, valued at JD360.8 million, noting that the 2025 budget includes 343 planned projects, totalling JD165.8 million, the Jordan News Agency, Petra, reported.

Regarding building projects, the ministry finalised 57 projects in 2024, with a total cost of JD130.5 million, adding that 41 projects valued at JD294.8 million are under implementation, and 69 projects worth JD125 million are slated for 2025.

Maharmeh also highlighted the achievements of the Governorates Administration Department, which completed 87 projects in 2024, amounting to JD13.7 million.

At present, 69 projects worth JD9.8 million are under implementation, while 257 projects, valued at JD20.9 million, are planned for 2025 across 14 regions, primarily in governorates, he said.

In 2024, inspection committees of the National Construction Council conducted 706 site visits, rectifying 340 suspended projects and achieving a correction rate of 69.67 per cent.

Safety violations, unauthorised wall removals, and complaints about residential buildings saw a significant decline, with only 26 complaints recorded during the year.

Discussing the Housing and Urban Development Corporation's contributions, Maharmeh said that the corporation developed infrastructure for 433 land plots, maintained 44 apartments, and constructed 10 kiosks.

 “Currently, work is underway on 288 land plots, the maintenance of 10 apartments, and the construction of seven storage units, with an additional 677 plots of land under study for future projects,” he said.

AMMAN — Chief Executive Officer of Amman Stock Exchange (ASE) Mazen Wathaifi announced on Saturday that the corporate rose by 2.4 per cent in 2024.

He added that the ASE continued its efforts to create a safe securities' environment and boost investor's confidence despite regional challenges, which cast a shadow on the national economy and financial markets across the region, the Jordan News Agency, Petra, reported.

The General Index (ASEGI) free float weighted index rose to 2,488.8 points by the end of 2024, compared to 2,431.2 by the end of 2023, recording an increase of 2.4 per cent, the highest since 2009, with an exception of 2022, Wathaifi said.

The ASE20 free float weighted index rose to 1,344.0 points by the end of 2024, compared to 1,308.8 points by the end of 2023, with an increase of 2.7 per cent, he said.

He pointed out that the Total Return Index (ASETR), which measures the change in the share prices of the index sample companies in addition to the cash distributions of these companies assuming they are reinvested in the shares of index companies, rose to 1,641.5 points by the end of 2024, compared to 1,488.5 points by the end of 2023, with an increase of 10.3 per cent.

The market share value of the Amman Stock Exchange rose to about JD17.7 billion, with an increase of 4.2 per cent, compared to 2023, he said, noting that the market value at the end of 2023, excluding the closing of 2022, was the highest since 2015.

As for the trading volume, it dropped in 2024 to around JD1.2 billion, compared to about JD1.5 billion in 2023, with a decrease of 17.7 per cent, said Wathaifi.

AMMAN — The Kingdom's pharmaceutical industry has seen "remarkable" improvement during the past few years, thanks to His Majesty King Abdullah's support, an official from the Jordan Chamber of Industry (JCI) said,

Head of the Therapeutic Industries and Medical Supplies at JCI Fadi Atrash said that the pharmaceutical industry is a major pillar of the Economic Modernisation Vision, which seeks to magnify the successes of the sector in enhancing economic growth and creating job opportunities. 

In remarks to the Jordan News Agency, Petra, Atrash said that JCI and other stakeholders are working together with a wider goal to transform Jordan into a "regional" centre for pharmaceutical products and achieve drug security locally and regionally.

Jordanian drug exports have witnessed a growth of 19 per cent during the first nine months of 2024, reaching JD437 million, compared to JD368 million for the same period in 2023, according to official statistics.

Jordanian pharmaceutical products now reach around 80 markets globally, with Saudi Arabia, Iraq, the US, UAE, Algeria and Yemen being the major importers, Petra said.

In August last year, the Ministry of Industry, Trade and Supply, the Ministry of Investment, the Jordan Food and Drug Administration (JFDA) and the Jordan Pharmaceutical Industry Support Project, with support from the World Bank's International Finance Corporation (IFC) and funding from The Netherlands, launched an initiative to boost Jordan's pharmaceutical industry.

According to official data, the Kingdom's first pharmaceutical factory was established in 1966 and, by 2023, the national pharmaceutical industry had grown to 139 facilities employing around 9,500 people, with products reaching more than 78 international markets.

The sector's exports totalled JD748.4 million in 2023, an increase of 7 per cent compared with 2022.  

AMMAN — The value of Qatari private sector exports to Jordan during the third quarter of 2024 reached approximately $48 million, marking an increase of 6.2 per cent compared to $45 million during the same period in 2023.  

Qatari private sector exports to Jordan primarily included organic fertilisers, iron rods, medical solutions, and various food and consumer products. 

They also comprised a range of chemical materials, such as motor oils, sulfonic acid, lutrine, aluminum molds, paraffin, polyethylene, and different types of chemical fertilizers and plastic bags.  

According to the Qatar Chamber's recently published quarterly report, the total value of Qatari private sector exports during the third quarter of 2024 amounted to approximately 2.56 billion Qatari riyals, based on certificates of origin issued by the chamber.  

In terms of destinations for these exports, Asian countries (excluding GCC and Arab states) ranked first, receiving exports worth 1 billion Qatari riyals, equivalent to 40 per cent of the total. 

GCC countries ranked second with 657.5 million Qatari riyals, accounting for 25.7 per cent of the total, followed by European Union countries, which received exports worth around 631.6 million Qatari riyals, or 24.7 per cent of the total.  

The report indicated that Qatari private sector exports during this period reached 101 countries.  

AMMAN — The Lower House Financial Committee discussed on Tuesday the 2025 state budget law with the government economic team.

Head of the panel MP Nimer Sleihatsaid the draft budget allocates D241 million to support the Economic Modernisation Vision (EMV) programmes for 2025 and an additional JD60 million for government units.

Sleihat urged monitoring and evaluation of the impact of government decisions on vital economic sectors to increase local production and create job opportunities, the Jordan News Agency, Petra, reported. 

He said reducing interest rates by 100 basis points is a "positive step," calling for developing a flexible plan to address unpaid financial obligations. He proposed establishing a company to support exports.

Minister of State for Economic Affairs Muhannad Shehadeh said that the 2025 budget draft allocates JOD301 million to support the EMV.

He explained that the vision is centered around eight key drivers across 35 economic sectors, with clear government plans to capitalise on opportunities in these areas.

Shehadeh said the government introduced over 41 incentive measures to support the economy, including significant support for the services sector, promoting medical tourism and allocating JOD30 million from the Industry Support Fund to boost the competitiveness of Jordanian exports.

Minister of Tourism and Antiquities Lina Annab highlighted the "remarkable" improvement in tourism over recent years and the "significant' increase over the past decade.

Annab said the ministry is focused on strengthening medical and religious tourism, given Jordan's competitive advantages and efforts to reach out to other countries, including Eastern Europe.

Minister of Digital Economy and Entrepreneurship Sami Smeirat outlined the government's plans to fully digitise its services by 2026, noting that 60 per cent of government services are already digitised, with 20 per cent more set to be digitised soon, bringing the total to 80 per cent.

Minister of Investment Mothanna Gharaibeh outlined the ministry's initiatives to stimulate economic development and investment, including launching projects worth up to JD9.5 billion in energy, roads, infrastructure and water, according to Petra. 

He reported improvements in the investment licensing process, including establishing a unified investment window to streamline procedures.

AMMAN — Director General of the Department of Land and Survey Ahmad Omoush said that Jordanian companies have bought 10,250 plots of land since the beginning of 2024, with an estimated value of JD1.4 billion.  

Omoush told the Jordan News Agency, Petra, that the government has provided incentives and facilitations for the real estate and housing sector to stimulate the market and encourage local investors and companies, the Jordan News Agency, Petra, reported.  

These included exemptions on apartments, with a full exemption on registration fees for the first 150 square meters and a 50 per cent exemption of fees for any additional area, regardless of the size. 

He noted that the department has amended the laws and regulations governing its work, particularly after endorsing the Real Estate Ownership Law, introducing administrative valuation, and resolving ownership disputes through partition committees. 

The department simplified procedures and reduced processing times by switching to e-services, which now encompass 34 services, the director general pointed out.

Electronic connectivity has also been established with various ministries and institutions, the latest being with the Ministry of Justice, to implement judicial liens on immovable assets.  

Omoush stressed that the department is preparing to launch new e-services in the near future, including 21 new services, noting that department is scheduled to reach full e-services by the end of 2025.

AMMAN — The Social Security Corporation (SSC) Board announced on Tuesday an extension of the zero-interest rate on debt instalments for all entities indebted to the corporation until June 30, 2025. 

For establishments in the tourism sector, the deadline has been extended to the end of 2025, according to a SSC statement.

The SSC also said that non-tourism establishments can settle their dues in up to 120 instalments, considering their individual circumstances to support continued economic activity and benefit the community at large, the Jordan News Agency, Petra, reported. 

The tourism sector, which has been severely impacted by regional turmoil, was granted additional privileges, including a zero-interest rate on 180 instalments to aid in recovering from accumulated losses, the statement added.

The SSC also noted that entities with existing instalment agreements or schedules can benefit from the extension by applying for rescheduling, urging indebted establishments to take advantage of this initiative before the deadlines expire.