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Gulf nations pledge $2.5bn economic aid package to Jordan

Three Gulf Arab states pledged $2.5bn in aid to Jordan in an effort to stabilise the kingdom as it faces its worst protests in years over government austerity plans that include tax increases and price hikes. The aid, pledged by Kuwait, Saudi Arabia and the United Arab Emirates, will go towards a deposit in Jordan’s Central Bank, cover World Bank ... Read More »

Jordan’s new PM faces dilemma on tax reforms

Only days into his appointment by King Abdullah II, Prime Minister Omar al-Razzaz is facing opposition from military veterans, while analysts consider his appointment as a pragmatic move. The country’s powerful Military Veterans Association issued a statement earlier in the week signed by several retired senior military leaders and others decrying al-Razzaz’ appointment. The statement called the appointment “shocking” and ... Read More »

Nelson Laboratories President to Keynote South Jordan Business Summit

South Jordan: Jeffery R. Nelson, President of Nelson Laboratories, will keynote the 2018 South Jordan Business Summit and Expo on May 30 from 7:45 a.m. to 1 p.m. The South Jordan Chamber of Commerce, in partnership with South Jordan City and the Miller Business Resource Center at Salt Lake Community College presents the summit as a resource for residents and ... Read More »

Macron digital tax plan faces EU fight

AMMAN: Luxembourg hosts the EU headquarters for Amazon and along with Facebook and Apple hub Ireland, is loathe to see US tech giants head for the exit. The special tax is the latest measure by the European Union to rein in Silicon Valley giants and could also further embitter the bad-tempered trade row pitting the EU against US President Donald ... Read More »

Jordan is Key Player in Israel’s Energy Equation in Region

Jordan is a key player in Israel’s energy equation in the region as it could either make or break the Jordan-Israeli gas sales and purchase agreement that is vital to Israel’s success as a regional energy player, according to the director of hydrocarbons at the Paris-based Mediterranean Energy Observatory (OME). In September 2016, U.S.’ Noble Energy, the operator of Israel’s ... Read More »

Jordan’s foreign minister sees arms race if Iran nuclear deal ends

MURNAU, Germany Jordanian Foreign Minister Ayman al-Safadi on Tuesday warned of “dangerous repercussions” and a possible arms race in the Middle East unless a political solution was found to free the region of nuclear weapons and other weapons of mass destruction. Al-Safadi spoke in Germany before an expected announcement by U.S. President Donald Trump on whether he will pull out ... Read More »

National carrier’s revenues reach JD143m, with 73 per cent increase in online ticket sales

AMMAN — Royal Jordanian (RJ) CEO Stefan Pichler on Wednesday announced “successful” first quarter results, achieved by the national carrier. “This outstanding performance is the result of an increase in overall revenues, which reached JD143 million,” Pichler said, citing a 73 per cent growth in online ticket sales, 46 per cent in cargo warehouse revenues, 18 per cent in cargo ... Read More »

Jordan Official Urges Economic Self-Reliance

AMMAN: Jordan’s Deputy Prime Minister and Minister of State for Economic Affairs Jafar Hassan has said that “Jordan cannot continue borrowing and accumulating debts”, underlining the need for self-reliance and corrective plans to address challenges. The remarks came during a panel discussion organized by the Jordan Strategy Forum titled “economic and fiscal policies and their impact on stimulating Jordan’s economy”, ... Read More »

Jordan inaugurates 103 megawatts solar power plant

AMMAN: Jordan on Thursday inaugurated a solar power plant with a total capacity of 103 megawatts at a total cost of 120 million U.S. dollars. The solar plant, which is located in Al Queira area, is financed by the Abu Dhabi Fund for Development. At the inauguration ceremony, Minister of Energy and Mineral Resources Saleh Kharabsheh stressed the importance of ... Read More »

Tax revenues ratio to GDP relatively low

AMMAN: The tax income ratio to the gross domestic product (GDP) in the Kingdom is low when compared with that in other countries in the world, a study by the Jordan Strategy Forum (JSF) revealed on Wednesday.  The tax income ratio to GDP in the Kingdom stands at 15.5 per cent, compared with 45.8 per cent in Denmark, 28.6 per ... Read More »

Jordan tax law changes expected to be ready in May

AMMAN:  Income Tax Law are expected to be endorsed by the Cabinet in the first half of May, Minister of State for Media Affairs Mohammad Momanisaid on Monday. At a press conference that followed a Cabinet session earlier in the day, Momani, who is also the government spokesperson, said that the tax evasion, which can be similar to theft, is among ... Read More »

Jordan court bans ride-sharing app Careem

AMMAN: Popular pan-Arab taxi hailing app Careem has been banned in Jordan, following a surprise decision by a West Amman court earlier this week to suspend the service. The Dubai-based company must obtain relevant licences in order to operate again in the kingdom, after several lawsuits were filed on behalf of taxi drivers hit hard by the service. Lawyer Mahmoud Kharabsheh, acting ... Read More »

UAE firms team up to invest in Jordanian fashion giant

AMMAN: The investment will enable Classic Fashion Apparel to enter the next stage of its development, accelerating the expansion of production facilities, a statement said.  Founded in 2003, Classic Fashion Apparel has achieved significant growth and is now a recognised global industry player, with an annual turnover of over $450 million, it added.  The company has longstanding relationships with global ... Read More »

Jordan targets double-digit growth for key economic sectors

AMMAN: Jordan’s efforts to attract investment for areas of the economy identified as ripe for development, against a backdrop of wide-ranging fiscal reforms, are explored in a new. With local, regional and international transit networks earmarked for development, OBG maps out the raft of public transport projects in the pipeline. The coastal city of Aqaba is a key focus of ... Read More »

Romanian Jordan businesspeople share expertise on trade

AMMAN:  Over 100 Jordanian and Romanian companies on Monday gathered in Amman to discuss ways to enhance bilateral economic ties and strengthen the exchange of expertise between the two countries’ business communities. Held under the patronage of Princess Margareta, custodian of the Romanian Crown and Prince Radu, the Romania – Jordan Business Forum witnessed the participation of a number of ... Read More »

Economic conference to be held in Amman Saturday

AMMAN: Jordanian and foreign experts and specialists will meet next Saturday in Amman to put future visions to stimulate the Jordanian economy, limit the challenges it faces and communicate with decision-makers to benefit from the outcome of their meetings and the decisions they make. The experts will present their studies and the outcome of their researches during the Fourth International ... Read More »

16 companies compete to build 4 solar energy plants in Jordan

AMMAN: Jordan has received 16 technical and financial offers to implement four solar energy power plants with a total capacity of 200 megawatts (MW), the government said on Wednesday. “We received the offers from local, regional and international companies and consortia under the third direct proposals stage,” Amani Al Azzam, secretary general of the Ministry of Energy and Mineral Resources told The ... Read More »

Bank of Jordan nets $64m in annual profits

AMMAN:  Bank of Jordan announced its annual profits for 2017 reached JD 46 million (USD 64 million), an increase o %13 compared the previous year, bank officials said today. Total revenues reached about JD 127 million (USD 179) due to expansion in projects and improved investment climate, said bank officials. The revenues have jumped by nine percent compared to the ... Read More »

Jordanian businesses on mission to Syria to boost trade

AMMAN:  Jordanian business representatives will travel in the near future to Syria on hope of reviving trade relations between the two countries after years blocked trade due to the closure of the border and raging civil war, businesspeople confirmed today. A delegation from Jordan Chamber of Industry, headed by president Adnan Abul Ragheb, will travel to Damascus to hold meetings ... Read More »

project launched to cut consumption in Jordan by 1bn

AMMAN: Jordan plans to save up to one billion US dollars in energy consumption through a national plan under support of the EU, as the kingdom struggles to pay its energy bill. Energy Minister Saleh Kharabsheh launched the plan which targets lowering consumption of electricity by 2,000 gigawatts between 2018 and 2020, or JD 700 millioin (USD 1 billion), Petra ... Read More »