Trade Israel’s trade with Arab countries up 16% in 2023 Trade between Israel and the seven Arab countries that have normalised relations with the Jewish state broke records in 2023, exceeding $4 billion, up 16 percent from 2022, according to a report. Bilateral trade among the nations decreased by only 4 percent following the outbreak of the war in Gaza in October, from $937 million […] April 5, 2024
Economy Jordan’s economic growth to slow on lower tourist arrivals Jordan’s economic growth will ease to 2.1 percent in 2024 from 2.6 percent in 2023, as tourism arrivals are likely to be lower than record-breaking levels seen last year, S&P Global Ratings said in a report. “Our GDP growth forecast reflects fiscal drag and an expected increase in precautionary savings amid rising regional tensions,” it […] March 11, 2024
Industry Jordan’s Foursan acquires 33% stake in dates exporter A fund managed by Jordanian private equity company Foursan Group has acquired a minority stake in Medjool Village, a local producer and exporter of Medjool dates. Foursan Capital Partners (FCP) II fund acquired 33 percent in Medjool Village, which is the fund’s seventh investment. The value of the deal was not disclosed. Founded in 2012, Medjool […] March 7, 2024
Trade AD Ports deal to transform Jordan’s Aqaba Abu Dhabi is to play a key role in transforming operations at Aqaba Port, Jordan’s primary trade hub. A joint venture company comprising a subsidiary of Abu Dhabi Ports Group and the Aqaba Development Corporation (ADC) aims to “revolutionise” the port by digitalising operations within a year. The UAE wants to build on bilateral trade […] February 6, 2024
Industry Morocco joins Mena industrial partnership Morocco has become the fifth country to join a partnership that aims to strengthen industrial integration in the Middle East and North Africa. At a meeting held in Manama, Morocco’s entry into the Industrial Partnership for Sustainable Economic Growth was announced, joining the UAE, Jordan, Egypt and Bahrain. During the meeting $2.2 billion worth of […] January 15, 2024
Finance IMF approves $1.2bn loan to support Jordan’s reforms The International Monetary Fund (IMF) has approved a $1.2 billion, four-year loan programme to support Jordan’s economic and financial reforms. The new arrangement replaces the previous extended fund facility arrangement, which was approved in March 2020 and was set to expire in March 2024. Jordan will get immediate access to about $190 million of the […] January 11, 2024
Media & Advertising In the streaming age, the TV stays on after Ramadan YouTube creators and streaming services are changing the face of television all over the world – but particularly in Arab countries, according to executives who attended the Red Sea Film Festival in Jeddah this month. The entertainment industry in the Middle East traditionally focused on the fasting month, when TV shows could find a captive […] December 18, 2023
Saudi schools ‘doing better at maths but still lagging behind’ Saudi Arabia’s schools have improved in the past few years, but are still below the international average and a long way behind the best performers, according to the OECD. Teenagers from 81 countries were tested for the OECD Programme for International Student Assessment (Pisa), which published its 2022 report on Tuesday. The tests measured the […] December 5, 2023
Infrastructure Gulf telcos sign deal to create $2bn tower company Telecom operators Ooredoo and Zain Group on Tuesday said agreements have been signed to create the largest tower company in the Middle East and North Africa. The cash and share deal, which also involves Dubai-based Tasc Towers Holding, will establish a company comprising 30,000 telecom towers in Qatar, Kuwait, Jordan, Iraq, Algeria and Tunisia, with […] December 5, 2023
EXCLUSIVE Sustainability Opec Fund piles up financing for wheat, wind and water The Opec Fund for International Development is on track to meet its pledges to increase grants and loans to climate-related projects, its Middle East and North Africa head has told AGBI. Musab Alomar, the fund’s director of public sector operations for Mena, said climate financing made up 33 percent of all Opec Fund approvals in […] November 30, 2023
Finance Jordan spending forecast at $17.5bn in draft budget Jordan’s state spending is forecast at 12.4 billion dinars ($17.5 billion) in its draft 2024 budget, finance minister Mohamad Al-Ississ said on Wednesday, supported by a strong showing in International Monetary Fund (IMF) backed reforms. Al-Ississ said growth was expected to be around 2.6 percent in 2024, the same level forecast for this year, as […] November 23, 2023
Opinion Tourism Tourism is understandably down, but now is the time to visit Jordan Barring an escalation in the Israel-Gaza conflict, it feels safe to visit November 21, 2023
Tech E-commerce beats fintech to Jordan VC funding top spot The e-commerce sector accounts for the biggest share of Jordan’s venture capital funding, bucking the dominance of fintechs across the wider Middle East and North Africa (Mena) region. E-commerce/retail has attracted 20 percent of Jordan’s total funding, and 17 percent of deals, between 2018 and 2022, according to a report by Jordan’s Ministry of Digital […] November 20, 2023
Analysis Industry Future is rosy for Mena phosphate producers With Morocco and Saudi Arabia now holding the bulk of the world’s high-quality, accessible phosphate rock reserves, the Middle East and North Africa (Mena) region is a major centre for the phosphate mining industry’s future growth, analysts say. Morocco alone holds around 70 percent of the world’s total reserves of phosphate rock, the raw material […] November 17, 2023
Finance Jordan agrees with IMF on new $1.2bn reform plan Jordan agreed with the International Monetary Fund (IMF) on a new $1.2 billion four-year reform programme that was a signal of confidence to investors and will help cushion the economy from the adverse impact of regional conflict, finance minister Mohamad Al Ississ told Reuters on Thursday. The new extended fund facility (EFF) arrangement will replace […] November 10, 2023
Tourism Gaza conflict puts pressure on neighbours’ economies A prolonged conflict in Gaza and Israel is likely to lead to a significant contraction in GDP and loss of foreign exchange receipts across Middle East and North Africa, according to S&P Global Ratings. The month-long conflict leaves the tourism sectors of Lebanon, Egypt and Jordan “most exposed” due to their geographical proximity to the […] November 7, 2023
Finance UAE and Jordan to explore $2bn opportunities The UAE’s Ministry of Investment has signed a deal with the government of Jordan to explore potential opportunities worth more than $2 billion. The memorandum of understanding will look to boost bilateral investments in sectors including renewable energy, industrial projects, manufacturing, transport, pharmaceuticals and food processing, the UAE state-run news agency Wam said. The UAE’s […] November 2, 2023
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
Sustainability 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
