Economic and Business news

[yazm1991]

Stumbling developers sign JD157m funding deal with Geneva-based fund

Leading local and international investors said on Tuesday they were hopeful a JD157 million deal between two local investment firms and a global investor would blow life into the construction sector.

Yesterday, the Kingdom’s largest real estate developer, Taameer Jordan Holdings, and the United Arab Investors Company (UAIC) singed an agreement with Global Emerging Markets Limited (GEM), an international investment fund headquartered in Geneva, Switzerland, under which GEM has agreed to fund the two partners’ projects in Jordan.

Taameer has been struggling to survive a financial crisis and has faced difficulties in securing loans from local banks to complete its real estate projects in the country.

“We have gone through a serious crisis in the past few years, but our faith in Jordan has helped us overcome the crisis,” CEO and Chairman of Taameer Jordan Holdings Khaled Dahleh told reporters during a press conference held yesterday to officially announce the agreement.

According to UAIC’s CEO Haitham Dahleh, the deal stipulates the establishment of equity-based funding that allows UAIC and Taameer to receive investment capital from GEM in exchange for tradable stocks in the respective companies.

Meanwhile, the Jordan Securities Commission (JSC), the regulator, requested more information about the deal in a letter sent to both local companies, which was made available to The Jordan Times.

The JSC asked the two companies to provide more information about the deal to investors in the stock market before the beginning of Wednesday’s trading session.

According to Dahleh, UAIC and Taameer respectively possess sole discretion to determine the timing and amounts of the investment capital involved, based upon market conditions and funding needs.

“As a result of this deal, Taameer will be able to complete its projects in the next seven months,” he added, noting that owners of housing units in the company’s real estate development projects will receive their units during 2010.

An investor who is familiar with the details of the deal told The Jordan Times that “this is similar to a credit line for both companies to use when they feel appropriate”.

UAIC was established in 1994 as a public shareholding company handling a diversified investment portfolio with a paid-up capital of JD147.5 million and assets valued at JD350 million.

Taameer is constructing major real estate projects, including Ahl Al Azm City in south Amman, which involves 16,000 apartments and villas, along with the luxury villas project, Al Andalucia, among others.

GEM’s investments in UAIC and Taameer followed its 2007 investment in Jordan Al Abyad Fertilisers and Chemicals Co. via its private equity funds VC Bank/GEM Mena Fund.

[yazm1991]

Jordanian-Indian megaproject put on fast track

Actual implementation of a multimillion Jordanian-Indian project for manufacturing phosphoric acid will start as of today.

The Jordan India Fertiliser Company (JIFCO), a joint venture between Jordan Phosphate Mines Company (JPMC) and Indian Farmers Fertiliser Cooperative Limited (IFFCO), received a boost on Monday when its board of directors decided to fix Wednesday as zero date for implementing the scheme.

According to a statement by the JPMC e-mailed to The Jordan Times Tuesday, the decision was taken during a meeting for JIFCO board of directors.

In October last year, His Majesty King Abdullah laid the cornerstone for the $625 million project which is expected to earn the Kingdom about $300 million in export revenues annually.

The project, located Shidiya area in Maan Governorate about 330 kilometres to the south of Amman, will start commercial operation in 2012 and is set to create 2,000 jobs in the construction phase and 800 direct jobs and 1,000 indirect jobs when the plant goes operational, according to owners.

JIFCO entails creating a plant for sulphuric acid with a capacity of 4,500 metric tonnes per day and a phosphoric acid plant with a capacity of 1,500 metric tonnes per day.

U.S Awasthi, CEO of the Indian Farmers Fertiliser Cooperative Ltd., which is owned by 40,000 farmers' cooperative societies with a membership base of 50 million farmers in India and has a capacity to produce about four million tonnes of urea and four million tonnes DAP/NPK fertilisers per year, has previously said that IFFCO seeks to provide through the project an assured supply of phosphate input to Indian agriculture for sustenance in food grain production.

[yazm1991]

Saudi fund extends JD36m in loans to Jordan

Jordan on Tuesday signed a loan agreement of JD36 million with the Saudi Fund for Development (SFD) to finance the third phase of the expansion project of the Samra Power Generation Company (SPGC).

Finance Minister Mohammad Abu Hammour, who signed the guarantee agreement on behalf of the government, said the long-term loan which carries a 2 per cent fixed interest rate and a grace period of five years will be paid back in 15 years in 30 equal installments every six months.

Yousef Ben Ibrahim Al Bassam, the vice chairman and managing director of SFD, signed the agreement on behalf of the Saudi fund.

He added that between 1978 and 2010 the Saudi fund has extended a total of 18 loans to the Kingdom worth of JD246 million to finance development projects in various sectors.

The Samra project, which aims at meeting the increasing demand on energy in the Kingdom, includes the establishment of two power generation units, run by natural gas and diesel, with a capacity of 142 megawatts each and the total cost of the project will be around JD127 million, Abu Hammour said.

The project will offer employment opportunities to around 1,000 Jordanians, SPGC Director General Amjad Rawashdeh said.

According to a company official, the Kuwaiti Fund for Arab Economic Development (KFAED) will lend Jordan around $16 million to cover the total cost of the project.

Last month SPGC signed a loan agreement with KFAED, under which the Kuwaiti fund extended JD36 million to finance 28 per cent of the company’s expansion project.

[hakz2007]

JORDAN, CHINA SEAL AGREEMENTS

AMMAN, May 11 (NNN-PETRA) -- The Amman Chamber of Commerce (ACC) has signed a number of agreements with Chinese institutions to boost joint trade cooperation.

The deals were signed with the China Council for Investment Promotion in Beijing, Shanghai Chamber of International Commerce and Hong Kong Trade Development Council, according to a statement released by the ACC on Monday.

The agreements, sealed on the sidelines of the ACC delegation's visit to China recently, are to foster mutual economic cooperation, increase Chinese investments in the Kingdom and establish joint projects.

Jordan's imports from China in 2009 amounted to USD 1.531 billion and its exports to the world's third-largest economy for the same year stood at USD 50 million.

http://namnewsnetwork.org/v2/read.php?id=119883

[MARTYR]

Emaar International Jordan launches Mediterranean-style apartments in Samarah Dead Sea Resort

Amman, Jordan; May 23, 2010: Emaar International Jordan is launching a new collection of stylish Mediterranean styled apartments within Rift Living in the Samarah Dead Sea Resort, the master-planned community owned by The Dead Sea Touristic and Real Estate Investment Company, formed by Emaar Properties PJSC along with a group of regional and Jordanian investors, in line with the growth plan for Jordan as outlined by the King Abdullah II Fund for Development.

The new phase of apartments overlooking the Dead Sea will be launched on May 25, 2010. Potential customers can choose from the luxuriously finished one, two and three-bedroom homes ranging in size from 76 sq m to 148 sq m, and priced competitively with special promotions offered for early buyers.

The new phase of apartments are scheduled for completion by end of 2011 with the first phase of apartments currently being completed and ready for hand over to customers at the end of September 2010. With several residences in the final stages of completion, potential customers have the opportunity to choose from a range of different types, location and prices.

Mr Peter Titus, General Manager, Emaar International Jordan, said the launch of the new apartment collection at Samarah Rift this week is an integral residential component of the overall masterplan and follows the significant progress achieved with the first phase of the Samarah Rift Living.

"The first three buildings of Rift Living in the residential gated community of Samarah Rift are scheduled for hand over later this year. The delivery of this first phase of apartments is a testament to Emaar's promise to offering affordable luxury lifestyle living to their customers across the region. Early buyers can also benefit from flexible payment terms."

He added: "The apartments in Samarah Dead Sea Resort offer several distinctive advantages of being only 45 minutes away from Amman and can serve as both a primary home as well as an ideal vacation and weekend retreat for customers who value the resort ambience of the Dead Sea region. The ready to move into apartments also offer residents modern amenities in addition to spectacular views of the Dead Sea."

The Dead Sea region is one of the most-sought after locations for holiday homes across the region. Additionally, the focus of the government to strengthen tourism and business in the region has increased customer interest for world-class homes, which will be met by Samarah Dead Sea Resort. "Market research shows that customers look for Dead Sea views, the amenities and ease of access, when making a purchase decision. Samarah Dead Sea Resort fits their requirements in all these three criteria," explained Mr Titus.

The Samarah Rift community is a luxurious complex with its design and construction features drawing on the natural aesthetics of the surrounding environment. It is located directly on the Dead Sea, adjacent to the waterway, and exactly across the rift from the King Hussein Convention Centre (KHCC). Residents will have easy access to the Samarah Beach, the Spa and Wellness Village, as well as the Samarah Rift and Retail Village and neighbouring five star hotels.

Community amenities include walkways, swimming pools, beach, gym, barbeque areas and neighbourhood shopping and dining facilities at the Samarah Rift Retail Village, which is scheduled to start construction shortly. The fully finished and ready to live in apartments offer spacious living and dining areas, en-suite bathrooms, fitted kitchens and large outdoor balconies or terraces that overlook the picturesque Dead Sea.

With the expansion of the King Hussein Bin Talal Convention Centre that is an integral part of Samarah Dead Sea Resort, the Samarah integrated lifestyle community is positioned to become the leisure and residential hub of Jordan

[MARTYR]

GAC Jordan Celebrates 25 Years of Top Quality Services & Total Shipping and Logistics Solutions

Amman, May 23rd, 2010 - GAC Jordan, part of the GAC Group and a leader in shipping and logistics services celebrates this year 25 years of commitment to rendering top quality services and total shipping and logistics solutions to customers and their businesses.


Under the Patronage of His Excellency Alaa Batayneh, Minister of Transportation, represented by Secretary General Mr. Mohanad Alqdah, the anniversary celebration took place on Wednesday May 19th at the Grand Hyatt Amman Hotel, and was attended by Björn Engblom, Chairman of GAC Group, Capt Lars Säfverström, GAC Group President, Rudain Kawar, CEO of GAC Jordan and Ghassoub Kawar, Managing Director of GAC Jordan, in addition to GAC Jordan customers and partner, and numerous media representatives.

Market Leader

Rudain Kawar stated, "Over the last 25 years GAC Jordan has gained a reputable standing in the shipping market, especially in the RoRo market and Cruise Ships area. As the exclusive shipping agent in Jordan for Eukor Car Carriers, we are proud to be number one in the Jordanian market in the RoRo sector. It is thanks to the support of our customers, partners and staff members that we have sealed our position in the market as a leader in shipping and logistics services."

GAC Jordan 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 strategically located in Amman and Aqaba, GAC Jordan 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.

Global Network and Service Standards

Björn Engblom, stated, "Being part of the GAC Group provides GAC JordanGAC Jordan with access to global connections with over 300 offices and more than 9000 staff worldwide, manifested in its slogan 'wherever you go.' GAC Group has been building its reputation in the shipping, logistics and marine markets since 1956, and we are very proud of the accomplishments GAC JordanGAC Jordan has made over the last 25 years and its commitment to providing customers with world standard quality services."

GAC JordanGAC Jordan was recently awarded the ISO 9001:2008 certification from DNV, one of the leading global providers of accredited management system certification, which is a continuation of the previous ISO certifications GAC JordanGAC Jordan has obtained since the year 2000. GAC JordanGAC Jordan received the Certification in recognition of its standardized best practices, ability to satisfy quality requirements and to enhance customer satisfaction.

Commitment to Health, Safety, Security and Environment

As a sociably responsible company, GAC JordanGAC Jordan is committed to the local community in more than ways than one, which include the adoption of a child through the SOS Children's Village Association of Jordan, actively participating in the INJAZ program to educate teenagers on the job market, and providing numerous donations to charity organizations and various initiatives.

As part of its commitment to maintaining a healthy, secure and safe environment for the community, GAC JordanGAC Jordan implements various paperless systems, recycles paper and conducts regular training courses for staff members covering topics on personal health, CPR, fire fighting and many others.

GAC JordanGAC Jordan is dedicated to further building on GAC Groups "Vision Y - Global Values" business strategy, which aims to develop GAC's financial performance and internal matters, enhance customer service and provide additional trainings for employees, signifying GAC's ability to provide a truly global solution for its customers and partners.

[MARTYR]

Umniah Launches Its 'International Roaming' Campaign

Amman: As part of its annual summer promotional campaigns, Umniah announced the launch of its 'International Roaming' campaign that will be running through May until June 2010 at the Queen Alia International Airport. Through this campaign, Umniah will be expressing its belonging to the Jordanian tourism sector by contributing to welcoming foreign tourists and Jordanian expats to the Kingdom.

As part of this campaign, Umniah aspires to reaffirm the concept of hospitality by providing the best and most modern telecom services at the highest standards and at competitive prices. It also aims to present roaming subscribers with the chance to win valuable prizes. Umniah will be awarding a monthly prize of USD10,000 to the subscriber that accumulates the highest points according to call minutes. The more the points the higher the chances of winning, with points being awarded every month without rolling over to the next month.

One point is awarded for each five minutes of calls spent on the roaming network, which includes both inbound and outbound phone calls. Umniah's international roaming subscribers can stay in touch with their friends and loved ones, talking for more minutes and getting the chance to win valuable cash prizes.

Commenting about this campaign, Mr. Omar Omoush, Director of Marketing at Umniah said: "All visitors to Jordan are welcomed by Umniah, whether they are tourists or Jordanian expats living abroad. We encourage them to choose the Umniah network and benefit from the diverse and competitive benefits offered through our 'International Roaming' campaign and we are committed to meeting their needs and living up to their expectations. We are extremely happy to be launching this campaign and continuing the success that was achieved last year where we noticed an increase in the number of subscribers who chose Umniah's international roaming services. We hope to continue satisfying our customers and providing the best services in the Jordanian telecom market."

[MARTYR]

Fitch affirms Arab Bank rating at 'A-'

AMMAN (JT) - Fitch Ratings has recently affirmed Arab Bank's rating of 'A-' with a stable outlook, according to a press release "The affirmation of Arab Bank's rating reflects its leading position in the Middle East, extensive global presence, consistent profitability, sound asset quality and strong capital base," the press statement said.

"The ratings further reflect the bank's stable customer funding, diversification of risk and revenues, and prudent balance sheet management with a strong focus on liquidity," it added. Abdel Hamid Shoman, executive chairman of Arab Bank, stated that affirmation of the rating reflects the confidence of the various parties dealing with Arab Bank and confirms the bank's strong position in the Arab and international markets. Arab Bank has also been recently reaffirmed by Standard and Poor's with a rating of (A-) and by Moody's with a rating of (A3).

[yazm1991]

JEA plans to set up a JD100m worth of real estate investments in Aqaba

Jordan Engineers Association (JEA) plans to set up a JD100 million worth of real estate investments at the Aqaba Special Economic Zone Authority (ASEZA). JEA President Abdullah Obeidat on Saturday said the projects include building housing, commercial, business, medical and service facilities in addition to hotels and shopping centres.

The project will comprise a new premise for the JEA in Aqaba and an engineers training centre. JEA will sign an agreement to purchase a 400-dunum plot near the university to serve these plans, he said. Obeidat underlined the importance of boosting domestic investments as external investments were impacted by the global financial crisis. The association will begin working on the first stage of the project immediately after it completes its purchase of the land plot, Obeidat indicated.

[MARTYR]

Cityplex to pullout of the Apartment sales

Amman- Cityplex, a subsidiary of Al Mutakamilah Land Development and Investment PLC (ASE ticker ATTA), announced today that they will no longer provide brokerages services for privately- owned individually-marketed apartments. Cityplex will continue to provide marketing and sales services to developers and housing companies for whole apartment projects. Cityplex's move to abandon this market segment is part of the company's overall restructuring plan to become the premier real estate consultancy firm in Jordan.

"We want to focus on our core business which is commercial and investment real estate", says Mr. Rami Batarseh, general manager of Cityplex. Cityplex provides real estate services including: sophisticated appraisal reports, feasibility and research studies, topography and survey services and property management.

[MARTYR]

CBJ reserves stand at JD 3.644 billion

08 June 2010
Amman - The Central Bank of Jordan (CBJ) announced Tuesday that the volume of excess reserves is JD 3.644 billion including overnight window deposits.

The volume of required reserves stood at JD1.13 billion, the CBJ added "No repurchase agreements were held with the bank yesterday ",CBJ added.

© Jordan News Agency - Petra 2010

[MARTYR]

ASE opens on a higher note

08 June 2010
Amman - Amman Stock Exchange (ASE) on Tuesday opened its trading on a rise reaching 2375 points compared with 2375 points of last session's closure, according to market sources.

During the first 15 minutes of today's session, the general index fluctuated between 2368 and 2379 points with a trading volume reaching JD 10, 4 million.

"The volume of yesterday's trading session stood at JD 14, 9 million", the sources added

[MARTYR]

Jordan, USA discuss economic and commercial cooperation

Amman - Minister of Industry and Trade Amer Hadidi on Monday discussed with Special Representative for Commercial and Business Affairs of the U.S State Department Lorraine Hariton, scopes of boosting cooperation between Jordan and the U.S, especially in economic and trade areas.

The two officials highlighted the importance of the Global Entrepreneurship Program (GEP) for the development of business as well as for the success of small-scale economic projects.

Hadidi provided an overview of Jordan's participation in the Economic Dialogue and the Investment Forum recently held in the US, stressing the necessity of benefiting from the American expertise in Jordan.

HE welcomed new programs that will stimulate innovation and creativity to create new job opportunities.

Hariton, gave a briefing on the GEP and said the visit aims at implementing the program in Jordan.

[MARTYR]

Gov't says decision making over car imports consistent, sound

08 June 2010
AMMAN - The government on Monday rejected claims by car dealers that certain decisions caused confusion at the local automobile market.
Several dealers and importers grumbled that the slowdown in automobile sales this year was due to inconsistent and "unwise" government decisions and policies.

Musa Sarayreh, who owns a showroom in Amman, told The Jordan Times that the demand for cars during the first five months of this year was lower than the same period of last year, blaming what he called "irresponsible and inconsistent" decisions made by the government such as its recent decision to impose taxes on hybrid cars.

Alleging that the decisions have hurt the automobile market in the country, Sarayreh indicated that there is no certain set of rules or policies that govern the auto market which, as he said, can be used as a reference for the marketing, selling and promotion of cars.

The result, he said, is "uncertainty, chaos and confusion" that make the entire market unpredictable and less rewarding.

Commenting on the current demand for cars, Musa Awamleh, another automobile dealer, said that "there are no sales whatsoever", indicating that the government's decisions affected the auto market, traders as well as the people.

Awamleh explained that among the government regulations that have negatively affected dealers was its recent decision to subject vehicles with dark-tinted glasses imported to the Kingdom after April 6 to technical tests.

This new rule has affected many dealers because changing dark-tinted glass into conventional glass makes certain cars, particularly US-made vehicles, less attractive to many customers, he noted, adding "the government makes decisions that allow certain cars with specific options to enter the local market and then, all of a sudden, changes these decisions without even consulting stakeholders".

According to Awamleh, the market experienced the same state of confusion when the government decided to impose a tax on green cars. People are still hesitant to buy the fuel-efficient vehicles because they believe that the Cabinet may change this decision suddenly by reexempting the environment-friendly cars from taxes again.

"Officials keep stressing the importance of consulting with the private sector before taking any decision, but they never coordinated with us regarding its critical decision to impose tax on hybrids," said Nabil Rumman, president of the Jordan Free Zone Investors Association.

He has previously criticised the government's decision, which he said was taken "without studying the consequences on local traders", adding that the decision also deprived people with limited income of the opportunity to buy affordable green cars.

According to importers' figures, over 10,000 hybrid cars have been imported to the local market since the government decided to exempt them from customs fees in September 2008.

Nadim Haddad, the marketing and sales manager at the Central Trade and Auto Company, Toyota agent in Jordan, agreed with Awamleh that "poor government decision making" is troubling the local auto market.

Responding to traders' criticism, Minister of Finance Mohammad Abu Hammour told The Jordan Times that the government's decisions were well studied and based on a scientific approach, stressing that the government will not change any of the decisions it has made recently concerning the auto market.

Euro changes add to confusion

Rumman also attributed the current slowdown in the market to the drop in the euro exchange rate, which made potential buyers reluctant to purchase American or Japanese cars as they predict the euro value will drop further, which will make European-made cars cheaper.

Regarding their future outlook for automobile sales in the Kingdom, experts were sceptical, saying that despite the coming months which are usually considered the peak season for car sales, slow demand is expected to prevail.

Indicating that the number of imported cars into the local market is declining, Rumman said that in May, a total of 4,800 cars were brought to the country compared to 10,000 vehicles during April, stating that the number of cars imported for reexport has also dropped from 6,000 cars in April to 4,000 vehicles in May.

In the first quarter of this year, a total of 20,000 cars were imported into the local market through the free zone, 60 per cent of which were manufactured in Korea, according to Rumman, who said that many Jordanians prefer Korean cars due to the affordable prices as they range between JD6,000 and JD8,000.

[MARTYR]

CBJ to issue JD 50 million Treasury Bonds

Amman - The Central Bank of Jordan (CBJ) Monday announced that the amount of JD 50 million is the value of the new six months Treasury Bonds to be issued on Wednesday.

On behalf of the Jordanian government, CBJ opened the bid for banks and retirement and investment funds, to be settled on June 10, 2010.

This is the 14th issuance of Treasury Bonds, issued for local and foreign investors, to be matured on December 10, 2010.

"Since the beginning of 2010, the size of government securities issued reached JD 1,987 billion, compared to JD 1,794 billion redeemed during the same period", a CBJ official told Petra.

The net of new government securities issues this year amounted to JD 193 million, compared to JD 431million for the same period of last year", the official added.

[MARTYR]

Seven countries account for two thirds of Jordan's exports

Amman - Seven countries, accounted for 63 percent of Jordan's national exports (do not include re-exported goods) in the first quarter of this year, according to the Central Bank of Jordan.

These countries include Iraq, the United States, Saudi Arabia, India, Syria, Switzerland, and Lebanon.

The value of Jordan's national exports in the first quarter of this year stood at JD1.001 billion, an increase of 13.4 percent compared to the same period of last year.

Jordan's main exports included garments, vegetables, potash, fertilizers, machinery, transport equipment, pharmaceuticals, and phosphate.

[MARTYR]

Foreign investments account for 45 percent at Amman Bourse

Amman - Net Arab and foreign investments at the Amman Stock Exchange (ASE) accounted for 45 percent of total investments at the end of last May compared with 55 percent for Jordanian investors, according to Securities Depository Center (SDC) figures.

The value of total investments at the end of May stood at JD21.201 billion.

Saudis ranked first with investments totaling JD1.4 billion followed by Kuwaitis JD1.1 billion and Lebanese JD1.04 billion.

[MARTYR]

EFG takes over Jordanian brokerage firm

CAIRO: EFG-Hermes announced Thursday that it had agreed to buy a Jordanian brokerage firm, Tadawol for Securities and Financial Services, for JD 3.85 million ($ 5.4 million).
According to Reuters, EFG-Hermes said that it will assume management control of the business, which will be renamed EFG-Hermes Jordan.

Waleed El Naasan, CEO of EFG Hermes Jordan, told Daily News Egypt that EFG Hermes chose Tadawol to get into the Jordanian market.

"EFG looked at companies in Jordan with favorable experience and standing in the Jordanian market as well as the appropriate size and financial situation that warrants an acquisition. After studying the situation, we thought Tadawol was the right choice," said Naasan.

Naasan explained that EFG had a long standing presence in the Jordanian market.

"EFG have been acting indirectly in Jordanian markets since 2007 through a locally based brokerage firm, and long before that as a consultant to the Jordanian government on Jordan's privatization program," said Naasan.

"EFG has many important clients in Jordan and wanted to have a direct presence in the Jordanian market, a country which it views to have great investment potential," Naasan added.

"Jordan is one of the premier financial markets in the Arab region. Its performance is relatively positive compared to other markets," Naasan explained.

"Amman Stock Exchange performance indicators have revealed remarkable performance during April 2010, as the ASE price index weighted by free-float shares closed at (2575.5) points, a 1.7 percent increase in comparison with the end of 2009," said a monthly report by ASE.

"The index weighted by market capitalization closed at 5433.6 points at the end of April, a 1.6 percent decrease in comparison with the end of 2009. The trading volume until April 2010 reached JD 3.145 billion compared to JD 3.956 billion in the same period of the last year, a 20.5 percent decrease," the report adds.

"This move will give EFG complete coverage of the markets in this area. The firm already has branches in Lebanon and Syria, and has now expanded to Jordan," Naasan concluded.

Founded in 1984, EFG-Hermes is one of the premier investment banks in the Middle East and is recognized as the regional market leader in securities brokerage, asset management, investment banking, private equity, and research.

The firm is listed on the Egyptian and London stock exchanges and has had a market capitalization exceeding $ 3.5 billion.

[MARTYR]

GDP up over 2% in first quarter

AMMAN (JT): The gross domestic product (GDP) grew during the first quarter of this year by 2.03 per cent at fixed market prices, compared with 3.2 per cent in the same period of 2009.
According to Department of Statistics (DoS) figures, the value of GDP growth stood at JD4.269 billion at current prices and JD2.277 billion at fixed prices.

The growth during the first three months of this year was slightly higher than that witnessed during the fourth quarter of 2009, which posted at 2 per cent.

In a statement received by The Jordan Times yesterday, the department attributed the growth rate in the first quarter of 2010 to expansion in key economic sectors, which registered a 3.64 per cent growth rate.

The transport, storage and telecommunications sectors achieved the highest growth rate during the first quarter of 2010 at 7.78 per cent, followed by the agriculture sector at 6.63 per cent, and the finance and insurance sectors at 6.25 per cent.

Wholesale and retail trade, restaurants and hotel services came next at 4.38 per cent, whereas the manufacturing sector posted a growth of 0.17 per cent, the DoS figures read.

Water and electricity services saw a decline in the first quarter of this year, dropping by 5.84 per cent, while the construction sector contracted by 2.44 per cent compared to the same period last year, according to the department's initial figures.

[MARTYR]

Gov't reviewing laws on development zones'

AMMAN (JT) - Prime Minister Samir Rifai on Wednesday said the government is working on revising and amending the laws governing the Development Zones (DZs) in order to enhance the investment environment in the Kingdom.
During a field visit to the King Hussein Ben Talal Development Area (KHBTDA) in Mafraq, the premier said the government will provide all forms of support to make the Kingdom's five DZs, established by His Majesty King Abdullah to create jobs and boost development, attractive destinations for local and international investors.

The prime minister also stressed the need to launch promotional campaigns this year for the KHBTDA, which he said possesses several qualities that make it a prime target for investment, particularly its location at the nexus of a highway network connecting Jordan, Syria, Iraq and Saudi Arabia.

Highlighting that investors in several Arab countries are increasingly interested in financing industry, services, logistics and transportation projects, Rifai expressed confidence that the KHBTDA can be transformed into a major destination for Arab investment.

During the visit, Mafraq Development Corporation CEO Rami Qusus briefed Rifai on the progress of work at the KHBTDA, as well as expected future investments and job opportunities.

Qusus indicated that infrastructure work - including water, electricity generating stations, road networks and sewage - is being carried out at a cost of JD50 million to prepare the development zone for wide-ranging future investments, adding that investment at the KHBTDA currently stands at JD45 million, while operating companies and factories in the zone employ a total of 500 workers, the majority of them Jordanians.

Qusus pointed out that the number of jobs is expected to rise to reach 1,500 by the end of 2011 as a result of expected investment growth.