Day: October 31, 2022

More than 38 Iranian companies will be displaying their products at the Iranian-Made Products Fair, which will kick off on Thursday in Amman.

The 10-day exhibition, organized by the International Promoters Company for marketing and organizing exhibitions (IPCO) at Al-Hussein Youth City, will showcase hand-made carpets, wood industries, foodstuffs, nuts, spices, accessories and others.

A statement by IPCO’s General Manager Raed Abu Sada on Monday said that holding international exhibitions contributes to Jordan’s tourism promotion, and highlights the commercial and investment opportunities available in the Kingdom.

The exhibition will open from 11am to 9pm, except on Fridays from 2pm to 10pm, allowing visitors to directly buy any of the goods on display.

Source: Jordan News Agency

Joramco, an Amman-based aircraft maintenance, repair, and overhaul (MRO) service provider, recently participated in MRO Europe 2022, held at the ExCel London, where over 400 exhibitors showcased the aviation maintenance industry’s most cutting-edge technologies, suppliers, products, and services.

In a statement released on Monday, Joramco said that its exceptional brand visibility, distinctive double-story stand, and exclusive media sponsorships and coverage made it stand out at the event.

“Joramco’s delegates successfully met with potential clients, generated new business leads, forged new partnerships, and strengthened existing relationships. The company also announced several significant agreements with Spirit AeroSystems, MNG Airlines, TUI flY, CAE inc., flyadeal, and euroAtlantic Airlines,” the statement added.

In addition, Joramco’s CEO Fraser Currie presented at the Go Live! Theatre and shared his insights on the latest MRO business.

MRO Europe is an annual event held in different cities across Europe, bringing together the global airline supply chain to network, learn, and conduct face-to-face meetings. Senior-level decision-makers and prominent global actors in all MRO fields debate crucial industry issues and challenges.

Source: Jordan News Agency

The Jordanian Businessmen Association (JBA) President Hamdi Tabbaa and Counselor for Economic Affairs at the United States Embassy in Amman Kevin Skillin on Monday discussed means to enhance economic ties and connect the two countries’ business communities.

The two parties agreed to put in place an action plan for next year to build strategic partnerships, said a statement issued by the JBA on Monday, adding that they underscored needs to define economic sectors of priority and learn about investment opportunities.

During the meeting, Tabbaa affirmed “the deep rootedness and advanced level” of Jordanian-American ties, pointing to the significant contribution of a free trade agreement to boosting the economic relations.

The Jordanian private sector is always trying to leverage the free trade agreement to expand cooperation and enter the American market, Tabbaa indicated, adding that the agreement managed to achieve common interests and made the US a prominent partner of Jordan in terms of exports.

For his part, Skillin underlined the need to bolster joint cooperation and tap into investment opportunities existing in both countries, noting that economic growth is accelerating in the region, thus urging efforts to put Jordan on the investment map.

Trade exchange between Jordan and the US totaled USD3.7 billion by the end of 2021, of which 2.3 billion were Jordanian exports, mainly chemicals and garment. The other USD1.4 billion were imports mostly of machinery, mechanical devices, and metal products.

Source: Jordan News Agency

The value of cell phones imported by the Kingdom during the January-July period of 2022 totaled JD120 million most of which were from China, according to an official.

Head of the Association for Mobile Investors (Vision) Ahmad Alloush said Monday that Jordanian cell phone traders imported around 835,000 devices during the seven-month period, noting that Jordan was top mobile device importer from China, followed by Vietnam, India, South Korea, the United States, and Turkey.

He noted that the Kingdom’s total cell phone imports stood at JD120 million, of which JD75 million were from China.

Source: Jordan News Agency

The Kingdom’s bill of crude oil, derivatives and mineral oils spiked by 66.9 percent during the January- August period of 2022, according to Department of Statistics figures.

The oil bill increased to about JD2.404 billion in the first eight months of this year, compared to JD1.44 billion in the same period last year, according to foreign trade data released by the department on Monday.

Fuel and mineral oils topped the list of the Kingdom’s imports of oil derivatives, reaching JD704 million, up from JD482 million in the same period last year, followed by crude petroleum at JD595 million, up from JD468 million.

The Kingdom’s diesel imports were at JD517 million, gasoline JD558 million, kerosene about JD9 million and lubricants about JD21 million, the figures reveled.

Source: Jordan News Agency

Registration for Ayla’s Red Sea half marathon, which will take place in Aqaba next December, opened today, according to organizers.

Director General of Run Jordan Lina Kurd said the association is working in full swing to set up the Red Sea half marathon and that registration is available through its website, www.RunJordan.com, or at its Amman offices from 10 a.m. to 5 p.m. from today through November 30. She also said that a registration location at Gate No. 2 of the Aqaba Stadium would soon be available.

The 17th edition of the Red Sea half marathon will be held in 2022 under the patronage of HRH Prince Firas bin Raad, according to Run Jordan. In addition to supporting the participating charities under the slogan “I Run for a Noble Cause,” the event is part of the association’s strategy to raise awareness of the importance of running and adopting a healthy lifestyle.

The half marathon is being held in partnership with the Aqaba Special Economic Zone Authority and bears the name of the Ayla Oasis Development Company, the official sponsor of the marathon for the tenth time in a row.

Source: Jordan News Agency

The Jordan Phosphate Mines Company posted a pre-tax net profit of JD786.5 million in the first nine months of 2022, a 224.5 percent increase from the JD242 million reported in the same period of 2021.

The company’s post-tax profits amounted to JD600.2 million, a rise of 232 percent compared with the same period last year, which amounted to JD180.7 million only.

Furthermore, the company’s net operating profit for the reporting period increased by 219 percent to JD723.1 million, up from JD227 million in the previous year.

JPMC Board Chairman Muhammad Thneibat said that the company’s net sales jumped by 102 percent from JD693.5 million in the same period in 2021 to a staggering JD1.4 billion in the January-September period.

Additionally, he disclosed that the company’s total net assets increased by JD456.8 million, or 30 percent, while its debt dropped by 16.73 million dinars, or 25 percent.

He noted that the company produced 8.495 million tons of crude phosphate during the nine months, up from 7.050 million tons in the same period last year, a 20.5 percent rise.

During the same period, the JPMC sold 8.283 million tons, a 19.6 percent increase over last year’s total of 6.928 million tons, according to Thneibat.

The Chairman explained that the company sold 574,292 tons of the DAP (Di-ammonium Phosphate) fertilizer during the reporting period, compared to 526,191 tons last year.

Regarding subsidiaries and affiliates, Thneibat disclosed that the profits of the Indo-Jordan Chemicals Company Ltd, which is entirely owned by the JPMC, doubled by 172 percent to JD96.2 million from JD35.4 million during the same period last year.

Similarly, Nippon Jordan Fertilizer Company’s profits climbed by 166 percent, reaching JD8.349 million against JD3.136 million during the same period the previous year.

According to Thuneibat, JPMC’s share of Jordan India Fertiliser Company profits improved by 107 percent to JD57.476 million, compared to JD27.7 million in the same period last year.

Thneibat described the company’s 9-month results as unprecedented in terms of profits, sales, and production quantities, and stressed that they are the fruit of the company’s plans, employee efforts, and prudent management of resources.

JPMC CEO Abdul-Wahab Rowad, for his part, stated that the company had made inroads into the European market, particularly the Norwegian market, in crude phosphate sales.

He added that the company has been working since the beginning of the year to broaden its international partnerships with new partners and investors in order to expand the company’s market share, increase the quantities sold to current markets, and open up new ones. The CEO noted that the company has started shipping phosphates to Malaysian and Indonesian markets.

Rowad also revealed that the company has increased the storage capacity of its export-ready phosphates crude depots in the port of Aqaba by 500,000 tons, bringing the total storage capacity to 750,000 tons.

According to the CEO, the JPMC and an Indian company signed an agreement earlier this year to build a factory in Jordan for the production of phosphoric acid using Jordanian phosphates and export the entire output to the Indian market.

The JPMC also signed a contract with the British company Solar Water Plc to construct and operate a seawater desalination plant utilizing concentrated solar energy to supply the JPMC industrial complex in Aqaba with industrial water.

He stated that the company also signed a memorandum of understanding with a local company to use solar energy to treat water resulting from washing phosphates at the Shediyeh mine.

The company also signed a second agreement with the Munir Sukhtian Trading Group to establish a plant in Aqaba to produce 20,000 tons of pure phosphoric acid for use in the food industry using cutting-edge technology.

The company also laid the cornerstone for a phosphate washing and flotation plant in the Shediyeh region, at an investment of $85 million, in order to capitalize on the large quantities of low-quality phosphates that had accumulated over the years.

Rowad stressed that this move will increase the company’s capacity to export crude phosphate in greater quantities, adding that construction of the plant, which is designed by an American firm, is scheduled to begin by the end of the year.

Additionally, the CEO disclosed that the company’s board of directors approved a bid for the construction of two ammonia tanks in the Aqaba industrial complex.

According to Rowad, the JPMC, in collaboration with a number of international companies, is investigating the possibility of producing yellow phosphorous from crude phosphate using the most cutting-edge technology.

He also stated that JPMC has signed an agreement with Alufluoride Limited of India to build an aluminum fluoride factory in the Shediyeh area of Ma’an Governorate, with construction expected to begin in the first quarter of next year.

Rowad also said that JPMC signed an agreement with an Indonesian company for a joint venture in Aqaba to produce 500,000 tons of NPK fertilizer.

The chief executive officer discussed the initiatives and social projects launched by the company in local communities and across the Kingdom.

Source: Jordan News Agency

The Energy and Minerals Sector Regulatory Commission on Monday decided to keep the value of the fuel price difference item on the monthly electricity bill unchanged at zero for November.

Source: Jordan News Agency

Royal Jordanian (RJ) registered a JD452 million ($637.5 million) operating revenue in the first nine months of this year, 87 percent higher than the JD242 million in the comparison period of 2021.

The operating cost also went up, from JD251 million in the first nine months of 2021 to JD468 million in the same period this year, according to a press release on Monday.

RJ posted a JD71 million net loss between January and September 2022, compared to a JD54 million net loss in the same period of 2021. The loss increased by JD17 million due to the steep increase in fuel prices during the first nine months of this year; RJ had to pay the fuel prices difference of JD81 million for the mentioned period because the average price given to the company increased by 82% compared to the same period last year.

Samer Majali, RJ’s Vice Chairman and CEO, said that fuel prices have dramatically risen since the beginning of this year, posing one more challenge to the airline. The fuel cost makes up almost 40 percent of the total operating cost incurred by Royal Jordanian, he said, adding that this is reflected in the company’s financial results, lowering it down despite the significant improvement of all operational indicators.

The number of passengers in the mentioned period of 2022 increased by 128% over last year. RJ transported 2.3 million passengers during this comparison time while it transported 992k passengers between January and September 2021. This led to a 16% increase in the seat factor, which recorded 76%.

Cargo revenues grew in the first nine months of this year by 21% over the comparison period of last year, as the uplifted cargo increased by 29%.

Source: Jordan News Agency