Category: Business & Finance

Amman, The Ministry of Digital Economy and Entrepreneurship on Thursday signed a partnership agreement with Migrate, a leading business knowledge and networking company, to establish the first technology center in Amman.

The agreement was signed by Ahmed Hanandeh, Minister of Digital Economy and Entrepreneurship, and Migrate Chairman, Nader Nehme.

The center aims, according to a ministry statement, to provide integrated solutions and incentives to enhance youth opportunities to obtain digitally enabled job opportunities by working with operators from the private sector, self-employment, or starting their own entrepreneurial projects.

Speaking at the signing ceremony, Hanandeh stressed the importance of spreading entrepreneurship culture among Jordanian youth and the local community, and enhancing their life skills, intellectual growth, and innovation capabilities through these technical centers.

This effort would provide spaces to launch creative projects and reduce obstacles for entrepreneurs to start establishing their businesses and develop them, the minister added.

For her part, the Deputy British Ambassador said lauded outcomes of UK’s funding for Youth, Technology, & Jobs Project, as her country supports job opportunities in Jordan.

The first technical center delivers opportunities and skills to the community to create job opportunities in Jordan, which provides a place for skills development programs and joint work and communication for trainers, entrepreneurs and self-employed owners, the diplomat added.

Meanwhile, Nehme said the project will provide multiple opportunities for young people and businesswomen to develop and expand their businesses, exchange knowledge and benefit from the center’s services, primarily joint work and training programs seeking to develop their skills.

Also, the agreement aims to establish the first technical center in Amman, which will be designed, operated and run by Migrate within the plan of Ministry of Digital Economy’s Youth, Technology, & Jobs Project to launch technical centers in Amman’s underprivileged regions and governorates, the statement said.

The center will serve youth and women entrepreneurs and provide common spaces for freelancers and an incubator for startups, the statement noted.

Source: Jordan News Agency

Irbid, The total value of the certificates of origin issued by the Irbid Chamber of Industry (ICI) for January 2023 stood at $80 million, compared to the $101 million reported during the same month in 2022, signaling a 21.5 percent decline.

The governorate’s top exports garments and leather were less in demand as a result of the Russo-Ukrainian war, which was the primary factor in the decline., said Hani Abu Hassan, the ICI’s Chairman in a statement on Thursday.

Over the last month, exports of the garment and leather industry sector stood at $70 million, dropping by $20 million compared with the figure reported in January 2022.

The foodstuffs products sector came in second with $4.8 million in exports, followed by the medical industries and supplies sector with $2 million and the chemical, cosmetics, packaging, paper, plastic, construction and mining sectors collectively had $3.2 million worth of exports.

Breaking down the figures, Abu Hassan said that the al-Hassan Industrial Estate’s exports ranked first, with a total of $73.3 million in exports, followed by Cyber City’s with $4.4 million, while the remaining exports came from other industrial zones in the northern governorate.

The United States market was the biggest importer, accounting for $65 million, while exports to Arab countries were estimated at $10 million, and the remaining shipments went to the Canadian, European and Southeast Asian countries’ markets among others.

Source: Jordan News Agency

Amman, Information and Communication Technology Association (Intaj) launched a market study unit aimed to enabling its members, beneficiaries and stakeholders to obtain data on macro and micro economic levels and help companies achieve business growth and open new markets for their products.

Intaj, in a statement to “Petra” on Thursday, said the new unit was officially launched on the sidelines of the Middle East and North Africa Communications and Information Technology Forum ‘MENA ICT Forum 2022’ at end of last November.

The launch was driven by the need to provide know-how that supports expansion of Jordanian companies’ business in the region’s markets and their entry to regional and world markets, the statement said, adding that companies could also tap opportunities and requirements of target markets at the ICT level.

According to the statement, the unit’s data will be published periodically at https://intaj.net, and features 5 sections to provide news on information and communication technology (ICT) sector, startups in the MENA region and related tenders at the regional level.

Source: Jordan News Agency

Amman, Head of the Amman Chamber of Commerce (ACC), Khalil Haj Tawfiq, called on building integrated economic unity with Iraq to become trade and investment partners.

Speaking during a meeting on Thursday with Iraqi Business Council (IBC) in Amman, Haj Tawfiq noted Jordan’s trade and service sector is “keen” to open joint channels of communication with the Iraqi private sector.

Haj Tawfiq said today’s meeting comes as a Jordanian economic delegation is scheduled to visit Baghdad next week and launch of Jordanian-Iraqi Business Forum, to enhance joint trade and investment partnerships.

He noted the “large” delegation reflects Jordan’s “remarkable” interest in building “solid” economic relations with Iraq, stressing that its visit is “important” to follow up efforts made by His Majesty King Abdullah II and Iraqi leadership at various levels.

“We look forward to building a new era of economic relations between the two countries in a way that achieves common interests,” said the chamber’s chairman.

Also, he expressed hope that the Jordanian-Iraqi economic relations will witness further progress to increase trade exchanges and establish joint investments.

To provide a database on trade opportunities available in the two countries, he referred to an ACC initiative to be launched during the business forum to establish an Iraqi trade center in Amman to be temporarily located at the chamber’s headquarters, as well as a Jordanian commercial center in Baghdad, in partnership with Iraqi Business Council.

Jordan’s trade and service sector seeks to open channels of communication with various Iraqi institutions from the private sector, he said, noting IBC is a “major” partner for ACC, which is ready to follow up on issues of interest to Iraqi investors with Jordan’s various concerned authorities.

Haj Tawfiq said Jordan’s private sector is “keen” to make 2023 the year of Jordanian-Iraqi economic cooperation, especially since the Kingdom has made multiple reform steps in the economic field, foremost is Economic Modernization Vision (EMV) and endorsement of the new investment environment law.

Source: Jordan News Agency

For his part, head of the Iraqi Business Council (IBC) in Amman, Majed Sa’adi, referred to ” a remarkable, historic” opportunity to expand Jordan-Iraq economic relations, backed by the two countries’ leaderships.

Sa’adi also noted Iraq is currently working to launch the reconstruction process, as its financial surpluses are estimated at about $100 billion and a 2023 budget worth $140 billion, which will be approved soon,adding that large Iraqi products can be exported to Jordan, especially foodstuffs.

Also, he noted Iraqi market today needs to implement a lot of infrastructure projects, primarily construction of 5 million housing units and 10,000 schools.

He pointed to the presence of large investment facilitations provided by Iraq to investors, which represents a “strong” opportunity for the Jordanian private sector to open up to the Iraqi market.

Noting “great” opportunities in Iraq’s sectors of transport, logistics, industry and agriculture, he stressed the need to revive the Jordanian-Iraqi Land Transport Company and give the private sector a large share.

He called on Jordanian companies to increase their exports to Iraq and benefit from its large and open market and find industrial partnerships that meet the two countries’ needs and ensure continued flow of goods and sustainability of supply chains.

In addition, he referred to an opportunity for Jordanian banks to expand their presence in the Iraqi market, benefit from their expertise in the banking field, facilitate trade and open credits.

Sa’adi stressed IBC’s keenness to expand the frameworks of cooperation and coordination with ACC, which would reflect on the two countries’ economic relations and strengthen their trade and investment partnerships.

On the sidelines of the meeting, ACC and IBC signed a memorandum of understanding (Mou) to enhance concept of partnership and facilitate and develop joint cooperation in the economic, trade and services sectors.

Jordan and Iraq’s trade exchanges increased during the 11 months of 2022, to reach about JD707 million, compared to JD415 million for the same period in 2021, according to official data.

Number of Iraqi partners registered with ACC stands at 1,490 in various commercial and service sectors, with a capital of JD134 million.

Source: Jordan News Agency

Amman, The government debt as of the end of October 2022, excluding what is held by the Social Security Corporation, amounted to USD30 billion, 88.1 per cent of GDP compared to USD28.7 billion in 2021, 88.6 per cent of GDP.

According to the monthly financial bulletin, local revenues during the first ten months of 2022 amounted to JOD6.6 billion, a JOD529 million increase over 2021.

The increase was due to the growth in tax revenue by about JOD358.7 million in 2022 and the increase in non-tax revenues by JOD170.9 million compared to the same period in 2021.

The increase in tax revenues is attributed to the rise in the general tax on goods and services by about JOD107.3 million to reach a value of JOD3.4 billion dinars during the first ten months of 2022; the increase in income and profit tax collections by an amount of JOD308.3 million dinars to a reach a value of JOD1.4 billion during the first ten months of 2022.

Public expenditures increased by JOD580.7 million during the first ten months of 2022 compared to 202, reaching a value of JOD8.5 billion.

This increase is due to the rise in spending on social protection, by about JOD119.4 million compared to the same period in 2021 and the increase in the volume of capital expenditure by JOD401.3 million.

Source: Jordan News Agency

London, The Bank of England Thursday raised interest rates again as part of its continued efforts to stem inflation.

The Bank announced that it would raise the interest rate again by 0.5 per cent to 4 per cent.

The interest rate rise would be the tenth time the British Central Bank has raised the interest rate since the end of 2021.

Source: Jordan News Agency

Amman, Minister of Investment Kholoud Saqqaf Wednesday held two separate meetings with the Turkish and Belgian ambassadors in Amman on strengthening economic and investment cooperation.

“Jordan is a regional centre for trade and investment in the Middle East and North Africa region and one of the region’s most flexible business and investment environments,” Saqqaf said during the meetings.

She added that the Jordanian government seeks to make the Kingdom a destination for international and Arab investment, noting that the government had initiated reforms in the business environment and the new investment environment law.

She said, “The Kingdom can be an appropriate access point for investors interested in the region’s markets, given the free trade agreements that Jordan signed with many countries, the complex economic relations and the experience that the Jordanian private sector enjoys in those markets.”

She added that the Ministry of Investment is willing to streamline measures and procedures for investors to set up their projects in the region and Jordan.

Turkish Ambassador Ismail Yilmaz praised the level of relations between Jordan and Türkiye. He said bilateral ties must further expand, especially in trade and economy, noting that work would be done to encourage the Turkish private sector to increase its investments in the Kingdom.

Belgian Ambassador Serge Dickschen said, “Belgium looks with great interest at the initiatives taken by the Jordanian government to encourage foreign investment in Jordan, such as the establishment of the Ministry of Investment and the approval of the new investment environment law.

“This confirms Jordan’s commitment to implementing the reform roadmap based on the vision of His Majesty King Abdullah II to improve the business environment in the Kingdom.”

Source: Jordan News Agency

The Jordanian Media Credibility Monitor “Akeed” said it recorded 40 rumors that circulated through local media and social media platforms during the month of January.

The monitor’s monthly report, which came out on Tuesday, said this month saw 19 more rumors, two more than in December.

Security and the economy topped the list of January rumors with 11 each, about 27.5 percent of the total number, followed by public affairs 9 (22.5 percent), politics 5 (12.5 percent), and health and social rumors 2 each (or 17 percent).

Thirty-eight, or 95 percent, of the January rumors originated from local sources, such as social media platforms and news websites, according to the report.

Thirty rumors, 75 percent of the total number, originated from local social media and 10, or 25 percent, came from traditional media outlets, it said.

The monitor urged social networks users to refrain from sharing or re-posting any content without a credible source, noting that relying on these sites for news without consideration of content veracity leads to a great deal of incorrect and inaccurate news, rumors and misinformation.

Source: Jordan News Agency

The International Labor Organization and the Ministry of Local Administration Tuesday held a workshop to introduce the sixth phase of the Employment through Labor Intensive Infrastructure in Jordan project targeting Syrian refugees, which is funded by the German Development Bank (KFW).

The project focuses on improving infrastructure through labor-intensive methods that benefit communities in the long run, such as road and school maintenance, soil improvement and water conservation activities in farms and environmental cleaning services.

Phase six is expected to provide 1,000 short-term jobs in 31 northern and central municipalities for Jordanians and Syrian refugees, designating 30 percent of employment to females and 5 percent for the disabled through funding worth €7 million provided for the municipalities.

The project, which is being implemented in cooperation with the ministries of local administration and agriculture, includes maintenance of municipalities, afforestation and training sessions on professions that qualify participants for the labor market.

During the workshop, Engineer Anas Bakhit, the project’s infrastructure supervisor, briefed participants on the project’s goals, phases, proposals, evaluation and mechanism of choosing employees.

The employment scheme started in 2016 in response to the Syrian refugee crisis in cooperation with several Jordanian ministries, and will end in 2024.

Source: Jordan News Agency