Jordanian Businessmen Association launches National Arab Company for Manufacturing Industries

AMMAN — The Jordanian Businessmen Association (JBA) on Thursday hosted a ceremony to announce the establishment of the National Arab Company for Manufacturing Industries as part of the Economic Modernisation Vision's (EMV) priorities for the energy and mining sectors.

During its initial phase, the company will conduct feasibility studies for various projects, including the production of lithium iron phosphate, manganese sulphate, a lithium ore refining station using the TOLL method and basalt for reinforcing steel, the Jordan News Agency, Petra, reported.

The company's projects align with the global commitment to achieve carbon neutrality by 2050, emphasising the gradual shift from fossil fuels to renewable energy and its storage and applying sustainable development best practices.  In the second phase, the company aims to secure capital for business development, with a strategic focus on additional raw materials. 

Investment Minister Khuloud Saqqaf commended the confidence demonstrated by investors in the Jordanian investment landscape. She highlighted their initiative to establish the company, emphasising the substantial economic potential and competitive advantages inherent in the mining sector.

Saqqaf also anticipated robust growth in the mining sector over the next decade. She said that “this growth is being propelled by the increasing demand for products associated with advanced industrial and agricultural sectors employing cutting-edge technology”, Petra reported.

The minister also said that Jordan has been actively working to foster the expansion and diversification of the mining sector. The goal is to bolster its contribution to the GDP, generate employment opportunities, and attract new investments. This vision is underpinned by a commitment to unlocking economic development based on the Kingdom's diverse natural mineral resources, she added.

Chairman of the Founder Committee and president of JBA, Hamdi Tabbaa, contextualised the company's establishment within the framework of the EMV. He referenced collaborative efforts with the association, emphasising their joint focus on developing the mining sector and enhancing the added value of mineral resources.

Mining sector expert Ayman Ayyash highlighted the company's ambitious goal to emerge as a leader in manufacturing basic materials for energy storage batteries. This aspiration aligns with global trends and the outcomes of prominent climate conferences, such as the recently UAE-hosted COP28, he added.

Ayyash also highlighted the company's contribution to the national economy and creating job opportunities. He emphasised collaborative endeavours with regional and international partners, mainly the US, under the Inflation Reduction Act and the Free Trade Agreement.