Economic and Business news

[MARTYR]

JD 3, 71 Billion excess reserves at CBJ

Amman - The Central Bank of Jordan announced Monday that the Volume of Excess Reserves, including overnight window deposits held at CBJ is JD 3, 71 Billion.

The Bank added in a statement that the Volume of Required Reserves is JD 1, 06 Billion.

The Bank said further that No overnight repurchase agreements were held with CBJ on Sunday.

[MARTYR]

GAC Jordan Reports 55% increase in Aqaba Port RoRo volumes during 1st half of 2009 compared to 2008 and expects 20% Annual increase

GAC Jordan , the exclusive shipping agent in Jordan for Eukor Car Carriers — one of the world’s leading shipping companies specialized in exporting Korean cars around the world— has issued an internal report revealing a 55% increase in RoRo cargo arriving in Aqaba during the first half of 2009 in comparison to last year. The report also expects an annual comparative increase of 20% compared to 2008.


The half year report issued by GAC a member of the GAC Group and a leader in shipping and logistics services, revealed that during the first half of 2009, 54,000 cars arrived in Aqaba in comparison to 35,000 during the same period in 2008. On the other hand the yearly figure for 2008 of 90,000 units indicates an estimated yearly increase of 20% in 2009. The report also revealed that Eukor Lines obtained the highest market share at 31%, compared to other world-leading shipping lines operating through Aqaba.


Mr. Ghassoub Kawar, Managing Director at GAC , stated, “Between January and June 2009, we witnessed a consistent growth in RoRo cargo entering Aqaba compared to the same time last year. This growth is due to Jordan’s and Iraq’s high demand on new Korean cars and used cars, in addition to increased demand on American hybrid cars”.


Mr. Fadi Nasser, Assistant Managing Director added, “According to our statistics we witnessed a 53% decline in volumes arriving from Europe over the first half of the year, whilst Far East volumes and USA volumes increased by 89 percent and 263 percent respectively.” Nasser believes that the figures would be less dramatic when making whole year comparisons because last quarter of 2008 showed substantial increases.


The variation in number of units is partly attributed to currency rates with the strength of the Euro and the Yen having a detrimental effect on the number of European and Japanese cars arriving in Aqaba, whilst the relative low value of the Korean KRW has resulted in a significant increase in demand for cheaper priced Korean cars.


According to estimates, approximately 65%-75% of the RoRo cargo that arrived in Aqaba in the first half of 2009 is destined for the Iraqi market.

GAC was founded in 1985 as a partnership between GAC Group, a world leader in global shipping, logistics and marine services, and local partner, Kawar Group. With two offices in the Kingdom located in Amman and Aqaba, GAC covers all cargo destinations within the Kingdom and neighboring countries and was ranked the Kingdom’s leading shipping agency in 2008 for RoRo ships and cruise ships, based on the total number of calls and volumes handled.





GAC managers and staff emphasise human dignity as a core value in their operating philosophy. They value long-term relationships with business partners, customers and suppliers and seek win-win solutions to the challenges of modern business. GAC’s 8,000 people are found in over 300 offices worldwide and speak more than 100 languages. Headquartered in Dubai, the Group is local in action and global in attitude.


Since its establishment by Swedish transport interests in 1956, GAC has grown to become a leading global provider of shipping, logistics, marine and related services. For more information, visit www.gacworld.com.

[MARTYR]

CBJ, economists disagree on GDP growth outlook

Central Bank of JordanCentral Bank of JordanCentral Bank of Jordan
CBJ Governor Umayya Toukan expects the Kingdom’s economy to grow 4-4.5 per cent in 2010, while leading economists say growth will be around 3 per cent only.


In an interview with Reuters Saturday on the sidelines of the Kuwait Financial Forum, Toukan indicated that the growth for this year is estimated at 3 per cent, adding that the gross domestic product (GDP) for 2010 is expected to grow between 4 and 4.5 per cent.

The CBJ is working to stimulate the Kingdom’s economy to reach average economic growth, between 6 and 8 per cent, within the next five years, Toukan said.


According to the International Monetary Fund's (IMF) latest World Economic Outlook report, issued last month, real GDP growth for Jordan is also projected at 4 per cent in 2010.


However, economist Mefleh Aqel disagreed with the governor and the IMF, saying that according to economic indicators, real GDP growth for next year is expected to hover around 3 per cent at best.


“There are negative economic indicators such as the drop in exports, drop in workers’ remittances and a deficit in current accounts, which show that 3 per cent growth would be an achievement for the economy,” he added.


Meanwhile, another economist, who preferred to remain unnamed, agreed with Aqel, saying that achieving 3 per cent growth next year will be “a success” in light of uncertainty in international markets due to the global economic crisis.


The economist, who is also a former minister, described Toukan’s and the IMF's projections as “too optimistic”, adding that in his experience of more than 20 years, the forecasts of the IMF and the World Bank on economic growth “have never been accurate”.


“The construction and agriculture sectors led growth during the first half of this year in addition to the public service sector, but such growth will not be consistent,” he added, noting that the public service sector will shrink due to cuts in public expenditures in the 2010 state budget.


Aqel indicated that with the financial difficulties in the state budget, the government should maintain efficient spending by cutting down expenditures as much as possible and directing spending to feasible projects.


Despite its positive forecast for Jordan's GDP growth, the IMF report indicated that the Kingdom and other oil-importing countries in the region will see their average fiscal balance remain negative in 2009 and 2010 due to “high fiscal debts, high debt levels and tight external positions”.


However, the report stated that Jordan and Lebanon are projected to experience the sharpest drop in inflation in the region (from double digits in 2008 to a low single digit in 2009), as a result of the decline in the prices of imported food and fuel experienced by these import-dependent economies.


According to the CBJ 's monthly report issued in October, the consumer price index, a measure of inflation, dropped by 0.7 per cent during the first three quarters of this year compared to a rise of 14.2 per cent registered in the same period of 2008.


Regarding the monetary sector, the report showed that the CBJ's foreign reserves in the first nine months of 2009 rose by $2.409 billion or 31.1 per cent from their level recorded by the end of 2008 to reach $10.153 billion.


Liquidity at local banks also increased by 6.8 per cent during January-September 2009 over its level at the end of last year to reach JD19.55 billion, according to CBJ figures.


Meanwhile, credit facilities extended by local banks increased by JD119 million during the first nine months compared to the end of 2008, standing at JD13.163 billion.


Deposits at licenced banks rose by JD1.56 billion during the first three quarters to reach JD19.66 billion.


According to the CBJ , the deficit in the trade balance declined by 23.5 per cent as imports dropped by 21 per cent to JD6.5 billion compared to JD7.8 billion in the first nine months of 2008. However, exports also dropped to JD3.02 billion from JD3.6 billion last year.


Remittances of Jordanian workers abroad also went down by 6.5 per cent during the first nine months of this year, standing at JD1.891 billion compared with JD2.013 billion during the same period of last year.

[MARTYR]

Responsible competitiveness report to be launched soon

AMMAN - The Ministry of Planning and International Cooperation will soon launch an inaugural report on responsible competitiveness in the Kingdom, which will highlight the competitiveness of business firms in three sectors of vital importance, a senior official said on Monday.


Minister of Planning and International Cooperation Suhair Al-Ali said the initiative is in implementation of Her Majesty Queen Rania's vision, under which she launched the Arab Responsible Competitiveness Report at the World Economic Forum and called for launching a similar report for the Kingdom.


Al-Ali made the announcement at the second Regional Corporate Governance and Responsibility (CGR) Forum, which opened yesterday, adding that the report will also coincide with the launch of the second National Report on Competitiveness to be issued by the ministry.


The 2009 CGR Forum brought together businessmen and leaders from across the Levant, the Gulf and North Africa to lead the advancement of corporate governance and social responsibility in the region, according to the organisers.


Experts from the private and public sectors are also participating in the event to create a road map for the future of corporate governance and responsibility in the region.


At the opening ceremony of the two-day event, Al-Ali highlighted that good governance is not exclusive to public administration, but is equally important in the private sector and civil society.


“This requires a proper political, legal and institutional environment, which ensures a better government role as a regulator, and strengthens the role of the private sector as a key player in economic activity, safeguarding human rights and the integrity of the judiciary, and contributing to expanding citizens’ capabilities, opportunities, economic and social freedoms and political rights, in particular for vulnerable groups in society,” she said.


The minister added that implementing good governance in the private sector is vital in improving efficiency and contributing to economic growth, noting that this can only be achieved in an environment that encourages competition and promotes principles of accountability and transparency.


Al-Ali noted that the assessment of private sector companies is based not only on their profitability, but also on their commitment to corporate social responsibility (CSR).


According to the minister, the World Business Council for Sustainable Development defines CSR as "continuous commitment by business to act ethically, contribute to economic development, and work towards improving the quality of living conditions of the workforce and their families, local community and society as a whole”.


She noted that the government, in collaboration with the private sector, has amended many laws and regulations to cope with the latest developments, in addition to enforcing the principle of corporate governance and reducing bureaucratic red tape.


Raja Khoury, treasurer of AmCham (American Chamber of Commerce in Jordan), Abdulrahim Naqi, secretary general of the Federation of GCC Chambers of Commerce, and Kathleen Vaughan, EVP from Wells Fargo also attended the event, which aims to identify best practices for corporate governance and social responsibility within organisations, according to organisers.

[yazm1991]

Originally Posted by MARTYR

JD 3, 71 Billion excess reserves at CBJ

Amman - The Central Bank of Jordan announced Monday that the Volume of Excess Reserves, including overnight window deposits held at CBJ is JD 3, 71 Billion.

The Bank added in a statement that the Volume of Required Reserves is JD 1, 06 Billion.

The Bank said further that No overnight repurchase agreements were held with CBJ on Sunday.

good news

[yazm1991]

Premier underlines trade opportunities with Canada

AMMAN (Petra) - Prime Minister Nader Dahabi on Thursday underlined the Kingdom’s commitment to enhance cooperation with Canada, particularly economic ties within the framework of the free trade agreement signed between the two countries in June. During a meeting with President of the Arab-Canadian Business Council Hugh O’Donnell, Dahabi underlined the importance of the agreement in establishing new partnerships and increasing the trade volume between the Kingdom and Canada. For his part, O’Donnell underscored his country’s keenness to provide prospects for further cooperation with Jordan.

[yazm1991]

Jordan attracts British interest after slowdown in Gulf states

Slowdown in construction activities in the Gulf area has prompted British companies to explore more projects in the region, particularly in Jordan, according to a UK business association.

“British firms used to focus on projects in Gulf countries, but due to the slowdown there caused by the global financial crisis, particularly in Dubai, these companies changed their views,” Dominic James, the director of Middle East and Africa at British Expertise, said.

James, who headed a business mission consisting of 15 senior officials from four construction firms, added that the global downturn also forced British firms to look for projects outside the UK.

In an interview with The Jordan Times on Tuesday, after concluding meetings with government officials and representatives from the private sector, he indicated that Jordan is going through a construction boom to develop the infrastructure, health, education and tourism sectors.

“Jordan is in the process of huge development and British Expertise will increase the awareness of UK companies about business opportunities available in the country,” he elaborated, pointing out that a larger delegation will visit Jordan in June next year.

Noting that there are only a few firms from UK operating in Jordan, James expressed confidence that the country is in a good position to attract more British companies, even those based in the Gulf region.

British companies can take part in the expansion of Queen Alia International Airport through their expertise in logistics and warehouses, in addition to transportation infrastructure projects to be developed by the Greater Amman Municipality, he indicated.

In addition to several and growing opportunities, Jordan can be a hub for other countries in the region such as Iraq, Syria and Yemen, he noted, stating that the business mission will help British companies identify projects and meet potential clients.

British Expertise is an independent not-for-profit trade organisation based in London set up to help UK consultants and other professional services.

[yazm1991]

Originally Posted by yazm1991

Premier underlines trade opportunities with Canada

Originally Posted by yazm1991

Jordan attracts British interest after slowdown in Gulf states

Good to see Jordan getting new trade partners and attracting new foreign investors.

[yazm1991]

JCCA chief accuses MoF of laxity over dues

Jordan Construction Contractors Association (JCCA) on Sunday said more than 50 per cent of its members face a “critical financial situation”, due to the government’s unwillingness to settle their dues, estimated at JD100 million.

But the government dismissed the claim, saying: “It is concerned to close this file and settle the due amounts.”

Nabil Sharif, the minister of state for media affairs and communications, told The Jordan Times yesterday that two weeks ago, the government paid JD14 million to construction contractors who have submitted claims of less than JD200,000.

Public Works and Housing Secretary General Sami Halaseh said the ministry began disbursing JD8 million earlier this month to contractors who have submitted claims of less than JD100,000.

The Greater Amman Municipality (GAM) also said: “There is not a single claim from the construction sector pending in the municipality files.”

JCCA President Derrar Saraireh pointed out that what was paid represents only 10 per cent of the total dues.

He slammed the Ministry of Finance (MoF) for its laxity in dealing with this file, saying: “It seems there is some sort of mishandling the dues issue by the MoF.”

During a extraordinary general assembly meeting to discuss means of dealing with the situation, Saraireh said: “The JCCA’s general assembly took a decision to issue an appeal to highest authority in the country to solve the problem.”

“This is our last resort after the government has closed its doors in our faces,” Saraireh added.

He described the situation of more than 50 per cent of the JCCA members as “critical”, claiming that large numbers of them have already sold their houses to meet financial commitments.

JCCA has issued several statements calling on the government to pay the sector’s due amounts, and warning that leading contractors will stop work in key projects in case the government did not pay them their dues.

“Even this option to pressure the government to pay our dues is not available anymore, because most of projects are already stopped,” Saraireh noted.

Sharif said the government is working “seriously” to resolve the issue and “close the file” permanently.

[yazm1991]

Hadidi opens China Fair Jordan 2009

Industry and Trade Minister Amer Hadidi on Tuesday underlined the importance of the China Fair Jordan 2009 in boosting commercial ties between Jordan and China.

In a speech at the inauguration of the four-day exhibition, the minister stressed the Kingdom’s keenness to boost trade exchange between the two countries, noting that exhibitions and investment forums help in increasing joint investments, the Jordan News Agency, Petra, reported.

Calling on Chinese and Jordanian businesspeople to study the implementation of joint investments, Hadidi stressed the government’s keenness to provide support and facilities to Chinese investors.

Chinese Ambassador in Amman Yu Hongyang said the China Fair Jordan has realised several success stories since it first took place in 2004, adding that this is represented in the increase in number of exhibitors.

The ambassador described the fair as an opportunity to explore investments and increase bilateral trade exchange, indicating that the Chinese government repeatedly encourages investments in Jordan.

Over 500 Chinese companies are taking part in the fair that will run through November 20. Participating companies represent various industries such as building, machinery, automotive, energy, printing and general commodities.

Over 3,000 Chinese products are on display at the fair, which organisers say will provide an opportunity for networking and reaching deals.

[yazm1991]

King discusses cooperation with Yahoo executives

His Majesty King Abdullah on Wednesday met with Yahoo co-founder and CEO Jerry Yang and several top executives from the US-based Internet giant, which recently acquired the Amman-based web portal Maktoob.com.

At the meeting, attended by HRH Prince Feisal, the King stressed Jordan’s keenness to boost cooperation with the Internet giant to develop the IT sector in the Kingdom, whose revenues rose from $300 million in 1999 to $2.4 billion in 2008.

There are about 350 Jordanian companies working in the sector that have created 18,000 direct jobs, in addition to 60,000 indirect jobs, the Jordan News Agency, Petra, reported.

King Abdullah highlighted the achievements made in the local IT sector, pointing out to success stories, including the Maktoob.com achievement, which he said reflects the development of the sector, which contributes about 12 per cent of the country’s gross domestic product.

Late August, Yahoo! acquired the Amman-based Arabic web portal in late August, giving the company access to Maktoob’s approximately 16.5-million-strong audience across the Arabic-speaking world.

Through the deal, Yahoo! will offer Arabic-language content for the first time and versions of its products and services, including instant messaging and e-mail, in Arabic.

[yazm1991]

China Fair Jordan 2009 yields $9.8m in deals

Agreements worth $9.8 million were signed during the China Fair Jordan 2009, which concluded in Amman on Friday, according to organisers of the exhibition.

Most of the agreements signed were between Jordanian and Chinese companies, Fang Huan Sheng, the chief executive officer of Meorient International Group, which organised the 6th fair in Jordan, told The Jordan Times over the phone Saturday.

Noting that the contracts covered energy, machinery and construction, Sheng indicated that deals worth $63 million are under the process of being signed and they will be finalised “very soon”.

The show, which started last Tuesday, brought about over 5,900 visitors from 33 countries, including Saudi Arabia, the United Arab Emirates, Lebanon, Palestine, Yemen, Syria and Iraq, he said, describing the fair as successful.

Over 500 Chinese companies took part in the fair, representing various industries such as building, machinery, automotive, energy, printing and general commodities.

Organisers said the fair, where over 3,000 Chinese products were displayed, provided an opportunity for networking and exploring cooperation potentials.

“China Fair Jordan is the largest Chinese product trade show of superlatives in Middle East that started from 2004,” according to organisers.

The show has been supported by the ministry of commerce of China, Chinese local government of different provinces as well as the Jordanian government, according to the fair’s website.



Great news!

[MARTYR]

important news !!! keep on the good work jordan

[yazm1991]

Jordan’s domestic debt rises by 17.2%

Jordan’s domestic debt for the January-October period of this year rose by 17.2 per cent as it reached JD5.76 billion at the end of October this year compared to JD4.91 billion at the end of last year, according to Ministry of Finance figures. Accordingly, the domestic debt constituted 35.5 per cent of the estimated gross domestic product for 2009 compared to 32.6 per cent for 2008.

Foreign debt also went up to JD3.67 billion from JD3.64 billion at the end of 2008. The actual budget deficit (excluding foreign assistance) rose to JD1.03 billion for the January-October period this year from JD993 million for the same period last year. Taking foreign assistance into account, the deficit amounted to JD890 million, up from JD500 million, despite an increase by 3.9 per cent in local revenues. According to the ministry, the deficit widened due to increased expenditures and lower foreign assistance.

[yazm1991]

Revenues of Aqaba Customs Department rise 3.7% to JD5.6m

AQABA (Petra) - Revenues of Aqaba Customs Department went up by 3.7 per cent to JD5.6 million during the January-October period of this year. The increase resulted from a rise in fines charged on smuggling cases and from an increase in customs operations. According to Director Colonel Munther Assaf, the number of smuggling cases rose to 651 from 606 cases and transit movement increased by 39 per cent.

[yazm1991]

Jordan, Turkey sign FTA

Jordan and Turkey on Tuesday signed a partnership agreement to set up a joint free trade zone.

During official talks, His Majesty King Abdullah and visiting Turkish President Abdullah Gul highlighted the significance of the agreement, which seeks to enhance commercial cooperation and increase Turkish investments in the Kingdom.

The two countries also signed an agreement on the reciprocal cancellation of visa fees and another agreement on customs cooperation.

Commenting on the agreements signed yesterday, Minister of Industry and Trade Amer Hadidi said the free trade agreement stipulates the establishment of a free trade zone by 2011 while after 12 years customs fees will be fully eliminated.

The minister also said that the agreement to cancel visa fees will facilitate travel between the two countries, while the agreement on customs cooperation will ease the flow of trade.

Jordan and Turkey are members of the Euro-Med Agreement and they also have trade agreements with other Arab countries, so the free trade agreement (FTA) will open the way for the flow of Turkish investments into the Kingdom, he added.

Turkish Minister of Trade and Industry Nihad Ergun, who signed the FTA on behalf of the Turkish government, said the deal will increase the volume of commercial exchange between the Kingdom and Turkey. It will also encourage Jordanian and Turkish businessmen to establish new business ventures and joint investments, the Turkish official added.

In their talks, King Abdullah and Gul tackled means to boost cooperation and coordination between Jordan and Turkey, especially in the economic field.

The talks between the two leaders, attended by senior Jordanian and Turkish officials, also focused on current regional issues, especially means to achieve comprehensive and viable peace in the Middle East.

The Turkish president, accompanied by his wife, began a three-day official visit to the Kingdom yesterday.

Underscoring the importance of Jordanian-Turkish relations, King Abdullah, who and Her Majesty Queen Rania received the Turkish leader and first lady, emphasised the need for tangible steps to pave the way for new cooperation prospects within an institutional framework for 2010.

The two leaders discussed various fields of cooperation related to regional infrastructure projects, mainly in the areas of roads, rail, energy, transport and gas, stressing the need to work out mechanisms for regional cooperation that can reflect positively on the nations of the region.

On regional and international issues of mutual interest, the two leaders reviewed efforts being exerted to overcome the obstacles hindering the resumption of Palestinian-Israeli negotiations to achieve peace within a comprehensive regional context on the basis of the two-state solution and relevant international resolutions.

Prime Minister Nader Dahabi also held talks with the Turkish president yesterday, during which he stressed Jordan's commitment to increasing joint commercial exchange. He also welcomed Turkish investments in strategic projects in the Kingdom.

During the meeting, the premier and Gul also reviewed the latest regional developments.

Emphasising the importance of his visit, in a statement to Jordan Radio and Television Corporation, the Turkish president said: "My visit to Jordan strengthens the friendship between Jordan and Turkey and it is a very important visit."

Business forum

Dahabi and the Turkish president also participated in the Jordanian-Turkish Business Forum, which convened yesterday.

The Turkish president is accompanied on his visit by a business delegation representing various sectors, including construction, finance, technology, tourism, textiles, transport, consultancy and engineering, and logistic services.

At the forum, Dahabi stressed Jordan’s belief in the importance of involving the private sector in the decision-making process and its participation in drawing up economic programmes and plans.

He said the free trade agreement will reflect positively on the Jordanian economy, increasing Jordan's ability to export goods to European markets, especially products such as olive oil, garments, furniture, footwear and electrical equipment.

Gul urged Jordanian and Turkish businessmen to view the agreement with optimism, rather than as a means for speedy commercial profit, stressing the possibility of building commercial partnerships with other countries in the region, especially Iraq, relying on the agreement.

He also encouraged Jordanian businessmen to invest in Turkey, noting that his country is considered the Middle East's gateway to Europe, Central Asia and Russia.

He also said the cancellation of visa fees will foster the brotherly relationship between the two countries and increase tourism exchange, expressing his country’s readiness to invest in the Jordanian tourism sector.

Dahabi said the forum seeks to highlight added-value investment opportunities in various areas of the Kingdom and the incentives provided by the Jordanian investment environment. It also aims to clarify the advantages and competitiveness of various investment sectors in Jordan such as energy, infrastructure, mining and transport.

During the first half of this year, Jordan’s imports from Turkey totalled around $143.6 million whereas its exports, mainly phosphates and fertilisers, were valued at around $9.8 million. Moreover, Turkish investments in Jordan currently stand at around $90 million.

[yazm1991]

Canadians eye Jordanian marble, stone

Jordanian stone and marble factories may soon start exporting their products to the Canadian market.

Claudio Corra, the president of C&S Group, which comprises four companies that provide products and services to the construction industry in western Canada, expected marble and stone imports from Jordan to start within six months.

Corra was among a trade mission of Canadian stone and tile distributors who concluded a visit to the Kingdom last week.

The businessmen toured several plants and were acquainted with quality standards, technical and export capacity and the ability of manufacturers to meet Canadian market needs.

“We visited different locations that produce stones and tiles and we were impressed by the quality of products and the advanced technologies and equipment some factories use,” he said.

During the four-day tour, organised by the USAID-funded Tatweer Project, Canadian buyers checked samples of different products which will be exported to architects and designers in Canada.

Stressing the capability of Jordanian-made stones and marbles to compete efficiently with international producers, Corra indicated that Jordanian stone has limited colours that would appeal to the Canadian market.

“Manufacturers still need to improve production varieties and qualities,” he said.

Ernie Luchetta, the director of Marble Trend Company in Toronto, said the aim of the visit was to explore the strengths and weaknesses of Jordanian marble.

“Canada is one of the most demanding markets in the world for stone and marble and there are some factories in Jordan that are up to the standards in terms of quality,” he added, noting that some manufacturing companies still use unsophisticated technologies.

Besides the significance of reasonable prices, Canadian buyers stress the importance of packaging and finishing, he elaborated, emphasising that Jordanians should use international expertise to improve production.

Nazzal Armouti, the president of the Jordan Stone and Tile Exporters and Producers Association (Jostone) assured the Canadian team that local factories are capable of meeting needs of international markets in terms of quality and design.

“The Canadian delegation showed interest in certain types such as floor and wall tiles and we expect large orders from the Canadian market soon,” he noted.

Armouti said exports through Jostone total around $40 million per year, with the majority of products exported to the Gulf region, the US, Australia, Japan and New Zealand.

He mentioned that the association, in cooperation with the Business Development Centre (BDC) and the USAID-funded Tatweer Project, is working on a project to double Jordan’s stone and marble exports within four years.

Tatweer and the BDC have launched the International Market Expansion Initiative in 2008 to link Jordanian small and medium enterprises with international buyers and to maximise the benefits of free trade agreements between Jordan and other countries in order to penetrate international markets.

The Tatweer Project has increased exports to the US by $18.4 million and to other markets by $72 million in addition to increasing domestic sales by 151 per cent since its establishment in 2005.

[yazm1991]

Amman Stock Exchange

Wednesday’s trading value amounted to JD28.8 million spread over 23.1 million shares traded through 10,209 transactions.

The share price index closed at 2,538 points, an increase of 0.5 per cent.

Out of 159 companies whose shares were traded, prices of 88 entities rose, and the shares prices of 46 firms declined.

The top five gainers were Awtad for Financial and Real Estate Investment by 5 per cent, Union Investment Corporation by 4.97 per cent, Union Land Development Corporation by 4.94 per cent, Specialised Investment Compounds by 4.93 per cent, and Comprehensive Multiple Project by 4.92 per cent.

The top five losers were Arab Bank by 5 per cent, United Group Holdings by 5 per cent, Al Tajamouat for Touristic Projects by 5 per cent, Investment House for Financial Services by 4.96 per cent, and Union Tobacco & Cigarette Industries by 4.88 per cent.

[eastwest]

More than $14 Billion worth of projects are put on hold in Jordan

According to Amlak, a real-estate publication
Many of those projects never exceeded their developers vision and were only plans in Amman, Aqaba, and the dead sea.

Projects include Mansion Hills, Sienna Hills, Tilal Salem, Taameer (UAE) Towers, Sanaya Amman,
Royal Village, Beitna Project, Saraya Dead Sea, Horizon Aqaba, among others.

Source

[B-Patriot]

Wow, 14 billion? Thats a lot!! Especially for a country like Jordan.. Wow.. That must suck...

On a positive note, they're technically on hold.. not cancelled.. So lets keep our fingers crossed...