Business

AMMAN — Customs clearance and freight transport companies in the Kingdom processed 952,000 customs statements in 2024, up from 896,000 in 2023, covering export, import, transit and re-export transactions.

President of the Association of Owners of Clearance and Transport Companies DaifAllah Abu Aqouleh said that 247,000 vehicles were cleared last year for the local market and export, including gasoline, diesel, electric and hybrid models, the Jordan News Agency, Petra, reported. 

According to Abu Aqouleh, electric vehicles accounted for the largest share of cleared vehicles, totalling 90,967 in 2024, compared to 38,277 in 2023. 

The number of gasoline-powered vehicles reached 13,332, up from 11,263, while diesel vehicles totalled 14,420, compared to 8,104 in 2023. Hybrid vehicle clearance rose to 22,943, up from 15,940 the previous year.

The number of vehicles cleared for export increased "significantly," reaching 105,301 in 2024, compared to 47,087 in 2023. 

In the shipping sector, Abu Aqouleh said that the Aqaba Container Terminal received 426,000 containers in 2024, down from 445,000 in 2023, while outbound containers totalled 109,000, compared to 115,000 in the previous year.

Aqaba Port handled 454 ships in 2024, up from 340 in 2023, he said, attributing the increase to shipping companies using smaller vessels due to disruptions in the Red Sea.

He also pointed to signs of increased transit activity in 2024, particularly for trucks passing through Jordan to Syria. 

Abu Aqouleh noted that 835 trucks crossed through Jaber Border Crossing on a single day last week, the highest number recorded in 15 years.

He stated that transport activity is expected to grow this year following the resumption of exports to Syria, Europe and Turkey through Syrian borders. 

Abu Aqouleh also stressed that Jordanian customs authorities and security agencies are facilitating truck movement at Jaber Border Crossing in coordination with industry stakeholders.

Jordan has 476 licensed customs clearance companies operating across 2,000 branches in customs centres nationwide, employing some 10,000 Jordanians, Petra added.

AMMAN — Emphasising strategic efforts to reinforce Aqaba’s position as a leading economic and commercial hub, Aqaba Development Corporation (ADC) has signed a cooperation agreement with Markazia Toyota to develop the first car showroom and regional service centre in the coastal city. 

The agreement was signed on Monday, by ADC CEO Hussein Safadi, and Markazia Group CEO Nadim Haddad, at the Markazia Innovation Centre.

The project will be located in the newly developed North Business District, a prime area with integrated infrastructure that supports Aqaba’s economic growth. 

Spanning 5,000 sqm, the commercial complex will feature a state-of-the-art showroom, admin offices and a regional service center designed to meet the automotive needs of Aqaba and Jordan’s southern region, thereby boosting Markazia Toyota’s capacity to deliver high-quality, comprehensive maintenance services.

This partnership marks a significant step toward attracting international automotive brands to Aqaba, fostering a more competitive market and elevating service standards for residents and visitors alike. 

The project is also expected to generate employment opportunities for local talent within the automotive and maintenance sectors, further supporting the city’s labour market.

"At ADC, we are committed to attracting strategic investments that drive local economic growth while creating a dynamic investment ecosystem that caters to the diverse requirements of investors. 

Our partnership with Markazia Toyota adds great value to our projects in the northern zone, and we are confident it will pave the way for further collaborations with global companies, revitalising the North Business District and cementing Aqaba’s status as a premier investment destination," commented Hussein Safadi.

In turn, Haddad praised ADC’s role in fostering a business-friendly environment, highlighting the project as a testament to Markazia Toyota’s dedication to expanding its service network nationwide. 

He elaborated, "We are proud to collaborate with ADC, which has been instrumental in supporting projects that meet the needs of Aqaba’s residents and the broader southern region.

This initiative accelerates economic growth, enhances Aqaba’s appeal as an investment hub and aligns with the Kingdom’s vision for sustainable development and long-term investment."

The North Business District offers an array of strategic benefits, including fully developed infrastructure - roads, electricity and water - along with flexible regulatory frameworks that allow investors to build up to 42 per cent of the land, with structures reaching up to seven floors. 

These benefits grant investors significant agility to tailor their projects to market demands, making the district an increasingly attractive investment hub. 

In 2024, ADC signed multiple agreements with investors across various sectors as part of its ongoing efforts to revitalise the North Business District, reflecting its commitment to improving Aqaba’s infrastructure and attracting high-value investments to the city.

ADC - the investment arm of the Aqaba Special Economic Zone Authority (ASEZA) - is dedicated to positioning Aqaba as a premier investment destination. 

ADC actively promotes investment opportunities across six key sectors: Creative Industries, Vocational Training and Skills Development, Green Growth and Sustainability, Transport and Logistics, Manufacturing, Tourism and Lifestyle - driving sustainable economic growth for the city.

AMMAN — Statistical data from the Jordan Logistics Association (JLA) revealed a significant increase of 85.9 per cent in the number of inbound containers arriving in the Kingdom through the Aqaba Container Terminal (ACT) in January, compared to January 2024.

According to figures obtained by the Jordan News Agency, Petra, the number of inbound containers at the ACTrose to 41,519 in January, up from 22,332 during the same month in 2024.

The number of containers from the Kingdom also saw a 19.4 per cent increase, reaching 8,204 containers, compared to 6,872 in the corresponding period last year, the Jordan News Agency, Petra, reported.

President of the JLA Nabil Khatib, attributed this rise in inbound and outbound container traffic to stability in the Red Sea region, which has facilitated the smooth arrival of container ships.

Khatib also pointed to the increase in containers heading for Syria and Palestine via the Aqaba port, expecting this to continue and even reach higher figures in the coming months.

Khatib, who also serves as the first vice president of the Amman Chamber of Commerce, stressed the importance of recognising this growth and enhancing manpower, handles equipment, and incentives for transit goods passing through the Kingdom.

He underscored the need for all relevant authorities to provide necessary facilitations to make Aqaba port more attractive and dynamic, allowing it to regain its former role in handling transit cargo of various types.

Khatib underscored that restoring Aqaba port to its previous levels of activity would positively impact Jordan’s economic status, particularly benefiting the transportation sector, which serves as a key driver for various commercial, service, and industrial sectors.

The JLA was established in 2007 to represent employees in the freight industry, foster a competitive environment, protect shipping agents, and improve industry regulations for freight forwarders and logistics service providers. 

AMMAN — Chairperson of the Jordanian Businessmen Association (JBA) Hamdi Tabbaa on Sunday met with Bulgarian Ambassador to Jordan Metin Kazak over means to enhance trade and investment cooperation between the two countries.

Tabbaa emphasised the need for "stronger" collaboration between private sector institutions in Jordan and Bulgaria to bolster economic ties, particularly by increasing Jordanian exports of vegetables and fruits to the Bulgarian market, the Jordan News Agency, Petra, reported. 

He highlighted the significance of enhancing trade via land transport through Syria and Turkey, as well as expanding educational cooperation by increasing the number of Bulgarians studying in Jordan, given the country's advancements in university and technical education.

Tabbaa also called for enhancing engagement between business communities and private sector stakeholders from both countries to further boost economic cooperation. 

Kazak underscored the importance of boosting economic relations and expanding trade, noting that Jordan's free trade agreements, including that with the EU, present opportunities that should be leveraged. 

He also stressed the need for trade delegations to exchange visits and enhance cooperation in tourism, agriculture, and education.

Trade between Jordan and Bulgaria reached some $39 million in 2023, up from $34 million in 2022, where Jordan's exports to Bulgaria primarily consist of inorganic chemical products, vegetables, and fruits, while imports from Bulgaria include grains, electrical equipment and wood, according to Petra.

AMMAN — The Kingdom's chemical and cosmetics industries sector is a "major" driver of innovation and sustainability within the national economy, as a main priority and high-value industry in the Economic Modernisation Vision (EMV).

The sector covers 79 per cent of the local market size, as many of its products achieved "full self-sufficiency" during COVID-19 pandemic crisis, especially detergents, sterilisers and disinfectants, while its products are sold in 112 markets globally.

The sector's representative in the Jordan Chamber of Industry (JCI) Ahmad Biss, said the chemical and cosmetics industry is a "major" pillar of Jordan's industries and a "main" supplier to meet the local market's needs, according to a statement to the Jordan News Agency, Petra, on Saturday.

Biss added that most products have become in direct contact with citizens' lives through end-use items, mainly detergents, sterilisers, disinfectants, cosmetics and others. 

He noted that the sector plays an "important and strategic" role in the national economy and has "diverse and large" production capabilities to meet needs of the local market with the required quality and quantities and "significantly" In a statement to the Jordan News Agency, Petra, on Saturday,  its export levels.

The EMV aims to raise the added value of the sector's contribution to the Gross Domestic Product (GDP) by 7 per cent annually, or about JD0.8 billion during the coming years, from JD0.6 billion in 2021 to about JD1.4 billion in 2033, Biss pointed out.

He indicated that the EMV also aims to enhance employment levels in the sector by creating more than 23,000 full-time jobs in the coming years and increasing its exports by 11.4 per cent to reach JD5.4 billion in 2033.

He noted that the EMV has launched several initiatives to advance the sector to "higher" levels, mainly establishing a chemical industries complex.

He noted that under the EMV, a research, development and innovation centre for the Kingdom's potash and phosphate value chain and commercial exploitation opportunities would be launched, while building a detailed strategy for manufacturing various potash and phosphate products.

AMMAN — Iraqi Business Council (IBC) in Amman on February 16 is scheduled to organise a conference under the theme: "Investment, Renewable Energy and Financing... Towards a Sustainable Digital Future."

The event will be held in partnership with the Jordan and Amman chambers of industry, International Finance Corporation and Multilateral Investment Guarantee Agency (MIGA), the Jordan News Agency, Petra, reported.

According to the IBC statement on Saturday, the European Bank for Reconstruction and Development (EBRD), Iraqi Banks Association, Federation of Arab Businessmen, Iraqi business councils and local and international economic institutions will attend discussions.

The one-day event focuses on investment, financing and digital transformation opportunities, highlighting "promising" sectors including the financial and banking sector, industry, mining, renewable energy, communications and information technology.

The statement added that the conference constitutes a platform for direct contact among companies, representatives of strategic projects and financial institutions, providing "valuable" opportunities for expanding business and expanding into regional markets.

Naji noted that the conference agenda represents an "exceptional" opportunity to enhance "strategic" Jordanian-Iraqi partnerships, as the two countries' investors and business owners will explore cooperation prospects and investment.

He also pointed out that participation of "leading" international financial institutions would contribute to providing support for major projects and stimulating investment.

AMMAN — Minister of Labour Khaled Bakkar, and Chairperson of the Board of Directors of the Jordan Phosphate Mines Company (JPMC) Mohammad Thneibat on Friday discussed the establishment of a training facility for the mining and petrochemical industries.

They addressed contracts to train and hire Jordanians and made the remarks during a meeting at the company's industrial complex in Aqaba, the Jordan News Agency, Petra, reported.

He explained that training academies should be established in order to equip young people with the professions that each sector requires and in a way that aligns with each governorate's competitive advantage. Noting that the mining industry is one of the key sectors that requires a genuine partnership with the private sector.

Thneibat noted that up to 6,000 direct and indirect job opportunities will be created by the company's expansion of specific businesses and the development of new industries.

He clarified that although all of the company's employees are Jordanians, this does not exclude the hiring of several foreign specialists for brief and restricted periods of time. 

The JPMC chairman also said that all of the employees who oversee the phosphate industrial complex in Aqaba are Jordanians.

He highlighted that the company is prepared to work with the Ministry of Labour to train young job seekers in around 16 supporting professions required by the phosphate mines and the industrial complex.

WASHINGTON — The IMF plans to unveil a new loan agreement with Egypt for approval by its board, the global lender's communications chief said Thursday, as the country looks to strengthen its economy.

"A policy package of reforms will be considered by the Fund's executive board, along with the fourth review of Egypt's program," International Monetary Fund communications director Julie Kozack told reporters in Washington.

Kozack said the new planned loan agreement would take the form of a Resilience and Sustainability Facility, or RSF, designed in part to help countries tackling climate change, adding that she could not yet confirm how large it will be.

Last year, the IMF expanded its existing loan package from $3 billion to $8 billion to help Egypt manage its economic challenges amid regional instability unleashed by the war in Gaza.

A draft agreement was reached on a review of Egypt's existing loan program back in December which should unlock an additional $1.2 billion to help the Egyptian economy as it battles a series of headwinds.

The executive board's approval is largely a rubber-stamping exercise, with disagreements between stakeholders usually ironed out before the vote. 

Repeated attacks on Red Sea shipping by Yemen's Huthi rebels in support of Palestinians in Gaza caused Egypt's revenues from the Suez Canal - a key foreign currency earner — to plummet.