Banking & Finance Japan extends $100m loan to Jordan for power reforms Japan extended a $100 million loan to help Jordan’s electricity sector reforms as part of Tokyo’s support for the kingdom’s International Monetary Fund (IMF(-guided reforms, officials said on Sunday. “Japan will continue our support for Jordan in its economic and financial reforms and further modernisation,” foreign minister Yoshimasa Hayashi said in joint remarks with his […] September 4, 2023
Analysis Trade Joramco flies high as UAE and Jordan deepen industrial ties Commercial aircraft maintenance operator Joramco is establishing a new Boeing Converted Freighter production line in the Jordanian capital of Amman. The company, which is part of Dubai Aerospace Enterprise, is flying the flag for trade relations between the UAE and Jordan as they expand their joint industrial ambitions. Joramco said the new venture will support […] August 24, 2023
Analysis Lifestyle Hollywood strikes a blow to Mena film industry When it came to creating the epic sunset scenes for the upcoming Dune movie sequel, director Denis Villeneuve chose the sand dunes of Jordan and Abu Dhabi to stand in for the futuristic desert planet of Arrakis. Local fans sitting down to watch the movie this November should relish the occasion, as it may be […] July 31, 2023
Analysis Economy Jordan GDP growth forecasts raised on domestic demand Real GDP growth forecasts for Jordan have been raised after sectors including manufacturing, finance, transport and retail performed stronger than expected in the first quarter of the year. Analysts at BMI (formerly Fitch) expect Jordan’s real GDP growth to hit 2.8 percent – up from a previous forecast of 2.6 percent. Growth stood at 2.5 […] July 25, 2023
Environment Jordan gets $250m funding to tackle water crisis Jordan has received $250 million funding from the World Bank to improve its water services efficiency. The funds will be used to rehabilitate water distribution networks, improve energy efficiency and strengthen the country’s drought management system, the World Bank said in a statement. An estimated 1.6 million people are set to benefit from the improved […] July 17, 2023
Opinion Food & Drink The Arab world needs to ease global food trade barriers The region must embrace food imports May 23, 2023
Economy IMF says Jordan must push reforms to drive growth The International Monetary Fund said on Wednesday Jordan needed to accelerate structural economic reforms to push growth beyond the average two-to-three percent it has struck in recent years to help it generate more jobs to reduce high unemployment. “With unemployment still high, and particularly among the youth and women, structural reforms are essential for achieving […] May 18, 2023
Banking & Finance Jordan’s $1.25bn Eurobonds issue oversubscribed six times Jordan issued $1.25 billion of Eurobonds at 7.5 percent that were oversubscribed six times, reflecting global investor confidence in the country’s fiscal and monetary stability, its finance minister said. Jordan finance minister Mohammad Al Ississ said the over-subscription allowed the government to raise the amount over a five-year and nine-month maturity from the original $750 […] April 5, 2023
Banking & Finance Standard Chartered sells Jordan business as part of global strategy UK-based Standard Chartered will sell its business in Jordan to Arab Jordan Investment Bank (AJIB), the banks said in a joint statement. Under the agreement, Standard Chartered’s corporate, commercial and institutional banking and consumer, private and business banking businesses in Jordan will be migrated to AJIB. All Standard Chartered Bank Jordan’s employees will be transferred […] March 27, 2023
Opinion Environment How Jordan can reduce its greenhouse gas emissions It may emit less than some of its peers, but the country's climate goals are just as ambitious March 23, 2023
A thirst for action: Jordan must resolve its severe water crisis Jordan is one of the most water-stressed nations in the world. Severe water scarcity is defined as less than 500 cubic metres per person per year, according to Unicef. In Jordan, the figure is just 100 cubic metres. With rainfall rates lowering and evaporation rates increasing as the climate changes, the kingdom has been plunged […] March 23, 2023
Tourism Tourists beginning to catch on to more than the wonder of Petra Given the Hashemite kingdom’s surfeit of historical sites – from the Nabataean city Petra through the natural beauty of Wadi Rum to the Roman towns of Jerash and Gadariyya – Jordan could be forgiven for being blasé about the need to market its tourism attractions more aggressively. But the authorities in capital Amman are determined […] March 23, 2023
Banking & Finance PPP pioneer has all the right moves – now it needs new partners Jordan is a pioneer of public-private partnerships in the Mena region – and has been since the early 2000s, when the new Queen Alia airport was constructed under a PPP deal. Marquee developments such as Aqaba Container Terminal and a range of water and renewable energy projects have since been financed via PPP, says Hamzeh […] March 23, 2023
Startups get fired up in Jordan’s rapidly changing environment A decade ago, Jordanian startups were the purview of risk-takers and dreamers. Sensible graduates with a head for business sought positions at banks and corporations, with a steady income and job security. That mentality is shifting as increased investment and public sector support fuel a vibrant entrepreneurial culture, encouraging more Jordanians to shelve the safe […] March 23, 2023
Economy Jordan says S&P’s stable outlook supports IMF-backed reforms Jordan’s central bank governor Adel Al Sharkas said the latest rating outlook from S&P Global reflected the “soundness of Jordan’s macroeconomic fundamentals”. Jordan’s finance minister Mohamad Al Ississ said that S&P’s decision to maintain the kingdom’s sovereign credit rating at B+/B reflected confidence in accelerating IMF-backed reforms. “This is the latest confirmation of Jordan’s credit […] March 15, 2023
Banking & Finance World Bank member earmarks $50m for Jordan’s green projects International Finance Corporation (IFC), a member of the World Bank Group, will invest up to $50 million in a five-year bond issued by private sector bank Jordan Kuwait Bank (JKB) to fund green projects in the country. The financing comprises up to $36 million from IFC’s own account, a blended finance co-investment of up to $10 million […] March 13, 2023
Trade Bahrain, Egypt, Jordan and UAE sign $2bn of industrial deals Businesses from the UAE, Egypt, Jordan and Bahrain have signed industrial deals valued at more than $2 billion at a government-backed gathering in Amman. The meeting of the Higher Committee of the Industrial Partnership for Sustainable Economic Development, held on Sunday, brought together CEOs and the industry ministers of the four countries. Twelve agreements were […] February 27, 2023
Banking & Finance Rising interest rates will help struggling Mena banks Rising interest rates are likely to help major banks in Egypt, Morocco and Jordan to remain profitable in 2023 despite loan defaults increasing and a darkening global economic outlook, S&P Global Ratings forecasts. But banks in the three countries remain vulnerable because of higher funding costs, commodity prices and inflation and lower tourism revenue. The […] February 24, 2023
Economy Jordan truckers’ strike exposes woes of impoverished south Striking Jordanian trucker Suleiman Abu Al-Zait spent several long nights on a national highway along his native city of Maan, manning a picket line that created havoc to overland trade. “Diesel is my lifeline,” said 54-year-old Abu Al-Zait, who has seen his livelihood thrown into jeopardy by high fuel price rises since Russia invaded Ukraine. […] January 13, 2023
Food & Drink $5.5m initiative for food security in Mediterranean countries A new $5.5 million package of technical assistance to improve food security in Tunisia, Egypt, Jordan, Lebanon, Morocco and the West Bank and Gaza has been agreed by the European Bank for Reconstruction and Development and the Food and Agriculture Organisation of the United Nations. The joint initiative, which will be launched in January, is […] December 21, 2022
Environment Jordan signs $121m loan deal to upgrade King Abdullah Canal Germany’s KfW Development Bank has partnered with Jordan’s Ministry of Water and Irrigation to provide a €115 million loan ($121.73 million) towards the upgrade of the 65km northern part of King Abdullah Canal. Water minister, Mohammad Najjar, who signed the deal with KfW Amman office director Mark Schwiete, said the project will pump 10 million […] December 20, 2022
Economy Jordan’s draft budget forecasts lower deficit Jordan’s finance minister Mohamad Al Ississ said on Wednesday that their draft budget for 2023 forecasts 11.4 billion dinars ($16 billion) in state expenditure as the economy’s recovery gathers pace. Al Ississ said in a statement the budget deficit was expected to fall to 2.9 percent of GDP next year from 3.4 percent this year […] December 1, 2022
