Business Club

The Land International L.L.C. and the Moon Land Co. for Real Estate Development are expected to inaugurate the Bab Al Madina Mall in January, following the signing of a financing commitment with the United States International Development Finance Corporation (DFC). A financial commitment to provide a soft loan of $41 million was signed by the Moon Land Co. for Real Estate Development and the American Development and Finance Corporation.

The commitment was signed by the chairman of the board of the Land International, Eng Saeed Said and chief executive officer of the Moon Land Co., Basel Saeed, and on behalf of the DFC, Managing Director of Housing Real Estate Project Finance Debra L Erb. Around 80 per cent of the construction works of the Bab Al Madina Mall — a 144,000 square metre structure which is being built in the King Abdullah bin Abdul Aziz City in Zarqa, has been accomplished. Saeed said the project will create approximately two thousand permanent jobs, as well as one thousand five hundred jobs for the duration of the construction and preparation of the mall. Mall rentals have started and are currently open to investors, businesses and individuals, he added. 

International General Insurance Holdings Ltd. (IGI) announced its financial results for Q2 and first six months of 2020. “We are very pleased with our strong performance in the second quarter and first half of 2020, particularly as we, along with the rest of the world, continue to navigate the effects of the COVID-19 pandemic”, IGI Chairman and CEO Wasef Jabsheh said.

“While we are hearing and reading of new lockdown measures in some of the jurisdictions where we operate, our view of the financial impact of the COVID-19 pandemic on IGI currently remains unchanged. Our underwriting results, reflected in a combined ratio of 82.6 per cent for the half year, clearly demonstrate the strength of our technical capabilities and our ability to respond quickly to firming rates and conditions, particularly in those markets that are seeing the most significant changes”, he said.

“As expected, we continued to see rate increases in virtually every line of business… during the second quarter, culminating in an overall average rate improvement of more than 19 per cent across our book of business, enabling us to make further refinements to our existing portfolio while writing new business, including our new US E&S portfolio”, he added. 

MENACOM Group Jordan, a leader in marketing Communications in the Kingdom, and the MENA region has appointed Relja Jovic as its chief executive officer.

The group oversees 6 agencies and more than 170 employees: Wunderman-Jordan, a creative marketing communication and digital technologies agency, advertising agencies, “VMLY&R” and Intermarkets, Public Relations agency, Asda’a BCW, Interface Retail Marketing agency, in addition to “Wavemaker” which specialises in strategic media communication solutions.

Jovic has more than 20 years of experience in the world of marketing communications with a high level of knowledge and experience in a multitude of sectors, including telecommunications, banking and insurance.

His long years in the business make him fully equipped to ride the wave of an ever growing digitally advanced world of communications. Jovic’s involvement with MENACOM is not new as he has previously held consecutive posts, working as a digital director and managing director of Wunderman in Jordan.

LG Electronics Inc. (LG) second-quarter 2020 financial results were highly impacted by the worldwide fallout of the pandemic.

The company’s consolidated revenue of $10.51 billion was 17.9 per cent lower than that achieved in the same period of 2019, while its operating profit of $405.65 million declined by 24.1 per cent from last year’s record second-quarter operating income.

The company managed its supply chain and cost structure to weather the storm of the global public health and economic crises. The LG Home Appliance & Air Solution Company reported revenues of $4.22 billion in the second quarter, down 15.5 per cent from the second quarter of 2019, due to the effect of softer global demand during the pandemic.

Its operating income of $514.23 million declined 12.5 per cent year-on-year even though operating profit margin of 12.2 per cent was the highest second quarter in the history of the LG H&A Company.

Meanwhile, the LG H&A Company is buoyed by increasing consumer interest in healthier living. LG Electronics is a global innovator in technology and consumer goods with a presence in almost every country in the world and a diverse workforce of 74,000.

Realising that education helps create generations that are capable of making positive change, Orange Jordan supported “I Learn” initiative’s campaign “Darsi Be Edak”, launched in partnership with Jordan Ice & Aerated Water Company- Pepsi Jordan and the Ministry of Youth.

Orange Jordan provided beneficiaries with telecom solutions, that included MiFi devices, supplied with SIM cards that are charged with internet bundles, to ensure they have access to Internet services while using tablet devices provided to them by Pepsi Jordan.

Through Orange Jordan and Pepsi’s support to people living in underprivileged and rural areas, students managed to continue their education online by relying on the free Internet bundles, offered by Orange Jordan, within the framework of Pepsi Jordan’s summer campaign, amid Covid-19 crisis. The company’s support is in line with its corporate social responsibility.

The “I Learn” initiative aims to encourage innovation and critical thinking by focusing on educating children, empowering youth, and enhancing social work in all governorates across the Kingdom.

Ayla Development Company has announced the opening of Cloud7 Residence, featuring serviced apartments in the heart of Ayla. At Ayla’s Cloud7 Residence, guests can choose from 75 one-, two-, three- or four-bedroom serviced apartments, designed to satisfy all tastes and age groups in a family-friendly environment.

Nestled in Ayla Marina Village, the apartments are situated directly above a vibrant retail and dining area, and are entirely serviced by Ayla, the largest urban and lifestyle destination in Jordan and the region.

Cloud7 Residence, one of the key brands of Kerten Hospitality — the leading global operator of mixed-use projects — features a modern design that seamlessly blends into Ayla’s vision and contemporary facilities.

It provides an unforgettable experience for visitors throughout its premises, with spacious outdoor and indoor areas, stunning architecture, attention to the finest details, and state-of-the-art services that guarantee comfort and the ultimate relaxation.

The European Union (EU) and Orange Jordan signed a 7.3 million euro agreement to create a new Innovation Space project that would promote private sector-led innovation and digital economy in Jordan.

The EU-funded Innovation Space is a pioneering initiative in Jordan and a one-stop-shop for digital innovation and entrepreneurial support. It will introduce digital culture to the wider Jordanian public, foster digital skills, especially among women and youth, and promote and nurture entrepreneurship by identifying key opportunities for digital economic growth.

The Innovation Space is co-funded by the European Union’s “Innovation for Enterprise Growth and Jobs” programme, also known as Innovate Jordan.

The Innovation Space will utilise and expand existing digital centres affiliated with Orange Jordan, to catalyse investments to ensure that Jordan’s nascent digital economy and innovation culture mature. 

Ayla Development Company has announced the opening of Cloud7 Residence, featuring exquisite serviced apartments in the heart of Ayla. At Ayla’s Cloud7 Residence, guests can choose from 75 one-, two-, three- or four-bedroom serviced apartments, each uniquely designed to satisfy all tastes and age groups in a family-friendly environment.

Nestled in AylaMarina Village, the apartments are situated directly above a vibrant retail and dining area, and are entirely serviced by Ayla, the largest urban and lifestyle destination in Jordan and the region.  Cloud7 Residence, one of the key brands of Kerten Hospitality — the leading global operator of mixed-use projects — features a modern design that seamlessly blends into Ayla’s vision and contemporary facilities.

It provides an unforgettable experience for visitors throughout its premises, with spacious outdoor and indoor areas, stunning architecture, attention to the finest details, and state-of-the-art services that guarantee comfort and the ultimate relaxation. Serving as an oasis in Ayla, Cloud7 offers up stunning views of the development’s marina, as well as a bustling ambience of Ayla Marina Village’s restaurants and retail outlets.

Speaking at the opening, Ayla Managing Director Sahl Dudin said:“The opening of Ayla’s Cloud7 Residence, which is especially significant as we recover from the COVID-19 pandemic, is a new and noteworthy step forward that will allow us to provide a wider variety of accommodation, entertainment and residence options in Aqaba. Cloud7 is ideal for both internal and inbound tourists, and we hope to welcome them to Jordan, and in particular to Aqaba, which is considereda green area.

We are confident that our partnership with Kerten Hospitality will offer our guests best-in-class services and the utmost convenience.”  “This launch will also continue our longstanding support to the development of the tourism and real estate industry, in addition to providing new job opportunities as the economy maintains its steady recovery,” added Dudin.

"The Nile's letter to Sisi" is the latest book on the Renaissance Dam, which deals with the repercussions of constructing the dam and the policies of Egypt and President Abdul Fattah Al Sisi in dealing with the challenges facing the country in Sinai, Libya and the Nile route.

The book also sheds light on Sisi's policy, based on the fact that "patience, readiness and dedication" are the path towards realising power and stopping interior and external conspiracies, according to the publishers of the book.

Journalist Bassam Abdulsami, the author, says the Egyptian leadership is fully aware of all threats and is exerting all necessary efforts.

In the book, “the Nile's letter to Sisi” asks the president to immediately issue a legislation to remove all dams that have been founded on the Nile with the aim of depriving Egypt of water, describing these actions as a war on Cairo, the publisher adds.

Optimiza has won Jordan 2020 Microsoft Partner of the Year Award. The company was honoured among a global field of top Microsoft partners for demonstrating excellence in innovation and implementation of customer solutions based on Microsoft technology.

“It’s always an honour to be recognised by Microsoft as Jordan country partner of the year.

This award demonstrates the profound partnership linking Optimiza and Microsoft to help our customers with the technical expertise for a seamless and hassle-free digital transformation journey using leading edge technologies “said Majed Sifri, Optimiza chief executive officer.

The Microsoft Partner of the Year Awards recognise Microsoft partners that have developed and delivered exceptional Microsoft-based solutions during the past year.

Optimiza was recognised, for the second year in a row and the 3rd time in five years, for providing exemplary performance, especially during the COVID19 pandemic lockdown in Jordan.