Business

AMMAN — Jordan Securities Commission last week authorised Philadelphia Pharmaceuticals Company to raise its capital to JD5 million.

The capital increase from JD3 million will be achieved through capitalising JD2 million of retained earnings and distributing them as bonus shares at a rate of two for every three shares held by shareholders on June 2, 2015.

The bonus shares mark the first dividends given to shareholders since Philadelphia Pharmaceuticals became a public shareholding company in 2006.

After few years of losses and weak performance, the company forged ahead in 2013 when sales shot up to JD4.5 million from JD1.2 million in the previous year and the JD0.5 million loss recorded in 2012 turned into a JD0.6 million profit that expanded significantly in 2014.

According to 9th annual report as of December 31, 2014, sales surged by 132 per cent reaching JD10.4 million, of which JD7.7 million were exports and JD2.7 million were local sales.

The net profit at the end of last year amounted to JD3 million, 364 per cent higher than the JD0.6 million generated in 2013.

During the first quarter of this year, Philadelphia Pharmaceuticals increased sales to JD3 million, 15.4 per cent higher than the JD2.6 million registered during the first three months of 2013.

Net profit at the end of March 2015 came at JD0.8 million compared to JD0.7 million at the end of March 2014.

The balance sheet as of March 31, 2015 showed total assets at JD9.3 million, of which JD1.9 million were property, equipment and machinery. Receivables accounted for JD4.8 million of the total assets.

As of March 31, 2014, total assets amounted to JD7.9 million, JD3.3 million of which were receivables.

Of the JD2.5 million in total liabilities, loans and bank credits stood at JD1.2 million, compared to JD0.9 million at the end of last year's first quarter when total liabilities were JD1.9 million.

Auditor PricewaterhouseCoopers Jordan indicated in a quarterly review report that the company's operations are marked by credit risk concentrations as sales to four principal clients represented 94 per cent of the total compared to an 88 per cent rate in 2013.

Although four primary customers also owe the company 96 per cent of total receivables, compared to 89 per cent in 2014, the auditor said the company did not encounter any problems in collecting its dues from those clients in the past.

Chairman Munther Ahmed Hussein wrote in the annual report that Philadelphia Pharmaceuticals changed the operation mechanism in one the company's main markets and also changed two of its agents abroad.

He highlighted Gestophil as a new hormone product that the company started marketing in Iraq besides the local market, indicating that new brands were acquired to be marketed and sold in Gulf Arab countries and Iraq.

"Based on set plans, several new products will be launched this year," the chairman said in a foreword, indicating that Philadelphia Pharmaceuticals will be entering in 2015 one of the big and promising markets within its field.

Noting that the company's top priority was to have distinguished and qualified staff, Hussein said that the number of employees increased last year to 134 from 88 workers to keep up with advancement, especially the research and business development departments.  

Hussein mentioned raising the manufacturing efficiency with new production, packing and packaging equipment, and stressed the importance of development and registration of new products.

According to the annual report, capital investment at the end of last year amounted to JD7.9 million.

Shareholders equity was higher at JD5.9 million compared to JD2.9 million at the end of 2013.

The factory, situated on a 4,479 square metres of land in Sahab, operates two main production lines spread over 3,599 square metres, Another 943 square metres are ready for future expansion.

WARSAW — Cushioned by growth and facing elections, Poland is becoming an outlier in central Europe, where other countries are trying to curb the growing strength of their currencies in the face of the eurozone's massive money-printing plan.

Hungary, Romania and Serbia have all cut rates this year to prevent their currencies from gaining too much, as the European Central Bank's (ECB) programme feeds 60 billion euros a month into the continent's economy through September 2016.

The Czech Republic has put a cap on the value of the crown and pledged to intervene to keep it from rising

Poland, on the other hand, says it will not cut interest rates from the current 1.5 per cent, even though the zloty has risen nearly 7 per cent against the euro since the start of 2015, more than any other regional currency.

And with Polish bonds providing a significant yield premium over negative or rock-bottom euro yields, more cash is likely to flood in, barring a major flare-up in neighbouring Ukraine or a Greek exit from the eurozone.

"Poland is clearly more confident than its neighbours of sustaining relatively strong growth without a weaker currency," said Manik Narain, a strategist at UBS in London.

Indeed, all recent data show a recovering economy, which the government expects will grow at 3.4 per cent this year. While inflation is currently at minus 1.5 per cent, the government expects it to reach 1.7 per cent by next year. The housing market, at least in Warsaw, is robust.

What's more, presidential and parliamentary elections are due this year, and a strong currency plays well with voters enjoying cheaper vacations and imported goods, analysts note.

There are also 550,000 Poles holding mortgages denominated in Swiss francs. They saw monthly payments jump after January, when the Swiss central bank abandoned its cap on the franc. A weaker zloty would exacerbate their plight, probably to the detriment of the ruling Civic Platform.

"Poland has some of the strongest cyclical numbers in terms of industrial output and retail sales, plus there is the fact that Europe's economy continues to improve. This is causing them to hold back," said Koon Chow, investment strategist at Swiss private bank UBP.

A side effect of Poland's reluctance to curtail zloty appreciation is likely to be more investment flows from funds fleeing the euro zone's negative yields, Polish 5-year bonds yield a respectable 2 per cent-plus.

In fact, Poland's inflation-adjusted rate of 3 per cent is the highest among 23 big economies, bar Brazil and Nigeria, Reuters data shows.

Negative yields

The zloty jumped 1 per cent on Monday, approaching recent 3 1/2-year highs.

Chow reckons if the zloty appreciates further, Poland will have no choice but to follow its neighbours' lead and stem appreciation. A 25 basis points (bps) rate cut by mid-year is likely, he says.

So far, of all the countries struggling to contain their currencies, the Czech Republic has gone furthest. It cut interest rates to near zero in 2012, and in late 2013 declared it would keep the crown weaker than 27 per euro to ward off deflation.

However, the Czech economy was in recession in 2012 until early 2013. In contrast, Poland has grown robustly for the last 20 years. That makes deflation a far greater threat for Prague.

Hungary, meanwhile, resumed policy easing in March, cutting rates to a record-low 1.8 per cent and signaling more ahead. Government plans to cut Hungary's high banking tax show its intention to ask banks to increase lending, analysts say. That makes low interest rates a necessity.

Romania and Serbia have also cut rates and both have intervened in currency markets to tamp down the leu and dinar  .

All that has taken some steam out of those currencies. The forint, for instance, is down about 1 per cent since the April 21 rate cut.

A key motivation, of course, is trade. Exports, mostly to the eurozone, accounted for 88 per cent of Hungary's annual economic output, World Bank data for 2013 showed. Czech exports were 77 per cent of gross domestic product (GDP).

Poland, by in contrast, with 40 million people, has a healthier domestic market, with exports comprising just 46 per cent of GDP.

Still, for some, central bankers' lack of concern is worrying, especially as the zloty's impact is already being felt among exporters. The exchange rate, currently 4 per euro, is just 3 per cent off 3.91. Beyond that level, companies say,  exports become unprofitable..

And business sentiment has worsened this year, with the zloty's appreciation and falling prices having "negatively affected sales margins, both export and domestic ones",  according to a central bank poll, which also predicted  "relatively low exports dynamics" ahead.

At less than 4 zloty to the euro, "exporters will be in a difficult situation," Chow said. "Also, you can't assume European growth will remain firm. It's not an environment where monetary conditions should be tight."

Many will agree. Analysts polled by Reuters see one chance in four that policymakers would intervene to weaken the zloty this year. But that is probably some way off.

"We probably need to see zloty closer to 3.9 before they take a more activist approach,"  Narain of UBS said.

PARIS — The gap between the rich and poor in most of the world's advanced economies is at record levels, according to an Organisation for Economic Cooperation and Development (OECD) study that also found glaring differences between men and women.

In most of the 34 countries in the OECD, the income gap is at its highest level in three decades, with the richest 10 per cent of the population earning 9.6 times the income of the poorest 10 per cent.

In the 1980s this ratio stood at 7 to 1, the OECD indicated in a report.

The wealth gap is even larger, with the top 1 per cent owning 18 per cent and the 40 per cent only 3 per cent of household wealth in 2012.

"We have reached a tipping point. Inequality in OECD countries is at its highest since records began," said OECD Secretary General Angel Gurria.

As high inequality harms growth prospects, there are economic as well as social arguments for governments to try to address the issue, he added.

"By not addressing inequality, governments are cutting into the social fabric of their countries and hurting their long-term economic growth," Gurria continued.

The study found that the rise in inequality between 1985 and 2005 in 19 OECD countries knocked an estimated 4.7 percentage points off cumulative growth between 1990 and 2010. 

An increase in part-time and temporary work contracts as well as self-employment was seen as an important driver of increased inequality, with half of all jobs created in OECD countries between 1995 and 2013 falling into these categories.

The report also found that as inequality rose, there were significant falls in educational attainment and skills among families in lower income groups, thus implying large amounts of wasted potential and lower social mobility.

As wages for women are 15 per cent less than for men, ensuring gender equality in employment is one way to reduce inequality.

Redistributive taxes and transfers is another effective option, said the OECD as it noted that existing mechanisms have been weakened in many countries. 

"To address this, policies need to ensure that wealthier individuals, but also multinational firms, pay their share of the tax burden," added the OECD, which has been playing a key role in an international effort to crack down on tax avoidance.

It also encouraged countries to broaden access to better jobs and encourage greater investment in education and skills throughout working life.

The report found inequality to be highest in Chile, Mexico, Turkey, the United States and Israel among OECD countries.

It was lowest in Denmark, Slovenia, Slovak Republic and Norway.

KUALA LUMPUR — Malaysia's Prime Minister Najib Razak laid out his government's growth strategy for the next five years on Thursday, mixing spending on infrastructure with populist pledges on jobs and housing as he looks to shore up support amid growing criticism.

Presenting the plan to parliament, Najib forecast gross national income (GNI) per capita would rise 7.9 per cent per annum, enough to hit the goal set two decades ago of joining the ranks of high-income nations by 2020.

Najib, who leads a government under fire over allegations of state corruption and mismanagement, indicated that Malaysia's real gross domestic product (GDP) would grow at a steady 5 to 6 per cent annually until 2020, despite the impact of falling energy prices on the oil and gas producer.

"We foresee greater volatility and uncertainty in the global economy as a result of the decline in oil prices, realignment of exchange rates, as well as geopolitical risks," Najib said in a foreword to the five-year blueprint.

"In order to sustain our growth momentum and ensure that the rakyat [people] continue to prosper, we need to forge ahead with greater resolve and introduce bold measures for the long-term benefit of all Malaysians," he added.

The target of becoming a fully developed economy by 2020 was first laid out by long-serving former prime minister Mahathir Mohamad, now a scathing critic of Najib over alleged corruption in debt-ridden state investment fund 1MDB.

The 11th Malaysian Economic Plan pledged 260 billion ringgit ($72.18 billion) to achieving its development goals over the next five years, and included promises of more jobs and affordable housing as the government seeks to rebuild popular support.

The plan comes as Malaysia navigates a tricky economic environment of slumping energy prices that threaten oil and gas revenues. The country's currency, the ringgit, has dropped to six-year lows against the dollar.

"The plan was drafted for an ideal environment," said Kenanga Investment Bank economist Wan Suhaimie Wan Saidie. "It's hard to judge if the plan would be successful after five years when anything can happen politically and economically."

Feel-good measures

In the blueprint, Najib said GNI per capita would reach 54,100 ringgit ($15,690) in 2020, just above the 2020 target of $15,000, with average monthly household income increasing to 10,540 ringgit from 6,141 ringgit in 2014.

Najib's "people-anchored growth" plan also included a slew of feel-good measures aimed to ease the burden of rising costs of living and poor infrastructure in his government's electoral heartland in rural parts of the Borneo region.

Besides promising resources to build more than 600,000 new affordable homes, the five-year plan offered more opportunities for the ethnic Malay community and other so-called Bumiputeras, or "sons of the soil", who together make up about 68 per cent of the population.

Bumiputeras have benefited from wide-ranging affirmative action privileges since the early 1970s, a policy that critics say has stunted the country's competitiveness.

Infrastructure projects outlined in the report included new power plants, the construction of airports in the Borneo state of Sarawak, a high-speed rail link with Singapore and urban light rail transit projects.

There were also promises of more schools and hospitals.

 The opposition criticised the plan as being light on details and containing little new.

"The 11th Malaysian Plan is not rooted in reality, is not transparent and is far from being a game changer," said opposition lawmaker Ong Kian Ming.

An unpopular new goods and services tax (GST), introduced to help offset the shortfall from falling energy revenues, would bring in about 31.4 billion ringgit per year over the next five years, versus 15.5 billion ringgit through the previous sales tax and services tax, Najib indicated.

Malaysia's dependence on oil-related revenue would decline to 15.5 per cent of revenue by 2020, from just under 30 per cent currently, the report said.

The federal government's total debt was projected to drop to 45 per cent of GDP by 2020, from 54.5 per cent as of December 2014.

Private investment was expected to grow at an annual 9.4 per cent between 2016-2020 with an estimated annual investment of 291 billion ringgit.

Public investment would grow at 2.7 per cent per annum at an annual average of 131 billion ringgit, the plan stated.

Financial markets showed little reaction to the announcement of the five-year plan, with the benchmark share index  dipping around 0.4 per cent.

AMMAN — Syria's hopes of cutting its import bill thanks to an expected healthy harvest may be thwarted by the problems of getting hold of the wheat while the war rages.

The government is keen to purchase grain from farmers in rebel-held areas to prove its control and ensure ample supply of bread for citizens under its rule, although many, fearful of getting payment from the state, have turned to crops like lentils.

Officials and experts say the main challenge, as the harvest begins in earnest in the next two weeks, is how much it can entice farmers to sell to the state, combined with the ability to safely move the crop to collection centres in government held areas. 

More than half of Syria's wheat production areas in both the north and the south have fallen under rebel control.

"We want to buy the whole production of this season," said Musa Nawaf Al Ali, the head of the state grains marketing organisation that buys the crop from farmers, adding the authorities had opened new collection centres and offered more incentives.

The lure of a once lavish subsidy system has been hurt as the war forces some farmers to sell their crop cheaply to middlemen and merchants who smuggle it to neighbouring Iraq and Turkey.

In the rich arable northeastern Hasaka province, where at least 40 per cent of Syria's pre-war wheat production of around 4 million tonnes was grown, there has already been a shift away from wheat and cereals.

"The farmer who was more and more afraid the state may collapse, year after year of conflict, planted more lentils, cumin, coriander and fenugreek," said Kurdish farmer Rudi Sheiko from Qamishli. 

Large fields that once were sown with wheat are now planted by these cheaper crops that have a shorter harvesting span and bring better profits.

Food handouts

The government's drive to reduce expensive food imports comes after the collapse of its ability to feed its people.

"Now 50 per cent of people inside Syria are food insecure, meaning they need food assistance for their daily needs," said Abdessalam Ould Ahmed, of the United Nations Food and Agriculture Organisation (FAO), who is responsible for the region. "Before the crisis it was less than five per cent."

"Imports will increase simply because the needs are increasing and production has collapsed and it is now only 25 or 30 per cent of what it used to be 25 years ago. So therefore there is a need for imports," Ould Ahmed added.

The state announced earlier this month a rise in the price of a kilogramme of wheat it bought from farmers to 61 Syrian pounds (25 cents) compared to 45 pounds per kilogramme last year, to flush out more wheat from its own and rebel-held areas.

"As for the amount that farmers will deliver to the state, of course the driving factor is the prices," Abdul Maen Qadmani, head of cereals production in the agriculture ministry, said.

Early rainfalls this winter had encouraged farmers to start planting wheat since mid-November even in areas where fighting raged close by and despite shortages of seeds and fertilisers and enough fuel to plough arable land, agricultural experts say.

Syria's wheat production is estimated to be at least three million tonnes this year with the best rainfall season in a decade.

Last year, wheat production stood at 1.865 million tonnes, according to the government. That figure was disputed by FAO, which said wheat output was the lowest for 25 years.

Syria's barley crop is expected to hit around 1.2 million tonnes, from less than 800,000 tonnes production last year, with harvesting under way.

AMMAN — National exports to the counties of North America Free Trade Agreement (NAFTA) increased by 6.5 per cent in the first quarter of 2015 reaching JD226 million, compared to JD215 million in the same period of 2014, the Department of Statistics (DoS) announced Wednesday. 

The US accounted for the biggest share of these exports, according to DoS, which indicated that national exports to the Grand Arab Free Trade Zone, including Iraq, went down by 14 per cent.

The DoS report showed that national exports to non-Arab Asian countries, including India, dropped by 8.9 per cent, and exports to European Union (EU) countries, including Spain, fell by 28.9 per cent. 

Other data revealed that imports from EU countries increased by 5.5 per cent, while imports from non-Arab Asian countries declined by 14 per cent.

Imports from the Grand Arab Free Trade Zone and the NAFTA countries regressed by 9 and 5.4 per cent respectively, DoS data indicated.

Separately, Zarqa Chamber of Industry President Thabet Wer said Wednesday that the value of industrial exports from Zarqa reached $274 million during the first four months of 2015, 1.5 per cent higher than the value during the same period of 2014.

The total number of certificates of origin the chamber issued during the January-April period of 2015 stood at 4,312 covering different industrial sectors, he added.

The chamber's exports to North American countries stood at $149 million, constituting 54.3 per cent of the total exports, while exports to Arab countries amounted to $95 million, accounting for 34.7 per cent, Wer indicated. 

AMMAN — The prospect of Comprehensive Multiple Transportation Co. (CMTC) continuing public transport operations depends on what the government provides in support for the company.

Chairman Saud Nuseirat told the shareholders during a recent general assembly meeting that besides the continuity of operations, government backing was essential to collect the company's dues from Greater Amman Municipality (GAM) and to settle amounts payable to creditors.

Nuseirat was responding to a question from the government representative who asked about the possibility of collecting the amounts required from GAM, the capability of CMTC to pay back the dues it owes and the likelihood that the company maintain its status as an ongoing concern in light of the company's latest financial results.

The chairman informed the shareholders about the discussions that the board of directors held in follow-up to secure the amounts owed to the company by GAM and the efforts exerted to collect the debt.

He said that renewing the trading of the company's shares on the Amman's Bourse was tied to what CMTC receives in support from the government.

According to Arab Professionals, the auditor which is a member of Grant Thornton, losses accumulated by the company until the end of March 2015 have reached JD29.2 million, noting that the loss in 2014 amounted to JD4.6 million. 

The consolidated interim financial statements as of March 31, 2015, showed a JD22.4 million outstanding bank debt, of which JD8.9 million is short term (less than one year), and JD13.5 million is long-term.

Other obligations include JD0.7 million instalments related to finance lease contracts, JD3.9 million dues to GAM and JD2.3 million provision related to lawsuits.   

"Accumulated losses exceeding 97 per cent of the company's JD30 million authorised and paid-up capital, and current liabilities greater than the current assets by JD14.5 million, indicate that the company is incapable to continue," the auditor wrote in a report.

The auditor said the Jordan Securities Commission and the Amman Bourse should be notified about the extent and causes of the losses as well as the work plan proposed to remedy the situation.

Arab Professionals revealed that several government bodies have slapped a lien on the company's assets in addition to a lien slapped by the Social Security Corporation (SSC) on the assets of the entity's subsidiaries: Asia Transportation and Investment Company, Al Tawfik Transportation and Investment Company and Al Dhilal Passengers Transportation Company.

Several accounts were qualified by the auditor for signs of impairment value, such as goodwill whose book was specified at JD11.3 million, and buses whose net book value was given at JD13.8 million. 

Impairment value was mentioned also in relation to JD1.9 million in  unfinished projects that are disputed in court against a contractor for not meeting the specifications required in the contract.

According to the auditor's review, JD12.4 million are doubtful assets owed by GAM to the company as financial support in accordance with an agreement signed between them. Against this balance, CMTC allocated JD7.6 million as provision at the end of March 31, 2015.

Arab Professionals said the company, also known by the brand name ABUS, did not take provisions to cover fines due to the SSC, interests legally due on the amounts that the company was judicially decreed to pay,  and JD3.6 million in interest related to delays on overdue and unsettled discounted bills between 2013 and 2015.

The company's profit and loss statement at the end of this year's first quarter showed a JD0.7 million operational loss which, after taking into consideration miscellaneous income, administrative expenses and financing costs, deepens the loss to JD1.1 million.

During the first quarter of last year, the operational loss amounted to JD1.1 million that deepened with other expenses to JD1.5 million loss.

Nuseirat indicated in the 2014 annual report that through several meetings held with parties concerned in the transport sector, besides the official correspondence to these bodies and the Prime Ministry, the board of directors was able to emphasise the company's dire need for operational financial support to cover the gap arising from set charges.  

"If the government and GAM do not buttress the company, its losses will exacerbate and accumulate leading to bankruptcy," the chairman wrote in a foreword, describing recent talks with the Economic Development Committee at the Prime Ministry on supporting the company as positive.  He explained that when the government bought a controlling stake in CMTC from Kuwait's City Group, besides a 10 per cent GAM equity, the company's losses were close to 100 per cent of equity.

He said that because of financial privation, the company did not settle up obligations to banks and creditors as well as JD1.6 million annually in bank interest, and was unable to repay the debt's principal amount.

Describing the fleet of buses as aged, Nuseirat alluded to technical problems in the Yutong vehicles, originally bought by City Group.

According to the annual report, CMTC's operations cover 92 public transport routes, mostly in GAM-administered areas where it runs 387 buses.

Additionally, ABUS runs 145 buses on other routes assigned to the Land Transport Regulatory Commission.

Among plans listed by the company for this year, after completing  a restructuring of the routes agreed upon in order to specify CMTC's needs of routes and buses, is to obtain permission to sell dilapidated buses and not to replace any of them. It is estimated that, in the first phase, 129 buses will be scrapped.

CMTC, whose workforce comprises 459 employees or 584 when workers at the subsidiaries are included, aims to develop 130 dunums at Schneller, a site near Hittin refugee camp on the Amman-Zarqa road, in a move to unify all the company's facilities in one location.

At present, CMTC conducts heavy maintenance at Ain Al Basha where its administration offices are also located.

Periodic and preventive maintenance takes place at North Marka where the warehouses are situated and the area is used as a parking garage for buses.

A rented location in Sahab serves as an area to stockpile idled buses.

Moreover, the company plans to re-examine contracts, especially those related to restructuring of unusable routes, and to operate 235 buses on 42 routes noting that the Customs Department has refused to exempt CMTC from fees on 75 Yutong buses imported from China, subsequently increasing indebtedness along with higher book value for the buses.

CMTC wants the government to form a neutral committee to re-examine the previous support contract with GAM and come out with a judgment, 

besides rescheduling the loans and credits to banks and creditors to the longest possible periods.

It also seeks better government control on roads in order to reduce traffic congestion, preserve space for bus stops, and prevent infringement on the routes where CMTC enjoys operational exclusivity.

"Higher prices of fuel and spare parts at a rate more than the increase in  bus fares as set by government parties is a main concern that puts the company at a disadvantage," the report said.

Although CMTC's capital investment amounted to JD29.8 million at the end of last year, the shareholders' equity stood at JD0.9 million because of accumulated losses.

IRBID — Irbid Chamber of Industry President Hani Abu Hassan and a delegation representing the Viborg Municipality of Denmark and the Danish Refugee Council discussed on Tuesday issues related to solid waste, business development, clean energy and water.

Abu Hassan briefed the delegates on the nature of industry in the city and its different industrial products that reach different parts of the world. Council delegates reviewed the humanitarian services offered by the council, which was established in 2003 after the Iraqi crisis, and its role in the Syrian crisis.

They added that most of the council's works focus on in-kind assistance to refugees and host countries. The meeting also addressed the contributions the Viborg Municipality could offer in the health, cultural and industrial sectors, especially that local governance in Denmark enjoys decentralisation, whereby industry and trade issues are within the mayor's authorities. 

AMMAN — Industry, Trade and Supply Minister Maha Ali and Kenneth Hyatt, deputy undersecretary for international trade at the US Department of Commerce, on Tuesday discussed ways to enhance bilateral economic cooperation at all levels, especially trade.

Ali stressed the importance of increasing bilateral economic cooperation and benefiting from the Jordanian-US free trade agreement, which has contributed to improving the trade volume between the two countries, especially increasing Jordanian exports to the US.

The minister also called on the US to support the Jordan Enterprise Development Corporation (JEDCO) which supports micro-projects and creative ideas. Ali invited US companies to run investments in Jordan for having promising opportunities in many sectors, especially in the industrial, ICT and energy sectors, among others.

Hyatt said the US aid programme to Jordan focuses on three main sectors: renewable energy, health and ICT. He also noted that there are a lot of economic fields, where economic cooperation is available for US companies to have their schemes in the Kingdom.

AMMAN — United Arab Shipping Company (UASC), a Mideast-based container shipping line and emerging global carrier, announced in a press statement on Sunday the establishment of a wholly UASC-operated agency in Jordan.

Uffe Østergaard, chief commercial officer of UASC, said in the press release: “Jordan is a key market for UASC in the Middle East and we are committed to ensuring our customers that they are provided with the highest quality of service excellence and reliability standards.”