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 Sustainability 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
Sustainability 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
Banking & Finance Singapore buyout firm seeks to sell stake in Jordan’s Fine Hygienic Singapore-based buyout firm Affirma Capital is seeking to exit its stake in Jordan-based Fine Hygienic Holding, one of the Middle East’s largest makers of tissue and paper products, two sources told Reuters. Affirma is working with Moelis & Co to arrange the sale of its significant minority stake in the company, said the sources, who […] November 23, 2022
Analysis Business of Sport Qatar scores, with vital assists from Iran, Turkey and the UAE Alongside the massive investment and the 12 years of preparation, Qatar has called in more than a few favours to aid the smooth running of the World Cup. While its allies have proved keen to help, Doha has had to tiptoe carefully around the geopolitical faultlines that run through the Gulf. Turkey has sent more […] November 21, 2022
Banking & Finance Jordan says IMF-backed reforms yielding ‘best results’ Jordanian Finance Minister Mohamad Al Ississ said on Thursday Moody’s’ upgrade of the kingdom’s rating outlook to positive from stable showed that its International Monetary Fund (IMF)-backed fiscal reforms were “producing the best results”. “Our fiscal reform has shown that fair and equitable reform is not only good policy, but produces the best results as […] November 18, 2022
Economy IMF says Jordan’s economy growth quickens despite global turmoil Jordan’s growth has quickened in 2022 despite global economic turbulence, driven by strong progress in International Monetary Fund (IMF)-backed structural reforms that have cushioned the economy and strengthened macro-economic stability, the IMF said on Tuesday. Ali Abbas, who headed an IMF mission, told reporters that a post-covid recovery continued to build momentum with expected 2022 […] November 16, 2022
Jordan’s ADC signs $242m pact for logistics hub Jordan’s Aqaba Development Company (ADC) and APM Terminals (APMT), a global terminal operator, signed a $242 million memorandum of understanding to develop a regional logistics hub in Aqaba, Jordan News Agency reported. ADC chief executive Hussein Safadi said that the agreement will prepare Aqaba to handle the anticipated maritime trade and shipping increase. A training […] September 28, 2022
Tourism Jordan’s tourism revenue jumps 162% to $3.6bn Jordan’s tourism revenue rose 161.6 percent year-on-year to $3.645 billion in the first eight months of 2022, Petra, the state-owned Jordan News Agency reported. The increase was driven by a rise in the number of tourists to 3.175 million between January and August. In August, tourism revenue posted an 82.4 percent increase year-on-year to $822.4 […] September 15, 2022
