Category: Business & Finance

A government-sponsored program that promotes Jordan as a technology investment destination has made the Kingdom the first Arab country to partake in the global industry event South by Southwest Conference and Festivals (SXSW 2023). The Ministry of Digital Economy and Entrepreneurship’s Jordan Source program brought together official figures, innovators, leaders, and entrepreneurs. The program is implemented by the Ministry and with direct support from the Office of His Highness the Crown Prince and the World Bank Group and aims to create a participatory IT investment ecosystem. The program also aims to facilitate the investor’s journey and highlight the Kingdom’s attractions and success factors, including young talents, an exceptional investment environment, strong infrastructure, and world-class resources.

Source: Jordan News Agency

The Arab Jordan Investment Bank (AJIB) on Sunday signed a deal, subject to central bank approval, to buy out Standard Chartered Bank’s Jordan business. Under the deal, the Corporate, Commercial and Institutional Banking (CCIB), and Consumer, Private and Business Banking (CPBB) businesses of Standard Chartered in Jordan will be migrated to AJIB. Additionally, all Standard Chartered Bank Jordan’s employees will also be transferred to AJIB. The two banks will work closely in the coming months to provide a seamless transition for its clients and staff, according to an AJIB statement. Commenting on the agreement, Hani Al-Qadi, Chairman of the Board of Directors of Arab Jordan Investment Bank, stated, “We are pleased to sign this agreement today and to have been selected by Standard Chartered Bank as the preferred buyer. Standard Chartered Bank is a leading regional and international bank with more than 160 years of experience, the bank has been present in Jordan for more than 98 years. We are also pleased to announce that this agreement has already been approved by the regulatory authorities. We look forward to working closely with Standard Chartered’s team over the coming few months towards achieving a successful conclusion to this transaction without impact on clients and employees.” He indicated that the this purchase falls within AJIB’s strategy to grow its banking business market share in Jordan, which continues to expand following the bank’s series of landmark acquisitions of HSBC’s banking business in Jordan in 2014 and the National Bank of Kuwait’s banking business in Jordan in 2022.

Source: Jordan News Agency

Prices of 21-karat gold, the highest demand at local market, stood at JD40 per gramme, as purchasing price, against JD38.40 as selling price, an official said Saturday. Jordan Jewelers Association’s Secretary General, Ribhy Allan, told Jordan News Agency (Petra) that the price of 24-karat and 18-karat gold amounted to JD46.50 and JD35.80 respectively. The price of a Rashadi lira, weighing seven grammes, stood at JD285, while an English lira, which weighs eight grammes reached JD325, Allan said. He added that gold prices in global markets on Friday reached $1,978 per ounce.

Source: Jordan News Agency

The National Security Adviser, Qasim Al-Araji, chaired in New Delhi today, Friday, a meeting with ten major multi-disciplinary Indian companies.

During the meeting, Indian companies presented a detailed briefing on their products, and expressed their readiness to meet the requirements of the Iraqi side, whether in industries or cooperation in equipment and capacity building, and to contribute to Iraq’s self-sufficiency in all fields.

For his part, the National Security Adviser, Qassem Al-Araji, expressed his observations regarding what was presented during the meeting.

It was agreed in principle that bilateral meetings be set between these companies and the Iraqi specialized authorities, to participate in the reconstruction, support the reform program of the government of Muhammad al-Sudani, and revitalize the Iraqi industry.

Source: National Iraqi News Agency

The Labour Market Regulatory Authority (LMRA) conducted two joint inspection campaigns in the Muharraq Governorate and the Southern Governorate on several shops and work sites.

The campaigns resulted in reporting violations related to the Labour Market and Residency laws. The cases were referred for legal action.

LMRA noted that a joint inspection campaign was conducted in the Muharraq Governorate in coordination with the Nationality, Passports and Residence Affairs (NPRA) and the Governorate’s respective Police Directorate. The other inspection campaign was undertaken in the Southern Governorate in coordination with the General Directorate of Crime Detection and Forensic Evidence of the Ministry of Interior.

The Labour Market Regulatory Authority renewed its call on all members of the society to support the efforts of government agencies in addressing illegal labour practices, by reporting violations via the electronic form on the authority’s website www.lmra.gov.bh or by calling the authority’s call centre on 17506055

Source: Bahrain News Agency

Deputy Governor of the Central Bank of Jordan (CBJ), Ziyad Ghanama, affirmed the Kingdom’s “solid” banking system and its monitoring and preventive measures that contributed to maintaining monetary stability. Speaking at a workshop organized by Jordan Businessmen Association (JBA) Tuesday evening, in cooperation with National Portfolio Securities (MHFZ), Ghanama noted Jordan’s banking sector, despite the difficult economic conditions, managed to maintain its “good” stability and credit ratings, whether globally or internally, under CBJ’s instructions. During the event, dubbed: ” Impact of Collapse of Some American Banks on Jordanian and Global Economy,” Ghanama noted CBJ is “keen” to reassure the private sector to activate the bank’s various instructions and procedures to maintain stability of the banking sector, in cooperation with various regulatory authorities as an integrated system aimed at maintaining monetary stability, under “prudential” monitoring. Meanwhile, Jordan Securities Commission (JSC) member, Adel Bino, said Jordanian economy has multiple measures that could be taken to protect the Kingdom’s banking sector in case any unexpected effects occur due to the current U.S. banking crisis.

Source: Jordan News Agency

The Ministry of Water and Irrigation, in cooperation with the German International Cooperation Agency (GIZ), celebrated World Water Day, a day marked annually by the United Nations on March 22 to highlight the importance of fresh water. During the ceremony, Minister of Water Mohammad Najjar said the celebration reaffirms the ministry’s commitment to maintaining water sources and providing high-quality water in cooperation with civil society institutions. He added that the ministry’s priorities are to decrease water loss, promote water rationalization methods, and leverage cutting-edge technologies to ensure sustainable water use in agriculture, industry, and homes. The ministry is forging ahead with plans, innovative solutions, and projects to enhance the water sector’s performance, stated Najjar. On the ceremony’s sidelines, the minister opened a national water exhibition, during which brochures were given away encouraging water rationalization, water sources protection from pollution and theft, and water-harvesting methods.

Source: Jordan News Agency

During a session held Wednesday, headed by Lower House Speaker, Ahmed Safadi, and in the presence of the Cabinet, deputies began deliberations of 2022 Companies Law amendments. The House approved a slew of the draft’s articles as referred from its Economy and Investment Committee, after an extensive discussion. The House voted to return to the original text sent by the government related to Article 4, Clause 2, Paragraph “G,” which states: “Companies Control Department (CCD)’s controller must announce registration of any company on its website.” The bill’s mandating reasons feature 29 articles aimed to facilitate and streamline procedures related to conducting corporate business to spare time, effort and costs for companies and their shareholders. In addition, the draft contributes to enhancing competitiveness of the Kingdom’s business environment and stimulates registration of companies and foreign investments. Under the amendments, stability of legislation related to venture capital companies is ensured, while giving suspended and inactive companies the opportunity to rectify their status in accordance with this new law.

Source: Jordan News Agency

President of the Jordanian Businessmen Association (JBA) Hamdi Tabbaa discussed with the Chinese Ambassador Chen Chuandong prospects of joint cooperation at the economic, investment and commercial levels. In a statement Wednesday, Tabbaa said these talks strengthen bilateral relations between the business communities in Jordan and China, pointing out that the two countries have close and distinguished relations at various levels. He pointed to the contribution of the Arab Businessmen Union to boosting Arab-Chinese relations by organizing many Arab-Chinese forums. On trade exchange, he explained that it constitutes a high percentage of the Gross Domestic Product, pointing to several investments between Jordan and China. He stressed the advantages and investment incentives in the Kingdom, the “openness” of the Jordanian economy and trade agreements at the Arab, international and regional levels. For his part, the Chinese ambassador said that Jordan is a distinguished tourist destination for Chinese tourists, voicing hope to increase trade exchange between the two countries, especially in fertilizers and phosphate. Pointing to the Economic Modernization Vision and its projects, the envoy underscored China’s interest in strategic investment projects in Jordan, such as the expansion of the oil refinery and other projects that are laid out in the vision. He expressed the embassy’s commitment to cooperating with the association to connect the business communities on both sides to enhance the prospects for joint cooperation, pointing to the importance of joint exhibitions in the fields of import and export. Chen also lauded Jordan’s pivotal role in the region and its humanitarian role in protecting and hosting refugees despite the economic pressures and challenges facing the local economy.

Source: Jordan News Agency

His Majesty King Abdullah, the Supreme Commander of the Jordan Armed Forces- Arab Army, accompanied by His Royal Highness Crown Prince Al Hussein bin Abdullah II, on Tuesday attended the JAF’s ceremony marking Al Karamah Battle’s 55th anniversary. The ceremony was held at the memorial site for the martyrs of Al Karamah Battle, which has undergone recent refurbishments to highlight the battle’s significance and tell the story of its martyrs, who gave their lives to defend the nation. Chairman of the Joint Chiefs of Staff Maj. Gen. Yousef Hneiti received King Abdullah and Crown Prince Al Hussein upon their arrival at the location of the ceremony, which was attended by a number of Royal Family members and senior officials and officers. His Majesty laid a wreath at the Unknown Soldier Monument and recited verses from the Holy Quran. The King also met with a number of veterans who were injured in Al Karamah Battle, and expressed pride in them and in all veterans and personnel of the JAF and security agencies, highlighting their important role in serving the country and the nation.

Source: Jordan News Agency