Economic and Business news

[MARTYR]

Amman Stock Exchange

29 January 2010
Thursday's trading value amounted to JD31.1 million spread over 22 million shares traded through 7,475 transactions.

The share price index closed at 2,531points, an increase of 0.51 per cent.

Out of 165 corporations whose shares were traded, the shares prices of 74 companies rose, and the shares prices of 58 entities declined.

The top five gainers were Middle East Diversified Investment by 4.95 per cent, International Silica Industrial by 4.86 per cent, Enjaz for Development and Multi Projects by 4.85 per cent, Union Investment Corporation by 4.72 per cent and Union Land Development Corporation by 4.72 per cent.

The top five losers were Winter Valley Tourism Investment by 5 per cent, Jordan Emirates Insurance by 5 per cent, Jordan Clothing by 4.94 per cent, Al Ahlia Enterprises by 4.87 per cent and Arab German Insurance by 4.76 per cent.

[MARTYR]

Jordan's revenues from vegetables drop

28 January 2010
Amman, - Jordan's revenues from vegetable exports dropped down by 6,5 % to reach JD 230,8 Billion in the first eleven months of 2009 compared to the same period of 2008, according to official figures.

The figures showed that despite this drop, vegetables counted for the fifth largest portion of Jordan's exports.

62% of Jordan's exports of vegetables went to the markets of Iraq, Syria and the United Arab Emirates .

[MARTYR]

Experts link record rise in foreign reserves to economic slump

29 January 2010
Economists on Thursday attributed the record increase in Jordan's foreign currency reserves to a decline in imports and economic slowdown.

According to Central Bank of Jordan CBJ figures, foreign currency reserves reached $10.9 billion at the end of 2009, increasing by 41.5 per cent from 2008, when reserves stood at $7.7 billion.

Economist Jawad Anani said despite the diminishing effect on foreign currency inflows caused by declines in exports, foreign investment, foreign aid and remittances from Jordanian workers abroad, low demand on imports, particularly oil, was the main reason foreign currency reserves hit the record high.

Oil imports during the first 11 months of 2009 stood at JD861 million, a 50 per cent decrease compared to 2008, when they reached JD1.72 billion.

Anani, a former Royal Court chief who has also held several ministerial posts, described the increase in foreign currency reserves as positive, saying it strengthens the exchange rate of the local currency and boosts confidence among depositors.

"People prefer to deposit their savings in the Jordanian dinar because of the higher interest rate on deposits in local currency, which stands at 4 per cent, while it is only 1 per cent on US dollars," he noted, adding that even depositors in the Palestinian territories have more confidence when saving their money in Jordanian currency.

The expert highlighted the prudent policies of the CBJ in restricting local banks from extending loans to investment projects outside the Kingdom.

Financial analyst Ali Tabbalat said that the increase in foreign currency reserves proves the resilience of the banking system in Jordan during the global financial crisis, attributing the increase in reserves to a drop in investments and imports.

"Remittances from Jordanian workers abroad dropped in 2009, which means that it did not have a major impact on the increase of the foreign reserves," he added.

According to CBJ figures, Jordanian remittances in the first 11 months of last year dropped by 5.6 per cent compared to the same period of 2008, reaching JD2.33 billion.

However, economist Hani Khalili described the increase in foreign currency as "unhealthy", saying the increase in reserves was due to economic slowdown and to tight conditions imposed by local banks on credit facilities.

"The increase shows that banks did not extend credit facilities and that trading activities have slowed down during last year," he explained. He noted that it is not possible that the trend among the public to save in local banks could be behind the surging foreign reserves, simply because savings are mainly in the local currency. He insisted it was the economic slump and the subsequent banks' strict loaning policies that stood behind the record figure of foreign currency reserves.

Anani elaborated that the increase in foreign reserves was also driven by Jordanians' consumption patterns, as Jordanians cut down their spending on travel and luxury items and substituted it with spending on essential commodities.

[MARTYR]

Microsoft Jordan launches Windows deployment workshops for IT professionals

Microsoft Jordan has launched a series of Windows 7 deployment workshops at the Microsoft Innovation Centre (MIC), to provide local IT professionals with hands on experience and indepth understanding of the functionality, deployment and compatibility of Windows 7 that will make their day-to-day work processes simpler and more efficient. The Microsoft Innovation Centre (MIC) in Jordan is the first MIC in the world to deliver the 16 deployment workshops that started on January 17 and will continue until June 27, 2010. The workshops are free of charge and each has a duration of two full working days. Rula Ammuri, the country manager of Microsoft Jordan, stated: "The Windows 7 workshops have been designed to assist local IT professionals to familiarise themselves with the various new features of Microsoft's latest operating system, enabling them to maximise the benefits that they and their organisations will gain from deploying Windows 7, including simpler and more efficient management of daily IT processes, enhanced software compatibility and effortless deployment and migration across their organisation's IT infrastructure."

The trainer-led workshops are delivered by certified professionals from Microsoft partner entities in Jordan including Special Technical Services, General Computers & Electronics, Fastrabbit, United Technology Solutions and Professional Advanced Infrastructure Solutions.

[MARTYR]

Airport International Group renews strategic relationship with Hills Advertising

Airport International Group, the Jordanian company responsible for rehabilitation, expansion and operation of the Queen Alia International Airport (QAIA), announced Tuesday that an agreement has been reached with Hills Advertising (Hills), LLC to continue its commercial advertising programme at QAIA to December 31, 2011. According to the agreement, Hills will have the exclusive indoor and outdoor commercial advertising rights at QAIA for all areas under AIG's responsibility.The renewed relationship with Hills will give advertisers the opportunity to reach over 4.75 million passengers travelling through QAIA annually, as well as the scores of greeters and well-wishers visiting the airport daily.

The comprehensive advertising programme includes the outdoor advertising displays at the entry way and exits of the airport, as well as the jet bridges and the backlit displays throughout the terminal. Curtis Grad, the chief executive officer of AIG, stated: "We are pleased to renew this strategic relationship with Hills, which will now be offering an even broader range of advertising options throughout QAIA." Sami Al Mufleh, the chief executive officer of Hills Advertising, called for interested advertisers to visit the agency's website for more information and details on any advertising solutions that the company offers.

[MARTYR]

Cisco and JBS present latest technologies to Jordan's top banks, financial institutions

Cisco Jordan, a supplier of networking equipment and solution, and Jordan Business Systems (JBS) organised last week a gathering for a number of financial institutions. The event aimed to introduce CiscoCisco's top-notch solutions designed to provide the ideal answer to some of the most important challenges the financial market faces in Jordan.

It also aimed to introduce JBS as Cisco's trusted business partner that is capable of implementing and supporting the challenging requirements. It featured several discussions and debates which tackled various issues related to the reality of banking and finance nowadays, and ways to optimise the technologies used to improve overall customer satisfaction and achieve better results. Saed Habash, the territory manager for the financial sector of Jordan Cisco in Jordan and Palestine, said:

"We found it prudent to invite key players in the sector to come together to share experience and exchange ideas regarding the future of the industry." He added: "This event comes as part of our commitment towards taking the financial services industry in Jordan to a whole new level of high-quality and excellence and leveraging the technologies and solutions used in the field to gain a competitive edge and accomplish best results."

[MARTYR]

GA of Jordanian-Syrian land and marine transport companies review cooperation

Amman -- Minister of Transport Alaa Batayneh and his Syrian counterpart Yarob Badr co-chaired on Wednesday the meetings of the general assembly (GA) of the Jordanian-Syrian land and marine transport companies.

The conferees were briefed on previous minutes of meetings and the current year's operation plans as well as budget.

The meeting also discussed profits and losses of 2009.

It also discussed ways to overcome challenges that could face the GA in 2010 because of the repercussions of the global financial downturn.

[MARTYR]

Agreement signed to establish development zone in Dabouq

AMMAN (Petra) - An agreement was signed Tuesday to establish a development zone over the plots of land where the Jordan Armed Forces' headquarters is located and surrounding areas in Dabouq excluding the location of the King Hussein Medical Centre. The agreement was signed between the Business Complex Company that is affiliated to the Social Security Corporation (SSC), the Ministry of Finance, the Jordan Armed Forces and the Greater Amman MunicipalityGreater Amman Municipality Council. The company's chairman of board of directors Fares Sharaf said the company, which is fully owned by the SSC's investment unit, will be the main developer of the zone, adding that the company will establish, develop, run and invest in a multipurpose project in the location.

The project entails the creation of malls, office buildings, housing units, hotels, restaurants and tourism facilities. He added that although the company is owned by the investment unit, its capital is limited by JD100 million and loan bonds at a value of JD150 million. He added that the initial economic feasibility study indicate that the cost of the project and developing its infrastructure amount to about $1.5 billion.

[yazm1991]

Assets of Arab Bank Group exceed $50b

Arab Bank announced Monday in a press release that the group's net pretax and after provisions income amounted to $782.8 million during 2009. No comparative figure was mentioned.

According to Arab Bank Group's financial statements for the year ended December 31, 2009, operational revenues amounted to $1,774.2 million compared with $1,866.6 million for the year ended December 31, 2008.

"Arab Bank Group 2009 balance sheet showed increase in deposits, equity and liquidity," the press statement said, pointing out that assets grew by 11 per cent to $50.6 billion, compared with $45.6 billion at the end of 2008.

Customer deposits remained the key funding source, rising by 11 per cent to $34.9 billion, compared with $31.4 billion at the end of last year and accounting for 69 per cent of the bank's total assets.

Total bank deposits increased by 19 per cent to $6.3 billion compared with $5.3 billion at the end of last year, "reflecting the increasing confidence in Arab Bank and its group entities in the different countries where it operates".

Cash and due from banks grew by 28 per cent, from $12.7 billion at the end of 2008 to $16.2 billion at the end of this year, resulting in further increasing the liquidity ratio which includes cash and quasi cash, reaching 49 per cent of total assets, with loans to deposits standing at a very comfortable ratio of 63 per cent.

Arab Bank Executive Chairman Abdul Hamid Shoman indicated that shareholders' equity rose by 8 per cent to $8.1 billion, compared with $7.5 billion at the end of 2008, constituting 16 per cent of total assets.

Underlining further the bank's strong capital base, the capital adequacy ratio strengthened further to 17.9 per cent, higher than the 8 per cent and 12 per cent required by both Basel II and the Central Bank of Jordan respectively.

"The bank's profits were generated from the core income streams of the bank, locally and overseas," Shoman said, noting that the drop in net profit compared to last year is primarily due to the bank's prudent policies based on which, the group has booked additional provisions of $204 million against non-performing and watchlist credits.

He also mentioned the booking of a non-recurring gain of $37 million in 2008 as a result of selling the bank's branches in Cyprus.

"In recognition of the bank's conservative risk policies, asset quality, franchise value, strong capitalisation and liquidity, Moody's has reaffirmed the bank's A3 rating and ‘stable outlook’, whilst Standard & Poor's reaffirmed the bank's A- rating," Shoman indicated.

The board of directors of Arab Bank recommended to the general assembly, which will meet on March 26, 2010, to endorse the distribution of JD106.8 million or 20 per cent cash dividends to shareholders.

[yazm1991]

Pharmaceutical exports increase by 15%

The Kingdom's pharmaceutical exports increased by 15 per cent this year compared to 2008, a Jordan Food and Drug Administration (JFDA) report released on Monday indicated. According to the report, drugs exports stood at JD440 million in 2009, compared to JD382 million in the year before, Saudi Arabia and Algeria topped the list of importing markets with 26 per cent of total exports. Sudan came third with 7 per cent of the total exports, followed by Lebanon and Iraq with 6 per cent, and the United Arab Emirates with 5 per cent.

JFDA Director General Mohammad Rawashdeh told reporters that the country’s 17 drugs manufacturers export to 60 countries across the world. He noted that new markets were also opened in Cameron, Senegal, Sri Lanka, Rwanda and Ariteria. Rawashdeh pointed out that some 6,250 drugs are registered with the JFDA, noting that 3,000 of the total are locally produced drugs. In 2008, the country’s public and private sectors spent JD320 million on medicine. Of the total, JD231 million worth medicine were imported and the rest were local medicine. Rawashdeh said Jordanian pharmaceutical companies annually export 75 per cent of their output to other markets.

[yazm1991]

Microsoft Jordan sponsors 100 students from graduate internship programme

Microsoft Jordan is sponsoring 100 university graduates as part of a graduate internship and employment programme that was launched in May 2009 by the Ministry of Information and Communications Technology, the Ministry of Labour, USAID’s Jordan Economic Development Programme (SABEQ) and sector associations that include int@j and Jordan Computer Society. Microsoft Jordan is providing a number of free training courses that will help develop the IT skills of graduates hired under the programme and better prepare them for their careers.

The government is helping graduates find suitable employment within the private sector, subsidising 50 per cent of each student’s salary during the first 12 months of employment and 25 per cent during the subsequent six months. Every graduate hired under the programme also receives a two-week soft skills training course. Microsoft’s contribution to the programme will further expand the skills developed by the recruits. Microsoft Jordan worked to provide access to a series of training sessions at the Microsoft Innovation Centre to help the students build their capacities and enhance their technical skills. The first group of 25 students received the first training on January 12, 2010, while the final training session will be completed by February 11, 2010.

[yazm1991]

Jordan Press Foundation nets JD5m profit in 2009

The Jordan Press Foundation (JPF), publisher of the Arabic daily Al Rai’, The Jordan Times and the children’s magazine Hatem, was able to generate around JD27 million in operational revenue last year, despite the impact of the global economic crisis on advertisements in the Kingdom.

According to JPF figures, income from advertisements in 2009 reached JD23.4 million, while the earnings of the foundation’s commercial press stood at JD3.7 million. Pre-tax profit amounted to JD6.2 million, while after tax profit came at JD5 million, according to initial figures released by the JPF.

[yazm1991]

Joint Jordan-Lebanon Higher Committee starts technical meetings

Technical meetings for the sixth session of the Joint Jordan Lebanon Higher Committee started on Tuesday. The two-day meetings will be followed by a ministerial meeting on Thursday before the higher committee convenes on Friday, which will be headed by Prime Minister Samir Rifai and his Lebanese counterpart Saad Hariri.

According to Jordan’s Ambassador in Lebanon Ziad Majali, Jordan and Lebanon will discuss 23 accords covering economic, social, administrative and youth fields. He indicated that Lebanese president will also meet with Rifai and the accompanying delegation. Trade volume between the two countries was $250 million last year, Majali added.

[yazm1991]

Jordan eyes bigger pie of Dead Sea cosmetics market

Jordan is vying to break Israel's dominance of a major cosmetics industry based on Dead Sea minerals famous for their therapeutic qualities but, despite an abundance of mud, still has far to go.

Two decades after production first started, the industry on the Jordanian side still has a turnover of just 30 million dollars a year and accounts for only 0.5 percent of the kingdom's annual exports of around six billion dollars.

Israel's Ahava, which markets its moisturising lotions and a range of other Dead Sea products in 30 countries, alone earns more than 150 million dollars a year, five times more than all of the Jordanian companies.

Some 50 Jordanian firms produce Dead Sea cosmetics, but only 15 have a global presence in markets across the Middle East, Asia, Europe and the United States.

"The kingdom is rich in materials and its Dead Sea shoreline is muddy, in contrast to Israel's rocky shoreline," said Osama Qutaishat, head of Jordan's association of manufacturers of Dead Sea products and owner of one of its largest cosmetics companies.

Israel's rocky shoreline has meant it has even imported raw materials from Jordan since the two countries signed a peace treaty in 1994.

"Many studies have shown that Dead Sea minerals including potassium, magnesium, silicon, sodium and calcium are effective in treating and preventing illnesses like psoriasis, eczema and acne," Qutaishat told AFP.

Landlocked between Jordan, Israel and the occupied West Bank, the Dead Sea is the world's lowest and saltiest body of water. Legend says the Queen of Sheba believed in its healing powers, and Egypt's Cleopatra built a spa on its shores.

Lack of cooperation and the small size of the companies in the sector are the major problems of the industry, said Yarub Qudah, head of the state-owned Jordan Enterprise Development Corporation.

"Their capabilities are limited. One of the solutions is systematic cooperation between the companies and the establishment of a consortium for exports," he added.

"If the companies work properly, exports could reach 100 to 120 million dollars annually in five years," he said, adding that if a plan to transform Dead Sea products into clinical products bears fruit, prices could jump "four or five times."

Poor quality output by some firms has also been to blame, giving Jordanian products a bad name, the owners of some of the largest companies said.

Both Israel and Jordan are exploiting the Dead Sea tourist trade, with luxury hotels on either shore.

Both have also set up massive evaporation pools that harvest Dead Sea minerals like potash, or potassium carbonate, used to produce soap, glass, baking soda and fertilisers.

But the Dead Sea, so named because virtually no life can tolerate its heavily salty waters, may be facing another kind of death -- the sea's surface level is plunging by a metre (more than three feet) a year.

For centuries, the sea's delicate balance was maintained by the Jordan river, its only year-round water source. But in recent decades Israel and Jordan have been diverting its waters into large irrigation projects.

The Dead Sea shoreline has receded by more than a kilometre (about a mile) in some places and the world-famous body of water could dry out completely by 2050, according to some calculations.

[hakz2007]

Jordan, Brazil to intensify efforts to ink free trade agreement

AMMAN, March 18 (PNA/Xinhua) -- Jordan and Brazil Wednesday agreed to intensify efforts to complete negotiations to sign a free trade agreement (FTA) between Jordan and Mercosur, South America's largest trading bloc, the state-run Petra news agency reported.

During their talks here on Wednesday, King Abdullah II of Jordan and Brazilian President Luiz Inacio Lula da Silva agreed to form working team representing public and private sector representatives to activate bilateral cooperation in economic, commercial and investment fields and to push forward talks to sign an FTA between the Arab kingdom and Mercosur.

Mercosur, the "Common Market of the South," which is created in 1991, seeks to promote free trade and the fluid movement of goods, people and currency. Its full members include Argentina, Brazil, Paraguay and Uruguay.

In their talks, the two leaders also discussed means to foster bilateral ties in various sectors.

Their discussions also covered developments in the Middle East and efforts to push peace talks forward.

They also looked into means to overcome obstacles against resolving the Palestinian-Israeli conflict based on the two-state solution, which entails the creation of an independent Palestinian state living side by side along with Israel in peace and security.

Meanwhile, the two leaders highlighted the importance of a Jordanian-Brazilian business forum that will start in the Jordanian capital of Amman Thursday with a view to explore joint cooperation and investment opportunities. (PNA/Xinhua)

http://www.pna.gov.ph/index.php?idn=...d=3&rid=264973

[yazm1991]

'Brazil ready to assist Jordan'

Brazil is ready to assist Jordan in bio-fuel production technology, Brazilian President Luiz Inacio Lula da Silva said Thursday, adding that the private sector in the Latin American country is interested in the Kingdom’s energy and water megaprojects.

Addressing the Jordanian-Brazilian Economic Forum, which convened in Amman Thursday, the president said Brazil is keen to boost trade exchange and carry out joint investment ventures with Jordan, stressing the need to follow up on agreements the Kingdom signed with the Mercosur trade bloc during His Majesty King Abdullah’s visit to South America in 2008.

During the forum, entitled “Jordan and Brazil: Prospects for Trade and Investments”, Prime Minister Samir Rifai underlined that besides the agreements signed less than two years ago between Jordan and Brazil and the Mercosur trade bloc, there are cooperation between the private sectors in the fields of agricultural industries, textile and apparel among others.

Rifai briefed participants in the forum on the strategies adopted by the Kingdom to develop the business environment and attract foreign investments, highlighting the government’s economic reform programme that seeks to control the state budget deficit and to facilitate trade and protect the intellectual property rights.

A total of 55 Brazilian businesspeople and over 400 Jordanian counterparts as well as 11 Iraqi investors took part in the conference to explore joint ventures and opportunities for cooperation, Brazilian Ambassador in Amman Fernando Jose Marroni de Abreu told The Jordan Times Thursday.

The envoy said businesspeople discussed cooperation in various sectors, particularly agricultural, pharmaceutical, energy, tourism and the information and communications technology in addition to other subsectors.

“The general evaluation from my colleagues in the department of trade at the Foreign Ministry was that the meetings were very constructive,” he noted, adding that the private sector and concerned ministries in both countries should follow up on what King Abdullah and President Lula agreed on.

During his meetings with the King, the president, who concluded his two-day visit to the country, was clear on what fields Brazil can provide assistance to Jordan, for example in agriculture and alternative energy, the diplomat said, adding that the South American country has long experience in alternative energy that goes back to 1970s.

The ambassador pointed out to a visit by Brazilian Minister of Science and Technology Sergio Rezende to Jordan earlier this month where he discussed with officials means to boost cooperation in the areas of science and technology.

Industry and Trade Minister Amer Hadidi said the global recession affected trade flows between the two countries in 2009, which stood at $189.8 million, a 19 per cent drop from 2008.

During the talks between King Abdullah and the Brazilian president, the two agreed to work intensively to wrap up talks towards the signing of a free trade agreement between Jordan and the Mercosur trade bloc, which comprises several Latin American countries, including Brazil.

[yazm1991]

'GDP grew 2.8 per cent in 2009'

The Kingdom’s gross domestic product (GDP) grew by 2.8 per cent in 2009 against 5.6 per cent growth in 2008, according to the latest figures issued Tuesday by Department of Statistics (DoS).

The reports showed that the value of GDP in current prices (nominal GDP) reached around JD16.266 billion in 2009, compared with JD15.056 billion in 2008, while in fixed prices, real GDP reached JD9.607 billion in 2009 as opposed to JD9.349 billion in 2008.

According to the DoS, GDP in the fourth quarter of 2009 grew 2.9 per cent in fixed prices, reaching JD2.402 billion compared with JD2.334 billion in the same quarter of 2008.

The construction sector achieved the highest growth rate of 12.8 per cent in the fourth quarter of last year.

[yazm1991]

Olive oil production increases by 48% in 2009

Olive oil production from the 2009 harvest season increased by 48 per cent to 16,760 tonnes from 11,292 tonnes in 2008, according to figures issued by the Department of Statistics (DoS) on Sunday.

The DoS report also showed that the Kingdom’s total olive production increased by 30 per cent last year, reaching 135,000 tonnes compared with 94,000 tonnes in 2008. Of which 69 per cent, or 92,000 tonnes, was used for extraction of oil.

Despite a 16 per cent drop in production, the northern Governorate of Irbid registered the highest production of olive oil last year with 3,429 tonnes, followed by Jerash and Ajloun with 2,656 and 2,576 tonnes respectively, the figures indicated.

The southern governorates of Aqaba, Tafileh and Karak registered the lowest olive oil production levels in the country in 2009, although their production increased significantly over the previous year, the figures showed, indicating that Aqaba produced 78 tonnes compared with only 20 tonnes in 2008, Tafileh 105 tonnes compared with 21 tonnes and Karak 544 tonnes compared with 217 tonnes.

Before last year’s harvest season started, the Ministry of Agriculture expected olive oil production to be around 28,000 tonnes and estimated olive production to reach 179,000 tonnes.

According to official figures, the Kingdom’s total olive oil consumption stands around 24,000 tonnes annually, while the average annual per capita olive oil consumption is four kilogrammes, which is below the recommended level of around 10 kilogrammes.

There are around 17 million olive trees in Jordan, generating a yearly income of JD100 million, with an average export worth JD20 million per year, according to Agriculture Ministry figures.

The DoS report stated that a total of 103 oil presses were operating in the Kingdom last year, 101 of which are using advanced technologies.

[yazm1991]

JPMC signs accord to build new phosphate port in Aqaba

Jordan Phosphate Mines Company (JPMC) will develop, build and operate a new phosphate port over 30 years under an agreement signed Sunday with Aqaba Development Corporation (ADC).

The $240 million agreement stipulates that the port will be ready for operation by mid 2012 and that it will operate in line with the master plan of Aqaba Ports and according to international best practices.

ADC, the central development arm of the Aqaba Special Economic Zone Authority, and JPMC signed a memorandum of understanding in 2008 setting the basic terms for the development and operation agreement including granting JPMC the right to undertake the preparatory works necessary for the implementation of project.

ADC Chief Executive Officer 'Shadi Ramzi' Majali, who signed the agreement yesterday with JPMC Chairman and Chief Executive Officer Walid Al Kurdi, expressed satisfaction saying: "The agreement is indeed key to ADC’s plans to develop, rehabilitate and transform Aqaba’s ports into world class transport and infrastructure facilities, through public private partnerships, which alleviate the financial burden on the government for funding such infrastructure projects and in turn utilises private sector know-how and expertise in managing strategic assets."

Following the signing ceremony which was attended by several officials, Kurdi said: "Upon completion, the project will ensure the continuation of the exportation of phosphate, which will in turn allow ADC to close the current phosphate terminal within the main port for its redevelopment with Al Maabar."

He indicated that JPMC will finance the project through a direct loan agreement signed with the International Finance Corporation noting that $110 million will be through debt, and the remaining $130 million through JPMC’s own resources.

The new phosphate port, which will have an average annual handling capacity of approximately four million tonnes, will include a 280-metre-long berth equipped with handling equipment, the ADC said in a statement.

“The berth will be connected to a state of the art storage/handling facility with a long haul pipe conveyor all completely equipped as part of JPMC’s obligations whether during construction or operation with the necessary environmental, safety, general security and health equipment and precautions and according to the environmental laws of the ASEZ,” the statement concluded.

[hakz2007]

IMF urges Jordan to boost private sector role to sustain economic growth

AMMAN, April 5 (PNA/Xinhua) -- International Monetary Fund (IMF) chief Dominique Strauss-Kahn on Sunday urged Jordan to boost the private sector's role and contribution in major sectors of tourism and services as the sole way for the Arab kingdom to continue to realize economic growth.

In a press conference in the Jordanian capital of Amman, the IMF chief said the real problem that Jordan is facing is the weakness of the private sector's contribution to the overall growth and the weak role of the public sector as well.

Strauss-Kahn said Jordan must make a balance between the educational outputs and the needs of the private sector.

"Jordan enjoys a very high educational level according to international and regional standards but at the same time unemployment among the youth is high and the reason for that is that the skills students obtain at universities are not what the private sector needs," he told reporters.

Despite saying that there are problems in Jordan regarding the educational output, the role of the private sector and infrastructure, Strauss-Kahn said there is a possibility that the Jordanian economy will enjoy good performance during the coming years.

He said economic growth in Jordan is expected to reach 4 percent in 2010, and although this growth is not similar to that registered in Jordan before the global financial crisis, it still reflects that the Jordanian economy is on the path of recovery.

Earlier in the day, King Abdullah II met with Strauss-Kahn and discussed the consequences of the global financial crisis on the economies of the region.

At the meeting, the king reviewed Jordan's efforts and mega projects and programs that seek to speed up economic growth and enhance investment environment in the country.

The IMF chief, who also met with Jordanian Prime Minister Samir Rifai, is on a visit to the Kingdom to meet with officials to discuss the economic situation in Jordan in light of the global financial crisis. (PNA/Xinhua)

http://www.pna.gov.ph/index.php?idn=...d=3&rid=267868