Business

AMMAN — Presidents of the Jordan Chamber of Industry (JCI) Fathi Jaghbir and the Libyan Union of Chambers of Commerce, Industry and Agriculture Mohamed Raeid on Saturday in Tripoli signed an agreement to enhance cooperation.

The agreement also seeks to develop fields of work between businessmen and economic institutions in the two countries, the Jordan News Agency, Petra, reported.

Jaghbir said that the agreement establishes a "strong" start in economic and trade relations between Jordan and Libya, and contributes to facilitating trade and the exchange of industrial expertise.

He stressed that Libya has "promising" markets, in which Jordanian products can compete “strongly,” due to their quality and diversity. 

A joint business council will be established to enhance cooperation, increase the volume of trade exchange, encourage investments and establish joint projects in the two countries, Petra added.

The agreement also includes exchanging information, legislation, magazines and guides concerned with industry and trade affairs, and entails organising seminars, panel discussions and conferences, exchanging trade delegations, providing possible assistance and facilities to businessmen in both countries. 

They also agreed on organising meetings to study means to implement this agreement and proposing measures in order to develop economic relations and ensure their continuity and expansion.

AMMAN — Chairman of the Jordan-Europe Business Association (JEBA) Ali Murad on Saturday said that Jordan's economic cooperation with European Union countries constitutes an "important" strategic pillar that enhances growth of the national economy and supports the Kingdom's "sustainable" development.

In remarks to the Jordan News Agency, Petra, he noted that the European market represents a "strong" opportunity to expand and diversify the Kingdom's exports, with a focus on value-added industries and modern technologies.

On future prospects, Murad indicated that Jordan enjoys "extensive" opportunities to enhance its exports to European Union markets, particularly in the industrial and agricultural sectors.

Murad added that the Jordan-EU Comprehensive Strategic Partnership Agreement, which was signed in January, represents a "qualitative" shift in bilateral relations and establishes a "new" phase of economic and development cooperation.

The JEBA chairman said that the agreement provides a 3-billion-euro financial aid package for the years 2025-2027, including grants, investments and macroeconomic support, reflecting the EU’s commitment to supporting Jordan as a "strategic" partner in the region.

Jordanian-EU trade agreements provide duty-free access to most national products, particularly agricultural exports, which have been exempted from duties and quantitative quotas since 2006, with special arrangements for some items, mainly olive oil and strawberries, he pointed out.

At the end of January 2025, His Majesty King Abdullah and European Commission President Ursula von Der Leyen attended the signing ceremony of the Jordan-EU Comprehensive Strategic Partnership Agreement in Brussels.

To support realising the agreement's objectives, the European Union announced a 3-billion-euro financial aid package for Jordan for the years 2025-2027, including 640 million euros in grants, 1.4 billion euros in investments, and some 1 billion euros in macroeconomic support.

AMMAN — The Jordan Chamber of Commerce (JCC) and the United Arab Emirates embassy in Amman discussed ways to deepen trade and investment cooperation between the two countries.

JCC President Khalil Hajj Tawfiq met with Counselor Hamad Al Matrooshi, Charge d’Affaires at the UAE embassy, to explore potential partnerships between Jordanian and Emirati businesses. 

The discussion focused on expanding bilateral economic collaboration in line with both countries’ development goal, the Jordan News Agency, Petra, reported.

Hajj Tawfiq highlighted the diverse investment opportunities available in Jordan, particularly in sectors identified under the Economic Modernisation Vision (EMV). 

He said these sectors offer attractive prospects for Emirati investors and emphasised the government's ongoing efforts to support foreign investment and streamline business operations.

"The UAE is a key economic partner for Jordan," Hajj Tawfiq said, adding: "We look forward to strengthening coordination with the UAE embassy to encourage greater Emirati investment in strategic sectors across the Kingdom."

He encouraged Emirati companies to consider expanding their investments beyond the capital and into the governorates, particularly in tourism, agriculture and industry.

Hajj Tawfiq also called for increased economic delegation exchanges and direct engagement between private sector institutions to identify mutual opportunities and establish joint ventures.

The JCC president proposed hosting an economic forum in Jordan in the near future to showcase investment and trade opportunities to Emirati businesses.

Matrooshi reaffirmed the UAE’s interest in enhancing economic cooperation with Jordan, noting the importance of private sector collaboration in expanding trade and investment flows.

"There is strong potential to grow our economic partnership," he said, adding that the UAE embassy has a specialised team in place to support investors and businesses seeking to establish a presence in the UAE and connect with local partners.

He also emphasised the importance of continued coordination between both countries to capitalise on current opportunities, affirming that Emirati companies are serious about investing in Jordan across multiple sectors.

AMMAN — The Jordanian-Hungarian Joint Committee convened its fourth session in Amman on Thursday to explore avenues for expanding bilateral economic cooperation, with a particular focus on increasing trade volume and leveraging investment opportunities across multiple sectors.

Minister of Industry, Trade and Supply Yarub Qudah said the committee meeting reflects the mutual commitment of Jordan and Hungary to boost collaboration in trade, investment, and other economic domains.

Qudah emphasised Jordan’s interest in advancing its economic relations with Hungary, particularly amid ongoing global political and economic challenges, the Jordan News Agency, Petra, reported. 

He noted that the relatively short interval since the committee’s last session underscores the “strength and continuity” of bilateral ties at the political, governmental and grassroots levels.

Qudah called for translating these "robust" relations into "concrete" economic outcomes by enhancing trade figures, activating signed memoranda of understanding , and transitioning towards implementation across priority sectors, notably energy, mining and environmental sustainability.

He also stressed the importance of fostering private sector engagement and establishing dynamic linkages between Jordanian and Hungarian businesses, pointing to "untapped" opportunities across regional markets. 

He highlighted Jordan’s strategic geographic position, noting that foreign investment in Jordan requires collaborative efforts with capable institutional and private-sector partners an area where Hungary’s experience and capacities are highly valued.

In regards to education, Qudah praised Hungary’s initiative to provide 400 scholarships annually to Jordanian students over the next three years, describing the programme as a "vital" tool for cultural exchange and long-term bilateral engagement.

Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto stressed his country’s commitment to deepening economic relations with Jordan, calling for regular exchanges between business delegations and institutional stakeholders. 

He underlined the importance of maintaining economic cooperation that reflects the high level of political coordination between the two nations.

Szijjarto commended His Majesty King Abdullah for his role in promoting regional stability, highlighting the significance of the Hashemite Custodianship of Islamic and Christian holy sites in Jerusalem and Jordan’s efforts in promoting interfaith coexistence.

He also noted Jordan’s unwavering stance against extremism and its commitment to peace and conflict de-escalation, positioning the Kingdom as a "key" partner in advancing shared values.

The Hungarian minister proposed the establishment of a bilateral business forum before the end of the year and extended an invitation for a Jordanian business delegation to visit Hungary for direct talks with Hungarian companies.

Szijjarto reaffirmed Hungary’s "strong" support for the comprehensive strategic partnership between the European Union and Jordan, expressing confidence that such cooperation serves the mutual interests of both sides, despite occasional internal challenges within the EU that delay trade negotiations.

FRANKFURT, Germany — Germany's economy is expected to post zero growth in 2025, outgoing Economy Minister Robert Habeck said Thursday, blaming US President Donald Trump's trade policy.

"The US trade policy of threatening and imposing tariffs has a direct impact on the German economy, which is very export-oriented," he said, presenting the forecast.

The German government had previously expected slight GDP growth of 0.3 per cent for this year for Europe's top economy, which shrank for the past two years.

It also cut its growth forecast for 2026 to one per cent from 1.1 per cent.

The United States is Germany's largest trading partner and last year took about 10 percent of its exports, from cars to chemicals.

Under Trump it now levies a 10 per cent tariff on European Union exports into the country, having earlier announced a 20 per cent rate which was then paused.

"Tariffs and trade policy turbulence are hitting the German economy harder than other nations," Habeck said.

"We depend on open markets, functioning markets, and a globalised world. That's what has made this country rich," he told a Berlin press conference.

'Made in Germany is over' 

German GDP shrank by 0.3 per cent in 2023 and by 0.2 per cent in 2024, suffering from higher energy prices following Russia's full-scale invasion of Ukraine.

It has also been hit by increasingly fierce Chinese competition in key industries such as automobiles and machinery.

"I would say that we are going through a paradigm shift when it comes to the basic earners for the German economy," Habecksaid.

"Our big trade partners, China and the USA, and our neighbour, Russia, are causing us problems."

Looking ahead, Habeck voiced hope the impact of a major new spending package worth many hundreds of billions of euros could help revive the economy under the next government under conservative Friedrich Merz, who is expected to take power in early May.

"It's good that investments are finally being made," Habeck said, adding that they "can offset the slump or the pressure on foreign trade to some extent".

The growth forecast took into account the extra public investment and also assumed there would be no further escalation of the tariff "madness", he said.

Habeck also called on his successors to strengthen European unity and independence so that Germany could hold its own against economic giants.

"'Made in Germany is over'," he said. "We are a single market and it is through that market that we will bring investment back into Europe."

"We must support the EU in taking a clear position, in negotiating confidently with the USA and at the same helping it be prepared to impose effective counter-measures."

LONDON — Stock markets were mostly lower on Thursday as China poured cold water on US President Donald Trump's comments talking up the prospects of a deal to end their trade war.

It follows a rally in markets the previous day as Trump signalledthat tariffs on China could be substantially lowered and that United States would have a "fair deal" on trade with Beijing.

But China on Thursday said any claims of ongoing trade talks with Washington were "groundless".

Treasury Secretary Scott Bessent also tempered optimism saying that the two countries are "not yet" talking when it comes to lowering tariffs.

"The investing world is back to hanging onto every word out of the White House, but with such a confusing and often contradictory stance on tariffs, volatility is all we can really guarantee," said Matt Britzman, senior equity analyst at Hargreaves Lansdown.

European equities fell on Thursday, with investors also looking to a series of company results for signs of how tariffs may weigh on the outlook for the year ahead.

"Comments about tariffs from business leaders are omnipresent and investors want to know how companies plan to deal with potential cost pressures," said Russ Mould, investment director at AJ Bell.

The dollar weakened as White House uncertainty boosted demand for the Swiss franc, the yen and gold, seen as safe-haven assets.

In Asia, Tokyo closed 0.5 per cent higher, while Shanghai ended flat and Hong Kong fell almost one per cent.

Bessent also said that in its talks with Japan on tariffs, Washington had "absolutely no currency targets", after repeated comments from Trump that he wants a stronger yen.

Seoul fell after official data showed South Korea's economy unexpectedly contracted 0.1 per cent in the first three months of 2025.

On Wall Street, the broad-based S&P 500 finished 1.7 per centhigher on Wednesday.

In company news, struggling Japanese auto giant Nissan issued a stark profit warning on Thursday.

Meanwhile Nintendo shares gained as much as 5.5 per cent after the gaming giant boasted of higher than expected demand in Japan for pre-orders of its Switch 2 game console.

French software company Dassault Systemes dropped around seven per cent in Paris after its net profit declined and it cut its 2025 annual operating margin forecast.

Luxury group Kering fell around four per cent in Paris after reporting a further sales slump at its flagship Gucci brand.

Also in Paris, carmaker Renault gained around two per cent as it announced plans to further cut costs as US tariffs shake up the global car market while reporting a slight increase in sales volumes.

In Frankfurt, German sportswear giant Adidas gained around three per cent as its profit almost doubled in the first quarter, beating expectations.

Key figures at 1100 GMT 

London - FTSE 100: DOWN 0.1 per cent at 8,399.18 points

Paris - CAC 40: DOWN 0.2 per cent at 7,464.88

Frankfurt - DAX: DOWN 0.3 per cent at 21,907.84

Tokyo - Nikkei 225: UP 0.5 per cent at 35,039.15 (close)

Hong Kong - Hang Seng Index: DOWN 0.7 per cent 21,909.76 (close)

Shanghai - Composite: FLAT at 3,297.29 (close)

New York - Dow: UP 1.1 per cent at 39,606.57 (close)

Euro/dollar: UP at $1.1383 from $1.1317 on Wednesday

Pound/dollar: UP at $1.3307 from $1.3257

Dollar/yen: DOWN at 142.48 from 143.49 yen

Euro/pound: UP at 85.57 from 85.34 pence

West Texas Intermediate: UP 1.2 per cent at $63.02 per barrel

Brent North Sea Crude: UP 1.1 per cent at $65.88 per barrel

AMMAN — HRH Prince El Hassan Bin Talal on Tuesday visited the Irbid Chamber of Commerce and met with Jordanian businessmen and investors.

During the meeting, His Highness stressed the importance of "integration" among Arab development regions, especially in the Mashreq, pointing to the need to develop a "new vision" of cooperation by relying on "human-centred policies" as a partner in development processes.

His Highness called for working within the concept of "common authenticity" in order to combat the sustainability of poverty, and the "humanisation of the economy" remains close to the "ultimate" goal of human dignity, the Jordan News Agency, Petra, reported.

For his part, President of Irbid Chamber of Commerce Mohammed Shouha welcomed His Highness Prince El Hassan, stressing that this visit constitutes a great support for the private sector, and indicates His Highness's interest in investor's issues, and that "direct" dialogue contributes to overcoming challenges and achieving a more flexible and advanced business environment.

At the end of the meeting, a dialogue was held that addressed the most important work of investors and members of the Irbid Chamber of Commerce and the challenges they face, and some initiatives were presented that contribute to the development of the local economy and enhance investments in the governorate.

AMMAN — President of the Jordan Chamber of Industry (JCI) Fathi Jaghbir on Wednesday said that Tripoli International Fair, which will see participation of 40 Jordanian industrial companies, constitutes an "important and strategic" platform for Jordanian industry.

Jaghbir added that Libya is a "promising" market, as Jordanian products can compete "strongly, given their quality and diversity,” the Jordan News Agency, Petra, reported.

He noted that the event "is not limited to displaying products, but rather opens the door to boost bilateral economic relations."

During the event, he said that Jordanian delegates can hold direct meetings with their Libyan counterparts and negotiate investment opportunities and future trade partnerships.

As for signing a cooperation agreement by the JCI and the General Libyan Union of Chambers of Commerce (GLUCC), Jaghbir said that the step would establish a "strong" foundation for economic and commercial relations and contribute to facilitating trade exchange and the transfer of industrial expertise.

The JCI president stressed the need for continued government support for these initiatives and partnerships, given their "significant" impact in boosting Jordanian industry's regional presence and opening "new" markets that contribute to supporting the national economy.

AMMAN — Minister of State for Economic Affairs Muhannad Shehadeh has affirmed the deep Jordan-US political and economic relationship, emphasising the pivotal role of the bilateral Free Trade Agreement (FTA) in solidifying the partnerships between the two countries.

The minister highlighted the FTA's positive impact, generating a $3.1 billion trade surplus for Jordan and facilitating a $5 billion two-way trade flow.

Speaking at a forum hosted by the "Amman Group for Future Dialogues," Shehadeh stressed Jordan's strategic intent to deepen this economic partnership with the US across various verticals, with a target of increasing trade exchange to $10 billion, the Jordan News Agency, Petra, reported.

“This ambition aligns with leveraging dynamic shifts in the global trade landscape,” he said, citing the “constructive” visit Prime Minister Jafar Hassan has recently made to Washington, where he held high-level talks with key stakeholders within the US administration.

Shehadeh affirmed the Jordanian economy's sustained resilience and macroeconomic stability, notwithstanding significant headwinds from the external environment.
"The Jordanian Dinar remains robust, underpinned by record foreign exchange reserves exceeding $22 billion, providing 11 months of import cover, alongside a substantial strategic gold reserve," he said.

He reiterated that the US dollar's valuation is fundamentally driven by global supply and demand dynamics.

The minister emphasized the government's “unwavering commitment to establishing a “complementary” relationship with the private sector as a catalyst for economic expansion. “This is can be seen in policy initiatives designed to cultivate a business-friendly investment ecosystem and encourage corporate social responsibility aligned with national development objectives.”

He also highlighted the government's belief in the strategic importance of Islamic finance as a key enabler of capital formation and economic development, announcing the launch of t a tradable "Ijara Sukuk" (Islamic lease certificate) to further deepen Islamic capital markets.

Shehadeh highlighted the government's citizen-centric economic strategy, prioritising inclusive and sustainable growth beyond short-term profitability metrics.

He reiterated the government's primary mandate to achieve growth trajectories that demonstrably reduce poverty and unemployment while enhancing aggregate factor productivity.

He also underlined the cross-governmental Economic Modernisation Vision as a core tenet of the government's agenda over the preceding seven months, complemented by 92 targeted economic policy interventions primarily aimed at streamlining processes for citizens and businesses.

“These measures have yielded tangible results, with the economy registering a 2.7 per cent growth rate, exceeding the initial year-end projection of 2.3 per cent.”

The minister also underscored the imperative of export-led growth, citing the previous year's expansion in exports, with the services sector contributing approximately 50 per cent. “This growth was attributed to government incentives, including a 10-year export tax holiday and a reduced 5 per cent income tax rate on export revenues, alongside customs facilitations aimed at bolstering domestic production for international markets.”

He said that the government has also focused on injecting liquidity into the financial system through the expedited disbursement of accumulated tax refunds and the resolution of long-standing tax disputes via penalty waivers, a “strategic economic decision prioritising market dynamism over purely accounting-based considerations, as evidenced by improved growth metrics and enhanced market liquidity.”

Shehadeh affirmed the government's commitment to deploying allocated capital expenditure towards high-impact projects with significant output and employment multipliers, citing in this regard the “prime minister's directive to expedite the implementation of budgeted projects and pursue new strategic investments, with a mid-year budget review slated for July.”

Regarding mega infrastructure projects, Shehadeh said the National Water Carrier is progressing according to schedule with approved financial appendices, and the national railway project, advancing steadily with a projected cost of JD2.3 billion. This railway infrastructure is expected to provide a significant logistical advantage to the Jordan Phosphate Mines Company (JPMC) and Arab Potash Company (APC), enabling production scaling through reduced freight costs.

Shehadeh reiterated the government's firm commitment to optimising public debt management through the issuance of JD 400 million in competitively priced Islamic bonds to refinance approximately $1 billion in maturing Eurobonds in June and July. This strategy leverages previously underutilized Islamic finance instruments, alongside securing concessional financing at favorable interest rates.

He indicated that another $1 billion Eurobond maturity is scheduled for January of the following year, and the government will proactively manage this refinancing operation, aiming to minimize reliance on domestic capital markets and secure lower borrowing costs.

AMMAN — The Aqaba Container Terminal (ACT), the gateway to Jordan and the Levant, on Tuesday announced the arrival of a “state-of-the-art” gantry crane valued at $13 million, designed to “efficiently” handle container operations between ships and the quayside.

The announcement was made during a ceremony at the port attended by Chairperson of the Aqaba Special Economic Zone Authority Nayef Fayez, CEO of the Aqaba Development Corporation (ADC) Hussein Safadi, and other  officials, the Jordan News Agency, Petra, reported.

The step is part of ACT’s development plan, which follows the recent extension of the partnership and concession agreement with APM Terminals. It also reflects the company's continued commitment to enhancing its regional leadership and aligning with global advancements in the logistics and shipping sectors.

Fayez highlighted the “strong, strategic” partnership with APM Terminals, noting that the arrival of modern equipment is a reflection of the “deep-rooted” cooperation in the operation and management of the port.

He highlighted that upgrading the port’s capabilities through environmentally friendly equipment is in line with the Aqaba Port Authority’s 2024–2028 strategy to establish a green port an integral component of the broader vision for a green city in Aqaba.

Fayez added that this approach seeks to reduce carbon emissions, promote the use of alternative energy in operational processes, and bolster Aqaba’s competitiveness as a regional logistics hub, while reinforcing national and international climate commitments.

"The new crane represents a significant milestone in the transformation of the container port and reinforces our joint commitment to sustainable development and innovation," Fayez said.

Safadi described the crane’s arrival as a “strategic” achievement aligned with the vision to enhance Aqaba’s transport and logistics ecosystem.
He noted that it reflects “tangible” progress under the extended concession agreement with APM Terminals, which now runs through 2046.

He stressed ADC’s dedication to integrating sustainability principles into its projects, noting that the new crane is a “testament” to adopting modern technology to reduce emissions and increase operational efficiency in line with long-term sustainable development goals.

Executive Director of Operations at ACT Adnan Yaqoubi said that the new gantry crane represents a transformative investment, equipped with advanced technologies that expand port capacity and improve handling capabilities.

It will enable the port to accommodate the world’s largest container vessels, while ensuring top-tier standards of safety and efficiency, Yaqoubi noted.
Standing 56 metres tall, the crane has a boom span of 71 metres and a lifting capacity of up to 100 tonnes.

It features “advanced” automation, including ship shape scanners to avoid collisions, a container positioning system, vibration-reduction technology and a self-diagnosing maintenance system.

Operated remotely, it is supported by a comprehensive camera system, contributing to fully automated, “high-precision” movements.

The new crane is part of ACT’s broader modernisation initiative. Under the extended agreement between APM Terminals and ADC, the terminal’s annual capacity is set to increase by an additional 180,000 twenty-foot equivalent units.

The agreement also allows the port to receive vessels up to 400 metres in length, enhancing Aqaba’s position as a strategic hub within regional and global supply chains.