Business

AMMAN — Information and Communication Technology Association of Jordan (Int@j), in partnership with the Saudi Digital Economy Centre (DEC), on Saturday organised a communication event that brought together senior leaders in Jordanian and Saudi companies, on the sidelines of the LEAP 2025 conference held in Saudi Arabia.

A total of 55 Jordanian companies and over 100 government agencies and Saudi firms took part in the event, alongside more than 200 participants from the two countries' decision-makers, according to an Int@j statement Saturday.

During the event, Int@j signed a memorandum of cooperation with the Saudi DEC, in a "strategic" step aimed at exchanging expertise and enhancing cooperation in developing digital transformation systems and technological innovation, the Jordan News Agency, Petra, reported.

Jordan's Ambassador to Saudi Arabia Haitham Abu Foul said the event represents a "true" opportunity to enhance cooperation and open new horizons for "strategic" partnerships between Jordanian companies and institutions and Saudi Arabia in the ICT sector, which reflects a "shared" vision to achieve "sustainable" economic growth and digital prosperity.

DEC Chairman Hani Ghufeili stressed the importance of enhancing Jordanian-Saudi cooperation in the digital transformation field.

Int@j Chairman Amjad Suweis said that this event reflects the mutual commitment to enhancing technological cooperation, and provides an "ideal" opportunity to build "strategic" partnerships between Jordanian and Saudi companies.

Int@j CEO Nidal Bitar said that Jordan occupies a "leading" position in the technology sector at the regional level, as it incubates over 2,250 technology companies and 450 startups, adding that the ICT sector contributes more than 4 per cent of Jordan's GDP.

Bitar added that Jordanian companies have "extensive" expertise in the fields of outsourcing, artificial intelligence, cyber security, financial technology and software development, making them an "ideal" partner to support digital transformation in Saudi Arabia, especially amid Saudi ambitious plans to enhancing the digital economy.

Bitar also highlighted the current investment opportunities in the Jordanian and Saudi markets, which provide tax incentives and free trade agreements, as well as the increasing government investments in the technology sector.

AMMAN — The Industrial Production Index (IPI) increased by 1.1 per cent in 2024, reaching 87.7 points compared with 86.74 points in 2023, the Department of Statistics (DoS) said on Thursday.

The sectorial breakdown shows manufacturing output edged up by 0.45 per cent yearon-year, while mining and quarrying operations recorded 7.31 per cent expansion.

The utilities segment saw electricity generation volumes surge by 5.83 per cent, the Jordan News Agency, Petra, reported.

December's IPI reading stood at 88.47 points, marking a 4.67 per cent year-onyear increase from 84.53 points in December 2023. Monthon-month, the index climbed 0.87 per cent in December, compared with November's 87.71 points.

In the December sectorial performance, manufacturing continued its upwards course with a 4.59 per cent year-on-year gain, while mining and quarrying posted a modest 0.06 per cent increase.

Electricity generation showed significant momentum, jumping 10.24 per cent year-on-year.

The comparison showed that manufacturing inched up 0.11 per cent month-onmonth, and utilities surged 17.12 per cent, though mining and quarrying contracted by 3.03 per cent from November levels.

AMMAN — The Board of Commissioners of the Aqaba Special Economic Zone Authority (ASEZA) on Thursday approved amendments to land use in the southern industrial zone in order to support green hydrogen projects. The decision aligns with the authority’s vision and the 2040 urban master plan to promote investment and provide facilities for large-scale industrial ventures, the Jordan News Agency, Petra, reported.

AMMAN  — Minister of Labour Khaled Bakkar on Thursday highlighted Qatar-Jordan relations as a model for Arab economic cooperation, reflecting "deep-rooted" bilateral ties and the historic relationship between both countries' leadership.

In an interview with the Qatar News Agency (QNA), Bakkar emphasised that bilateral cooperation extends beyond labour to encompass vocational training and qualification programmes, with Qatar demonstrating commitment to youth empowerment through market-aligned training initiatives.

The cooperation framework was established through a memorandum of understanding in 2013, which has facilitated periodic joint committee meetings since 2019, with the aim of overseeing the implementation of an initiative to provide 10,000 jobs for Jordanians in Qatar.

Bakkar referred to developing an integrated employment platform between the two countries, which streamlines work visa issuance and Jordanians' access to Qatari enterprises, the Jordan News Agency, Petra, reported.

The cooperation has expanded into emerging sectors including ICT and renewable energy, healthcare, education and engineering.

"Qatar continues to seek Jordanian expertise in rapidly developing sectors, particularly in specialised roles within healthcare and education, reflecting Qatar's dynamic economic growth," Bakkar said, stressing that the sustainable economic partnership serves both nations' strategic interests.

The minister also reviewed Jordan's recent legislative reforms aimed at enhancing private sector labour conditions, including enhanced worker protections and increased female workforce participation.

AMMAN — Minister of Industry, Trade and Supply Yarub Qudah on Thursday headed the Jordanian delegation to the ministerial meetings of the Arab Economic and Social Council, held at the Arab League headquarters in Cairo. The delegation comprised Jordanian Ambassador to Cairo Amjad Adaileh, and the ministry's Secretary-General Dana Zoubi, the Jordan News Agency, Petra, reported.

The council discussed issues aimed at enhancing pan-Arab cooperation in multiple fields, especially economic areas and working to develop the free trade agreement in a bid to keep pace with current economic developments and challenges.

The event also addressed mechanisms for "optimally" benefitting from the "rich" opportunities and capabilities in the Arab region and achieving integration in some economic sectors.

On the sidelines of the meetings, Qudah discussed areas of joint economic cooperation with Iraqi Minister of Commerce Atheer Dawood Salman and Palestinian Minister of National Economy Mohammed Alamour.

The Agreement to Facilitate and Develop Trade among Arab Countries entered into force in 1986, leading to the establishment of the Greater Arab Free Trade Area. This agreement is considered one of the most important achievements in the history of joint Arab economic cooperation, Petra added.

AMMAN — The Department of Statistics (DoS) on Wednesday reported a 2.29 per cent year-on-year increase in the general consumer price index (inflation) for January, with the index rising from 109.72 points in January 2024 to 112.23 points.

The monthly report indicated that the price surge was primarily driven by "significant" increases in key commodity groups, mainly personal luggage prices, which rose by 14.99 per cent, tobacco and cigarettes by 12.73 per cent, and meat and poultry by 8.71 per cent.

The upward pressures were seen in the prices of spices, flavour enhancers, and other foodstuff, which saw an increase of 5.31 per cent, along with a 4.96 per cent rise in culture and entertainment expenditure, the Jordan News Agency, Petra, reported.

Some commodity categories contributed to a moderating effect on overall inflation, where the prices of furniture, carpets, and bedding group declined by 3.57 per cent, while clothing decreased by 2.42 per cent. The fish and seafood group fell by 2.08 per cent, and household appliances by 1.74 per cent.

In addition to the year-on-year analysis, the report noted a 0.42 per cent month-on-month increase in inflation, from 111.76 points in December 2024 to 112.23 points in January 2025.

The month-on-month inflation was largely influenced by rises in tobacco and cigarettes by 5.61 per cent, meat and poultry by 5.12 per cent, fruits and nuts 4.97 per cent, water and sanitation 4.15 per cent, and tea, coffee, and cocoa 2.06 per cent.

RIYADH, Saudi Arabia — A Saudi company will invest $5 billion to build an artificial intelligence data centre in the futuristic city of NEOM, state media reported.

The agreement, signed between DataVolt and NEOM, would fund the creation of a fully sustainable AI data centre with a 1.5 gigawatt capacity, the official SPA news agency said.

The project will be located in Oxagon, an industrial city within NEOM, which the kingdom aims to transform into the world's largest floating industrial complex.

The NEOM project, unveiled by Crown Prince Mohammed bin Salman, features a mirrored building dubbed The Line stretching 170 kilometres (105 miles) across the desert from the Gulf of Aqaba.

When announcing The Line in 2022, Prince Mohammed said it would house more than one million residents by 2030 and nine million by 2045.

But developers have since revised those projections to 300,000 residents by the end of the decade, according to Bloomberg.

In late October, Saudi Arabia announced the opening of Sindalah, a luxury resort on the Red Sea, marking NEOM's first operational project.

NEOM is part of the broader "Vision 2030" initiative, aimed at ensuring the future development of the world's largest oil exporter in a post-oil world.