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AMMAN — Jordan's transportation sector is witnessing a “rapid” shift towards electric vehicles (EVs), driven by technological advancements, increased environmental awareness and a national effort to reduce dependence on traditional fuels.

Alongside environmental benefits, the development of smart sensing technologies in autonomous driving systems is enhancing vehicle safety by reducing human error and offering "greater" precision, particularly in complex urban environments, the Jordan News Agency, Petra, reported.

Despite “rising” interest, experts in the local market identify charging infrastructure as a key challenge to broader EV adoption. While home charging is becoming more common, public charging stations remain "crucial" for longer journeys.

To address this, partnerships with the private sector are expanding the EV charging network, particularly in areas beyond city centres.

President of the Jordan Free Zones Investors Commission (JFZIC) Mohammad Bustanji on Monday told Petra that the “simplicity and environmental effectiveness” of EV technology have been "major" incentives for their import.

He noted that 72 per cent of vehicles cleared through customs last year were electric, compared with 17 per cent hybrid vehicles and 11 per cent gasoline-powered, reflecting a "strong" market shift towards EVs.

Bustanji stressed that EVs have gained public trust as "economical" and "reliable" options that meet diverse needs.

He added that spare parts are available at "affordable" prices, supporting broader ownership by enabling citizens to replace older vehicles with modern electric models.

He pointed out that the government has established a comprehensive system for inspecting used vehicles, requiring checks at certified centres covering 115 inspection points.

Bustanji called for environmental standards aligned with local market needs and reiterated that public safety must remain the "primary" criterion for vehicle import and sector support.

He also confirmed that spare parts for modern electric vehicles are readily available, given the simplicity of EV components.

Bustanji noted that all importing companies guarantee the safety and maintenance of their vehicles.

Jordan currently hosts approximately 150,000 electric vehicles and about 200 charging stations nationwide.

He highlighted that the adoption of electric vehicles significantly contributes to reducing harmful emissions, positioning Jordan among the leading countries in the region in promoting environmental sustainability through EV ownership.

Despite some challenges persist, EV owner Abdul Karim Ghoul noted that high spare part prices, stemming from limited availability and market monopolies, remain a concern. He pointed out "significant" price differences compared with international markets.

Likewise, EV owner Ali Ouratani said that the high cost of spare parts does not align with the financial capacity of "many" citizens, discouraging some from replacing older vehicles with electric models.

President of the Irbid Chamber of Commerce Mohammad Shouha said that national specifications ensure the availability of spare parts and "proper" vehicle maintenance.

He said chambers of commerce are addressing complaints regarding pricing and availability to meet citizens' needs and financial capabilities.

Shouha added that "rigid" standards prevent the entry of vehicles that do not comply with Jordanian requirements for spare parts availability and serviceability.

He assured that technical inspections and maintenance of electric vehicles are "efficiently" managed at centres supervised by the Ministry of Industry and Trade.

Basem Daradkeh, a dealer specialising in electric and hybrid vehicles, said that efforts are underway to ensure the "continuous" availability of "essential" technologies, spare parts, and maintenance services.

He said that growing demand for electric vehicles is supported by their low maintenance costs, enhanced safety, and the expansion of the charging station network across Jordan, Petra added.

AMMAN — The National Electric Power Company (NEPCO) on Monday hosted the fourth meeting of the pilot project for energy exchange among Arab Mashreq countries, serving as the “nucleus” for the Arab Common Electricity Market.

NEPCO is hosting the meeting, held under the auspices of the Arab League, on Monday and Tuesday, the Jordan News Agency, Petra, reported.

The Ministry of Energy and Mineral Resources and NEPCO represented the Kingdom at the meeting, alongside their counterparts from Saudi Arabia and Egypt.

The meeting sought to reach agreement on the technical aspects necessary to establish the pilot project, setting the stage for the accession of additional Arab countries in subsequent phases.

This initiative marks the foundation for establishing a common Arab electricity market grounded in commercial and economic principles.

It aims to deliver energy to the region’s populations at the “lowest cost and highest quality,” while supporting the transition to renewable energy sources and reducing carbon emissions.

The project is “important” for advancing Arab economic integration, in line with the Arab League’s objectives of enhancing economic cooperation among member states.

It also aims to facilitate regional energy trade and bolster energy security by linking national grids and creating an official regional electricity market.

Future plans envision linking the power systems of all Arab countries, promoting investment opportunities and saving billions of dollars by reducing costs and minimising the need for new power plants.

According to studies published by the Arab League, these interconnection projects are expected to be completed by 2038.

Jordan, Saudi Arabia, and Egypt were selected for the pilot project based on existing electricity links between Jordan and Egypt, which have been in place for more than two decades, as well as the ongoing 3,000-megawatt interconnection project between Egypt and Saudi Arabia, expected to be operational by the end of 2025.

Negotiations are ongoing between Jordan and Saudi Arabia to finalise their electricity interconnection agreement, Petra added.

LONDON — Stocks mostly rose on Monday as investors welcomed the absence of further trade war escalation over the weekend and as countries seek to temper US President Donald Trump's tariffs.

Investors were also keeping tabs on China after President Xi Jinping and other top leaders last week discussed plans to boost consumption in the world's number two economy.

Markets started Monday on a tepid note after a much-needed positive run-up last week, with eyes on the upcoming earnings season and key economic data.

"A weekend light on drama was just what the doctor ordered for financial markets," said AJ Bell investment director Russ Mould.

Analysts said that market sentiment has calmed since Trump dialled down pressure on Federal Reserve boss Jerome Powell and hinted at progress in trade talks with economic partners.

"This week will be the first for a while where data and earnings will compete with tariff headlines," said Jim Reid, global head of macro research at Deutsche Bank.

Investors will be poring over the outlook statements in a slew of corporate earnings, including from US giants Amazon, Apple, Meta and Microsoft, to assess the impact of tariffs on businesses.

Eyes will also be on the release of several closely-watched US economic indicators which "may either dampen or revive concerns about recession in the world's largest economy," Mould added.

Asian markets enjoyed a largely healthy start after a strong end to last week on Wall Street.

Tokyo rose along with London, Paris and Frankfurt.

But Shanghai edged down while Hong Kong was flat.

In company news, shares in wealth management firm BancaGenerali soared six per cent in Milan after Italian bank Mediobanca announced a takeover bid.

The more positive mood weighed on gold, which hit a record high around $3,500 last week as investors flocked to safe havens.

Traders are hoping governments can hammer out deals with Trump to soften the impact of his sweeping tariffs, with reports last week saying China was considering exempting some US goods from its hefty retaliatory measures.

Beijing has said there are no active negotiations between the economic superpowers and on Monday an official denied Trump's claims to have spoken with Xi by phone.

Japanese media reported that a second round of trade talks in Washington was set for Thursday.

The discussions will be closely watched as a barometer for efforts by other countries seeking tariff relief.

US Treasury Secretary Scott Bessent said a trade "understanding" between South Korea and the United States could be reached by this week.

In Beijing, senior economic planner Zhao Chenxin said China was on the "right side of history" in its gruelling trade war with the United States 

AMMAN — The General Assembly of the Jordan Petroleum Refinery Company (JPRC) ratified the company's financial results for the fiscal year ending 2024, along with its management report, during its 69th ordinary meeting of shareholders, held via videoconference. 

According to a company statement, the meeting reviewed the financial outcomes for 2024, which reflected continued strong performance and profitability for shareholders.  

The company’s pre-tax profits, including those of its subsidiaries, amounted to around JD95 million, with net profits after tax reaching JD73 million. 

The financial report also highlighted a notable increase in the company’s total assets, which rose to around JD1.8 billion in 2024, up from JD1.438 billion in 2023, a growth of around JD362 million, or 25 per cent year-on-year. 

The increase was largely driven by a rise of about JD78 million in current assets, primarily attributed to a JD148 million rise in "debtors and other receivables," due to higher outstanding debt from the Ministry of Finance, other ministries, and government entities. 

Regarding liabilities, total obligations for 2024 amounted to JD1.132 billion, compared with JD1.070 billion in 2023, reflecting a rise of JD62 million, or 6 per cent. The increase was mainly attributed to a JD65 million rise in current liabilities, stemming from a JD102 million rise in "creditor banks," aimed at financing government debt. 

Shareholders' equity at the end of 2024 stood at approximately JD661 million, a significant increase from JD360 million in 2023, an 84 per cent growth. This surge was primarily driven by the revaluation of land at fair market value, in addition to the profits generated during the year. 

Chairman of the Board Abdul Rahim Buqai emphasised the company’s ongoing commitment to driving shared success with its shareholders. He reiterated that the company remains focused on strategic plans aimed at ensuring growth and prosperity despite regional challenges. 

Buqai also provided an update on the company’s Fourth Expansion Project, also known as the "Refinery Modernisation." He described the project as one of the company’s most vital initiatives for long-term sustainability.  

He also noted that negotiations with the consortium comprising China’s Sinopec Group and Japan’s Itochu Corporation were halted due to a failure to reach an agreement with US-based KBR, the license holder. Additional factors contributing to the delay included rising costs and the withdrawal of financial backers due to regional instability.  

He also noted that the company has decided to move forward with the project, which aims to expand the refinery’s capacity to 73,000 barrels per day. 

AMMAN — Chairman of the Board of Directors of the Jordan Phosphate Mines Company (JPMC) Mohammad Thneibat and Indonesian Minister of State Owned Enterprises, Erick Thohir on Sunday agreed to establish a new joint plant to produce 200,000 tonnes of phosphoric acid annually.

This would double the production capacity of the existing joint venture in Surabaya, Indonesia, to 400,000 tonnes.

In a meeting, the two sides agreed to form a joint technical committee tasked with preparing the necessary studies for the implementation of the new project, to be presented to their respective boards of directors for approval within two months.

Thneibat and Thohir discussed ways to enhance existing cooperation and expand joint investments, particularly in the fertiliser sector to meet the needs of the Indonesian market.

They commended their partnership in manufacturing phosphoric acid from Jordanian phosphate ore through the PJA Company, the Jordan News Agency, Petra, reported.

The two sides underlined the "deep-rooted" Jordanian-Indonesian relations, built on the foundations laid by the leaderships of the two countries, and their mutual commitment to further developing them, especially in joint investment fields.

Thneibat stressed that enhancing cooperation and exchanging investment opportunities in the phosphate fertiliser sector would "significantly strengthen" the already "distinguished" relations between Jordan and Indonesia and reinforce their presence in the global phosphate market.

He stressed that such collaboration would contribute to increasing the added value of Jordanian phosphate.

Thneibat extended an invitation to the Indonesian minister to visit the Kingdom to learn more about the operations of the JPMC and to explore new joint investment opportunities, with production intended to meet the growing needs of the Indonesian market.

Thohir expressed pride in the "strong and cooperative" relations between Indonesia and Jordan, highlighting the importance of building further on these ties, particularly in the phosphate fertiliser sector.

He accepted the invitation to visit the company in September as part of efforts to exchange expertise and boost the "successful" partnership between the two countries.

Indonesia is a major consumer of Jordanian phosphate, with more than 800,000 tonnes of raw phosphate supplied annually to joint factories, in addition to quantities benefiting other consumers.

The JPMC’s total exports to the Indonesian market in 2024 amounted to some 1.4 million tonnes, Petra reported.

AMMAN — Chairman of the Vocational Training Corporation (VTC) and Minister of Labour Khaled Bakkar and General Manager of Mid Contracting Company Alaa Masri have signed a cooperation agreement to qualify and employ 700 Jordanians in the contracting and construction sector.

Bakkar said that the agreement comes in response to the labour market's "growing" need for specialised technical workers in the contracting sector, a "vital" industry that contributes to economic growth and creation of "sustainable" job opportunities, the Jordan News Agency, Petra, reported on Sunday.

Bakkar stressed the importance of partnerships with the private sector to achieve "sustainable" development and reduce unemployment rates.

The minister noted that the empowerment of Jordanian youth to receive the required skills is a "fundamental" pillar of the Economic Modernisation Vision and a national priority.

VTC Director General Ahmad Gharaibeh said that the corporation continues to develop its partnerships with "leading" companies in various sectors, aimed to providing training programmes that keep pace with modern technological and professional developments.

Gharaibeh noted that this agreement represents a "practical model" of the VTC's endeavours to make a "true" cooperation in linking training to direct employment opportunities.

Masri said that the company views this partnership as a "true" investment in national human capital, aimed to train Jordanian youth, in accordance with "high" standards, which would contribute to raising projects' quality and enhancing "competitiveness" of the construction sector locally and regionally.

Under the agreement, specialised vocational training programmes are outlined and designed to cover a "wide" range of skills required in the contracting sector, including public safety and work site management.

The training will be implemented over two phases, as the theoretical stage lasts six to eight weeks, followed by training at the work sites of Mid Contracting Company, which would enhance trainees' readiness to enter the job market upon graduation.

The VTC will also provide equipped training centres in Balqa and Zarqa governorates and "qualified" trainers and logistical services.

On its part, the company will provide the "necessary" raw materials, practical training sites, and equipment and commit to employing trainees, who successfully complete the programme, based on its operational needs inside and outside Jordan.

AMMAN — Sales of apartments larger than 150 square metres (m2) increased by 24 per cent in April, compared with April last year, the Department of Lands and Survey (DLS) said on Sunday.

DLS attributed the growth to the Cabinet's decision issued on November 12 to exempt residential properties larger than 150m2 from a 50 per cent registration fee, the Jordan News Agency, Petra, reported.

The department said a total of 969 target properties were sold this April, out of a 5,755 overall apartments that exceed 150m2 sold since the decision was released.

The department stressed the "success" of the decision in “stimulating and boosting” the Kingdom's real estate market, which is the "primary" driver of multiple production and service sectors, and thus alleviating the citizens' burden.

Highlighting its efforts to update and develop its operations, the DLS said that this process comes, in accordance with the "best" international practices.

The DLS added that it is currently implementing plans and strategies to enhance investment environment in the Kingdom's real estate sector, as a "key" pillar of the national economy, which affects other various related sectors.

AMMAN — The total assets of the Social Security Investment Fund (SSIF) reached JD16.7 billion as of the end of the first quarter of 2025, compared to JD16.2 billion at the end of 2024.

In a statement to The Jordan Times, SSIF CEO Ezzeddin Kanakrieh said that the“strong performance was driven by investment income totaling approximately JD240 million, the appreciation in the valuation of strategic equity investments amounting to JD243 million, and the surplus transferred from the Social Security Corporation totaling JD57 million.”

Kanakrieh said that these results directly reflect the fund’s investment strategy, which focuses on diversifying portfolios and maximizing returns within calculated risk levels. 

He emphasised that the fund is committed to enhancing its ability to deliver sustainable financial performance that supports the growth of social security assets and strengthens the resilience of the national economy.

Kanakrieh that the SSIF’s income grew by11.2 per cent during the first quarter of this year, compared to the same period in 2024.

The bond portfolio contributed around JD145.1 million in income, while the money market instruments portfolio generated JD34.9 million, he said. 

The equity portfolio recorded JD51.8 million, including JD47 million from cash dividends distributed by companies that held their general assembly meetings during the first quarter.

“The strength of Jordan’s economic performance and the improvement in its investment appeal, thanks to national economic policies, helped achieve record-breaking results,” he said. 

Kanakrieh added that this performance reflects the quality of the fund’s investments and the robustness of its strategic contributions across vital sectors of the Jordanian market. 

“The rise in cash dividends serves as a clear indicator of the financial efficiency of the companies in which the fund invests.”

Kanakrieh said that, in line with its future vision and the objectives of the Economic Modernisation Vision, the fund is currently studying new investment opportunities in the mining, transport, and infrastructure sectors, in addition to the National Water Carrier Project. 

These efforts aim to enhance the SSIF’s pivotal role in managing the savings of social security contributors and retirees, turning them into engine of economic growth that supports the Kingdom’s financial and economic stability, he said.

Kanakrieh said that the real estate portfolio continued to show an upward trend, reaching about JD888 million by the end of the first quarter. 

“The fund is working to further develop this portfolio by purchasing land and properties in strategic locations and implementing long-term leasing contracts, particularly through the Build-Operate-Transfer (BOT) system.”

Under BOT system, he said, investors will establish a range of diverse and long-term projects on these lands, creating added value and strengthening real estate as a sustainable and effective investment component within the Fund’s overall portfolio.

He also said that preparations are currently underway for the engineering designs of the first four-star beachfront hotel in Aqaba, to be operated under the VOCO brand by the InterContinental Hotels Group. 

AMMAN — The Arab Bank Group reported “solid” results for the first quarter of 2025, with 7 per cent increase in net income after tax reaching $ 271 million as compared to $252.8 million for the same period last year.

The bank said in a statement to The Jordan Times that it “maintained its strong capital base with a total equity of $ 12.1 billion.”

“The group’s Assets grew by 6 per cent to reach $ 72.7 billion, loans grew by 5 per cent to reach $ 39.1 billion, and deposits grew by 7 per cent to reach $ 53.2 billion,” the statement said. 

Sabih Masri, Chairman of the Board of Directors, was quoted in the statement as saying that “Arab Bank’s first-quarter 2025 results were strong despite the global economic conditions and geopolitical developments. He attributed the bank’s robust performance to its diversified and agile business model, underpinned by a broad regional footprint—particularly across the GCC region.”

Masri underlined the bank’s strong capital position, high-quality assets, ample liquidity, and prudent risk management framework as key pillars supporting its efficient operating model. 

Randa Sadik, chief executive officer, said that “Arab Bank delivered robust results during the first quarter 2025, as a result of the bank’s resilience and its ability to deliver consistent performance while maintaining the strength of its balance sheet.”

“The bank’s revenues grew by 4 per cent driven by sustainable growth in its business,” she said. 

Sadik added that the group’s liquidity and asset quality remain “solid” where loan-to-deposit ratio stood at 74 per cent and credit provisions held against non-performing loans continue to exceed 100per cent. Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 17.2 per cent.

Sadik commented on the bank’s significant strides in digital transformation and innovation, aimed at enhancing customer experience and delivering value to shareholders. “These strides underscore the Group's commitment to staying at the forefront of digital innovation in the financial sector.”