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LONDON — Gold reached $3,500 an ounce for the first time Tuesday, as US President Donald Trump's tariffs and verbal attack against the Federal Reserve sent investors snapping up the safe haven asset.

The precious metal reached an all-time high $3,500.10 an ounce before pulling back to $3,467.87.

Gold has hit a series of record highs in recent weeks as investors seek refuge amid a weakening dollar and following sharp losses across stock markets.

Trump's tariffs have sparked a trade war with China, the world's second biggest economy after the United States. Gold is up more than 30 percent since the start of the year.

The "rally reflects ongoing recession fears in the US economy and heightened political tensions, especially as President Donald Trump continues to attack Federal Reserve Chair Jerome Powell", noted Rania Gule, senior market analyst at trading group XS.com.

"These attacks have raised concerns about the independence of monetary policy, pushing investors toward gold as a store of value in uncertain times."

Trump on Monday called Powell a "major loser" for not cutting interest rates in a social media post, underscoring questions about whether the president will seek to fire the Fed chief after threatening such action last week.

AMMAN — Jordan completed 310 of the 403 reforms it pledged in 2018 at the London Initiative conference, with a completion rate of 77 per cent, according to the Ministry of Planning and International Cooperation.

The data of the ministry's Economic Reforms Implementation Support Unit, cited by Al Mamlaka TV on Monday, showed that the government continues to implement these reform measures, although they were scheduled to be completed by the end of 2024 and extended from 2022.

This matrix constitutes a comprehensive national framework for structural and legislative economic reforms, aimed at maintaining macroeconomic stability, improving the business environment and increasing investments and exports.

The matrix was officially launched during the London Initiative Conference "Jordan: Growth and Opportunity" in February 2019, with the support of the World Bank and development partners.

The Economic Reform Matrix is a “key” guidance document for government plans and programmes, wholly owned by the government, and is subject to annual review and update under the supervision of the Economic Reform Implementation Support Unit, to ensure alignment with growth and reform priorities.

The updated version of the matrix consists of 12 axes instead of nine in its first version, covers 44 areas of reform compared with 37 in the first version, and includes 403 reform measures from only 254.

The Cabinet approved the updated matrix for the period 2018-2024 in October 2022 as a reference document to measure progress in reforms, with its extension until 2024 instead of completion in 2022.

In terms of the distribution of reforms by sector, the data showed "uneven" levels of progress and achievement, with the sectors of public finance, water and agriculture achieving the highest completion rates of 90 per cent, 91 per cent and 91 per cent, respectively.

The fiscal pillar covered three reform areas with 21 measures, while the water pillar covered two reform areas with 23 measures, and agriculture five areas with the same number of measures.

The public sector efficiency pillar, which was added as part of the recent expansion, included six areas of reform, including 46 procedures, with a completion rate of 87 per cent, which is among the highest completion rates in the new pillars.

The achievement rate in the business environment improvement pillar reached 86 per cent, distributed over three areas and 29 procedures, while the labour market and skills development pillar, consisting of four areas and 44 procedures, achieved the same percentage.

The investment and export promotion sector, which is central to its growth goals, included 65 actions distributed among six areas, and recorded a completion rate of 75 per cent.

As for the pillars of enhancing social protection, it included one area with 28 measures, and the completion rate reached 79 per cent.

The transport hub, which consists of four areas consisting of 28 actions, recorded a completion rate of 68, equal to the newly introduced tourism sector and included three areas and 22 actions.

The energy sector had a completion rate of 58 per cent out of 36 measures distributed among four reform areas, while the access to finance and capital market sector had the lowest completion rate of 53 per cent, including three areas and 28 measures.

At the end of 2022, amid the COVID-19 pandemic, the government decided to update its economic reform matrix to 12 optional pillars from nine, and to extend the credit rating process through 2023.

The update included the addition of three new pillars: the public and private sectors, the tourism sector, and the separation of the water and agriculture pillars into two pillars.

The implementation of this matrix is financed through the Multi-Donor Trust Fund for Inclusive Growth and Economic Opportunities, launched in Jordan in 2019.

Donor commitments to the fund in Jordan amounted to more than $70 million, of which $45 million was allocated to the core programme and $25.5 million to emergency cash transfers to support Jordan's response to the COVID-19 pandemic for the most vulnerable groups.

By the end of 2022, the Economic Reform Implementation Support Unit identified six priority reform areas to focus support from the Trust Fund: government procurement, investment, improving the business environment, trade facilitation, good legislative practices and the tourism sector.

AMMAN — The Electricity Distribution Company (EDCO) recorded a net profit after tax of some JD15 million in 2024, up from JD10.55 million in 2023, according to financial statements disclosed during the company’s ordinary and extraordinary general assembly meeting.

The company's total assets reached around JD972 million by the end of 2024, compared with JD792 million at the close of 2023, the Jordan News Agency, Petra, reported on Monday.

The meeting was attended by EDCO Chairman Hazem Rahahleh and EDCO General Manager Reem Hamdan.

The company reviewed the progress made in 2024, underscoring its continued role in supplying electricity a strategic commodity vital to multiple sectors while ensuring power continuity, reducing outages, and adhering to the performance standards set by the Energy and Minerals Regulatory Commission.

The General Assembly unanimously approved increasing the company’s capital by JD4 million, raising it from JD21 million to JD25 million.

The increase will be distributed as free shares to shareholders proportionate to their holdings, funded through retained earnings.

Amendments to the company's articles of association and bylaws reflecting the capital increase were also ratified.

EDCO reported tangible progress in digital transformation initiatives.

These include the implementation of an enterprise resource planning (ERP) system via the SAPS/4HANA platform, aimed at integrating data and accelerating decision-making.

Also, efforts are underway to upgrade the human resources management system and adopt process automation to enhance employee engagement.

EDCO also adopted the Intalio platform to manage electronic correspondence, improving internal communication and reducing paper usage as part of e-governance efforts.

In the area of cyber security, the company established a dedicated unit equipped with “skilled” personnel and advanced systems, including a cyber security operations centre and sophisticated Security Information and Event Management (SIEM) systems to safeguard data and reinforce digital readiness.

Further developments include the launch of a smart electronic subscriber application, as well as a 24/7 unified automated response centre (113), aimed at enhancing service delivery and response times.

Improvements extended to modernising subscriber service and field offices, aligning them with the corporate identity and achieving measurable results, including a 0.5 per cent reduction in electricity loss and an increase in the collection rate of regular subscribers’ bills to over 100 per cent.

Rahahleh stressed the company’s commitment to advancing strategic plans that enhance operational efficiency and transition toward a smart utility framework supported by cutting-edge infrastructure, in alignment with technological advancements and the interests of subscribers and shareholders.

He stressed the continued delivery of “high-quality” electricity services as a “cornerstone” for supporting the national economy and sustaining productive and service sectors.

Reflecting on the financial and operational outcomes, Rahahleh said that the company demonstrates the “soundness of the company’s policies and strategic direction.”

Hamdan credited the achievements to the employees’ dedication to continuous development and teamwork, reiterating the company’s vision of becoming a fully digital institution that delivers efficient, responsive, and customer-focused services.

She added that digital initiatives such as the SAPS/4HANA platform, the subscriber app, and the automated response centre have enhanced service quality and communication, marking a qualitative leap in customer relations.

AMMAN — The accelerating transformations in global and Arab labour markets have compelled countries to conduct comprehensive reviews of their national economies in order to adapt to evolving dynamics, Minister of Labour Khaled Bakkar said on Sunday at the Arab Labour Conference. 

Speaking at the 51st session of the conference, held in Egypt from April 19 to 26 under the theme "Economic Diversification as a Path to Development: Promising Economies in Arab Countries," Bakkar said that the rapid pace of change has affected all three key stakeholders in the production process of governments, employers and workers.

The minister emphasised the need to reduce reliance on traditional resources and to open up to emerging sectors capable of generating high-value employment, the Jordan News Agency, Petra, reported.

He highlighted the increasing influence of the digital economy on labour markets, pointing to the "widening" skills gap, the "disappearance" of conventional jobs, and the emergence of new professions.

Bakkar called for "substantial" investment in digital infrastructure and the modernisation of technical and vocational education systems. 

The minister identified the digital economy as a “foundational” pillar for economic diversification and sustainable development in Arab countries. 

Bakkar also underscored the importance of boosting public-private partnerships in digital transformation projects, offering incentives for investments in innovation and entrepreneurship, and implementing training programmes linked directly to employment. 

He noted that Jordan has established sectorial skills councils to define training curricula, set evaluation standards, and license programmes in coordination with relevant authorities.

Bakkar noted that Jordan has developed the Economic Modernisation Vision 2023–2033, aimed at unlocking the country’s full economic potential and improving quality of life for citizens. 

Addressing regional developments, Bakkar said that the conference is taking place amid “exceptional” economic and social challenges, driven by escalating political instability. 

He cited the humanitarian crisis in Gaza, caused by Israeli aggression, as a “key” factor adding urgency to regional labour and economic discussions.

He also congratulated the Arab Labour Organisation on its 60th anniversary, expressing appreciation for its “longstanding” efforts to promote labour rights and policy coordination across the Arab world.

The conference brings together labour ministers, representatives of workers’ and employers’ organisations, and labour experts from 21 member states of the Arab Labour Organisation.

AMMAN — A Jordanian trade delegation on Sunday participated  in the HEMS 2025 exhibition at the Expo Centre in Lahore, Pakistan, which is organised by Trade Development Authority of Pakistan, bringing together businesses from various sectors and countries.

Leading the delegation, Vice Chairman of the Amman Chamber of Commerce (ACC) Nabil Khatib stressed the importance of Jordan’s ongoing participation in international trade fairs and economic events, the Jordan News Agency, Petra, reported. 

He noted that such engagements are "key" to boosting commercial ties, expanding market access, and creating "new" business opportunities for Jordanian exporters and importers.

The Jordanian delegation includes representatives from companies active in construction, sanitary ware, electrical appliances, building materials, and agribusiness.  

Khatib described the event as a “valuable platform” for connecting with business leaders and investors from Pakistan and beyond. 

The exhibition offers a chance to exchange knowledge, explore joint ventures, and identify potential areas for trade and investment collaboration, particularly in sectors like healthcare, engineering and metal industries.

He added that the expo is a “prime” opportunity to stay up to date with industry trends and innovations, while also paving the way for “stronger” partnerships between Jordanian and Pakistani businesses.

The exhibition showcases a "wide" array of products, from agricultural machinery and marble to electrical appliances, building supplies, handicrafts, pharmaceutical products and more.

As part of their visit, the Jordanian delegates also travelled to Sialkot, where they met with members of the local chamber of commerce and industry. 

Discussions focused on signing a memorandum of understanding to lay the groundwork for future cooperation. 

The agreement aims to facilitate information exchange, co-host economic events, and support efforts to boost Jordanian products in the Pakistani market, while fostering mutual investment opportunities.

According to official figures, Jordan’s exports to Pakistan reached around JD7 million in 2024, compared to JD30 million in imports, Petra said.

AMMAN — Chairman of Amman Chamber of Commerce (ACC) Khalil Hajj Tawfiq on Saturday agreed with Chairman of the Chamber of Commerce and Industry Ramallah and Bireh Governorates Abdul Ghani Attari to increase cooperation and coordination in multiple areas of common interest, which would reflect "positively" on the two countries' trade relations.

Speaking at the meeting, Hajj Tawfiq said that the ACC is "fully" ready to support the Palestinian commercial sector and promote Palestinian products in the local market, as well as providing specialised training for the Palestinian chamber and the business sector, the Jordan News Agency, Petra, reported.

Hajj Tawfiq highlighted the importance of working to overcome difficulties and challenges facing Jordanian-Palestinian trade exchanges, imposed by the Israeli occupation authorities.

He indicated that the Kingdom's exports to the Palestinian market amounted to JD202 million last year, compared with about JD47 million in imports. 

Hajj Tawfiq stressed the importance of boosting cooperation in the coming period and activating the memorandum of understanding signed by the two chambers.

He stressed the significance of supporting and promoting Palestinian products through joint exhibitions and promotion campaigns.

Attari praised support of the ACC and the Jordanian private sector to the Palestinian private sector to back its "resilience" in facing the Israeli economic policies.

Attari noted difficulties facing businesspeople travel to and from Palestine due to the Israeli occupation's restrictions.

Jordan, he noted, is Palestine's "vital artery, and the gateway" for other countries globally, including Arab countries, underlining the importance of adopting the port of Aqaba as the main venue for Palestinian imports.

AMMAN — Chairman of the Board of Directors of the Jordan Duty Free (JDF) Ayman Mufleh on Saturday said that the company's board of directors decided to allocate 5 per cent of the company's profits over a period of three years to enhance the development scope and institutionalise social responsibility.

Mufleh stressed that this initiative will be allocated to support the education and health sectors as a contribution from the company in the construction and/or maintenance of schools, facilities and health centres.

It also aims to keep pace with the increasing demand for these sectors in cooperation with the concerned public sector institutions and within the same mechanism that has been approved by companies and banks that have allocated funds for this purpose, he added.

The chairman pointed out that a special bank account will be opened at the Central Bank of Jordan (CBJ) for this purpose, according to accounting principles, to spend on these projects and within the actual completion and time plans to ensure compliance with implementation, the Jordan News Agency, Petra, reported.

He called on private sector companies and institutions to join efforts to institutionalise social responsibility, given its developmental impact and improving the services provided to citizens.

The social responsibility project to support vital sectors, mainly the education and health sectors, began with the announcement of several initiatives in the presence of Prime Minister Jaafar Hassan.

 The project was initiated by the Association of Banks in Jordanian by allocating JD90 million, the Jordan Phosphate Mines Company allocated JD40 million, and the Jordan Petroleum Refinery Company allocated 5 per cent of its annual profits for this purpose.

These initiatives, which come in addition to what is committed in the State Budget for the education and health sectors, will contribute to supporting the government's efforts to upgrade these two "vital" sectors and improve the services provided to citizens.

AMMAN — President of the Jordan Chamber of Commerce (JCC) Khalil Hajj Tawfiq and Chairman of the Federation of Saudi Chambers Hassan Hwaizi on Thursday in Riyadh explored mechanisms for enhancing economic cooperation between Jordan and Saudi Arabia and advancing bilateral trade and investment ties.

Hajj Tawfiq emphasised the “strong and strategic” relations between the two countries, highlighting the importance of intensifying private sector efforts to boost trade exchange and develop strategic partnerships, the Jordan News Agency, Petra, reported.

He underscored the role of chambers of commerce in boosting economic cooperation, especially in light of global challenges and shifting economic blocs.

As head of the Jordanian side of the Saudi-Jordanian Joint Business Council, Hajj Tawfiq called for activating the council’s role and implementing the recommendations made during its recent meeting in Amman.

Hwaizi expressed the Saudi private sector’s interest in expanding investments in Jordan, citing the Kingdom’s strategic and logistical advantages.

He announced plans to lead a “large” delegation of Saudi businessmen to Jordan next month, with intentions to establish major warehouse facilities in Jordanian free zones to serve as export hubs for Saudi products to neighbouring markets.

He also stressed the importance of holding the joint business council meetings at least twice a year to foster continuous dialogue, business collaboration, and cross-sector partnerships.

Jordan’s Ambassador to Saudi Arabia Haitham Abul Foul reaffirmed the embassy’s commitment to facilitating Saudi investment in Jordan and praised the “productive” ties with the Federation of Saudi Chambers.

Meanwhile, Hajj Tawfiq met with President of the Riyadh Chamber of Commerce Abdullah Obeikan to discuss means to enhance relations between the Amman and Riyadh chambers.

During the meeting, he reviewed Jordan’s Economic Modernisation Vision, a nationally endorsed roadmap aimed at driving growth, attracting investment and generating one million jobs over the coming years.

Obeikan noted the progress of the Saudi business environment under the Saudi Vision 2030, citing notable growth, major projects and enhanced prosperity.

The two sides agreed to sign a twinning agreement between the Amman and Riyadh chambers to boost cooperation, promote digital transformation and foster collaboration between their respective general assemblies.

Hajj Tawfiq also extended an invitation to Obeikan and the Riyadh Chamber board to visit Jordan and explore investment opportunities.

AMMAN — President of the Irbid Chamber of Industry (ICI) Hani Abu Hassan on Thursday briefed an economic delegation from several Kyrgyz knitwear factories on Irbid's industrial development, mainly in the garment and textile industry.

The visit comes as part of the "Industrial Tourism" programme implemented by the Kyrgyz private sector, which aims to strengthen bilateral economic and trade relations and open "new" horizons for cooperation in the industrial sector, the Jordan News Agency, Petra, reported.

Abu Hassan referred to "significant" opportunities to develop "brotherly" relations, praising this visit, which reflects the "shared" desire to develop economic partnerships.

Noting the Kingdom's advantages, he referred to Jordan’s "strategic" geographical location, political and economic stability, and its "attractive" investment environment supported by a network of free trade agreements connecting Jordan to numerous global markets.

Abu Hassan also noted diversity of industries in Irbid, mainly pharmaceutical, food, plastics, chemical, and textile industries, which constitute a "cornerstone" of the national economy and contribute "significantly" to Jordanian exports.

The delegates expressed “admiration” for the scale of Irbid's industrial development and the chamber's role in serving the industrial sector and facilitating the business environment.

The delegates also hoped to transfer Jordan's expertise in supporting industry to Kyrgyzstan and build "cooperative" relations and partnerships with the Jordanian industrial sector.

Talks during the meeting went over opportunities for cooperation for the two countries' industrialists, underlining importance of exchanging trade delegations, facilitating trade exchanges and transferring expertise in training and industrial development fields.

The two sides agreed to continue coordination to develop "feasible" initiatives that would support bilateral relations and enhance cooperation in various economic and industrial fields, achieve common interests and contribute to the two countries' "sustainable" growth.