Latest news with #EconomicModernisationVision
Zawya
2 days ago
- Business
- Zawya
Jordan: JCI issues report on challenges of food industry sector
AMMAN — The Jordan Chamber of Industry (JCI) issued the third report of its reform series "Regulatory Challenges Waiting to be Addressed", which was dedicated to the food, catering, agricultural and livestock industries, one of the sectors most closely related to food security and economic stability. According to a statement issued by JCI, the report comes as a continuation of the institutional approach adopted by the JCI to diagnose the most "prominent" regulatory challenges facing the various industrial sub-sectors, the Jordan News Agency, Petra, reported. Also, the report offers practical solutions in line with the priorities of the Economic Modernisation Vision (EMV), specifically in the item "Unlocking Potential". The report noted that the sector, despite its "strategic" importance, is facing challenges at a time when there is a growing need to expand the production base and enhance reliance on domestic inputs. The JCI stressed that addressing these challenges is a national priority and is in line with the priorities of the EMV and the food security strategy, noting that the solutions proposed in the report do not require new budgets or direct financial support, but rather decisions that enhance local production. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
3 days ago
- Business
- Jordan Times
JCI issues report on challenges of food industry sector
AMMAN — The Jordan Chamber of Industry (JCI) issued the third report of its reform series "Regulatory Challenges Waiting to be Addressed", which was dedicated to the food, catering, agricultural and livestock industries, one of the sectors most closely related to food security and economic stability. According to a statement issued by JCI, the report comes as a continuation of the institutional approach adopted by the JCI to diagnose the most "prominent" regulatory challenges facing the various industrial sub-sectors, the Jordan News Agency, Petra, reported. Also, the report offers practical solutions in line with the priorities of the Economic Modernisation Vision (EMV), specifically in the item "Unlocking Potential". The report noted that the sector, despite its "strategic" importance, is facing challenges at a time when there is a growing need to expand the production base and enhance reliance on domestic inputs. The JCI stressed that addressing these challenges is a national priority and is in line with the priorities of the EMV and the food security strategy, noting that the solutions proposed in the report do not require new budgets or direct financial support, but rather decisions that enhance local production.
Gulf Today
01-08-2025
- Business
- Gulf Today
ADFD attends opening of Jordan Digital Health Centre
In the presence of His Royal Highness Prince Al Hussein Bin Abdullah II, Crown Prince of the Hashemite Kingdom of Jordan, Abu Dhabi Fund for Development (ADFD), represented by Mohammed Saif Al Suwaidi, Director General, participated in the official inauguration of the Jordan Digital Health Centre, a pioneering virtual hospital initiative. This initiative is part of the UAE's broader grant, managed by ADFD, to enhance development projects aligned with Jordan's Economic Modernisation Vision 2023-2025, with a total funding of Dhs1.5 billion. These projects further contribute to Jordan's National Council for Future Technology agenda and reinforce the UAE's ongoing commitment to driving strategic development partnerships in the region. The Jordan Digital Health Centre aims to connect healthcare centres and create an integrated electronic medical records management system through a unified digital platform, to enhance Jordan's healthcare sector in delivering remote care services aligned with international standards. Executed through the support of UAE-based company 'Presight,' a leader in advanced technology and AI-driven digital solutions, in collaboration with Jordan's Ministry of Digital Economy and Entrepreneurship, this centre marks a strategic milestone in enhancing Jordan's digital health infrastructure. During the ceremony, Prince Al Hussein extended his appreciation to the UAE's leadership, President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, and His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. He emphasised that this initiative underscores the enduring strategic ties between the two nations and their commitment to advancing sustainable development and economic integration across key sectors. He also praised ADFD's key role in supporting transformative development initiatives, as the Jordan Digital Health Centre serves as a model of cross-border institutional collaboration. WAM
Ammon
31-07-2025
- Business
- Ammon
Reframing economic reform: A Central Bank perspective on Jordan's transformation
Raad Mahmoud Al-Tal In a rapidly evolving global economic landscape, the recent remarks by the Governor of the Central Bank of Jordan, Adel Sharkas, offer a clear signal that Jordan has embarked on a fundamentally new path of economic reform. The country has shifted away from reactive, short-term policy adjustments toward a proactive and strategic reform agenda, guided by the Economic Modernisation Vision. This transition has not only redefined national economic objectives but has also introduced a new set of tools and implementation mechanisms. This transformation can be understood through three interrelated pillars. First, Jordan has adopted a forward-looking approach that prioritises economic resilience in the face of external shocks. Second, macroeconomic stability has been reestablished as the cornerstone of long-term, sustainable growth. Third, the coordination between fiscal and monetary policy has evolved into a coherent, integrated framework designed to support reform over the medium and long term. Jordan's recent growth performance, averaging 2.9 per cent during 2021–2024, is not simply a rebound, it signals a structural shift. The growth trajectory has become broader-based and more externally driven, with investment contributing around 40 per cent and the external sector 38 per cent to overall growth during this period. This indicates that the economy is gradually becoming less reliant on domestic consumption and public expenditure and more rooted in productive, scalable sectors. This shift reflects the cumulative impact of structural reforms that have enhanced productivity and invested in human capital—key components of what economists refer to as potential output. In effect, Jordan is building the capacity to sustain growth without triggering inflationary pressures. On the external front, the economy has shown notable resilience. Non-traditional exports have increased their share of GDP from 16.2 per cent in 2016 to 20.9 per cent in 2024. The energy bill has been significantly reduced—now at 7 per cent of GDP—due to long-term gas agreements and a diversified energy mix. Additionally, workers' remittances, a vital source of foreign exchange, have remained strong, totaling $3.6 billion in 2024. Monetary policy has played a crucial role in this stabilization. Inflation has been contained at approximately 2 per cent in the first half of 2025, despite global price pressures. Foreign currency reserves, now exceeding $22 billion, provide more than eight months of import coverage. The decline in dollarization to 18.1 per cent further underscores growing confidence in the Jordanian dinar. The banking sector, too, has emerged as a pillar of stability and growth. Bank deposits have reached 47.7 billion dinars, while credit facilities have expanded by over 7 billion dinars since 2020. Jordan has also made significant strides in digital financial services, with digital payment volumes now equivalent to 146 per cent of GDP a reflection of improved access, efficiency, and innovation in the financial ecosystem. Importantly, the Central Bank of Jordan is no longer functioning solely as a regulator, it has become a strategic partner in the country's reform agenda. Its leadership in promoting financial inclusion, digital transformation, and monetary stability reflects a proactive institutional role aligned with national development priorities. Governor Sharkas's address is not just a summary of economic metrics; it is a clear statement that Jordan is gradually breaking free from its historic vulnerabilities. The country is laying the groundwork for a more resilient, self-sustaining economic model capable of withstanding future uncertainties. However, the road ahead is not without challenges. Sustaining this progress requires institutional continuity, deeper public-private collaboration, and a cultural shift toward long-term economic thinking. Ultimately, it is not just reform policies, but a broader economic mindset that will define Jordan's ability to navigate the next decade.
Zawya
30-07-2025
- Business
- Zawya
Despite regional challenges, Jordan's economy stable, growth on track — CBJ governor
AMMAN — Central Bank of Jordan (CBJ) Governor Adel Sharkas said that Jordan's economy continues to grow steadily despite regional instability, supported by a clear Economic Modernisation Vision (EMV). During a forum organised on Monday by the Jordan Strategy Forum (JSF) titled "Reform, Stability, Resilience," Sharkas said that the economy recorded 2.7 per cent growth in both quarter 4 of 2024 and quarter 1 of 2025, the Jordan News Agency, Petra, reported. The CBJ expects 2025 growth to remain at 2.7 per cent, rising above 4 per cent by 2028 with the implementation of 'major' infrastructure projects and continued fiscal reform, Sharkas noted. He stressed that Jordan's 'strong' fundamentals are solid monetary framework, stable investment climate, healthy banking sector and credible exchange rate. These factors boosted investor confidence, reflected in the strong performance of Jordan's Eurobonds, which are trading below issuance yields, he added. The CBJ governor added that during 2021–2024, the economy grew at an average of 2.9 per cent, recording the highest since 2010, driven by gains in productivity, human capital and non-traditional exports. This growth contributes now in 20.9 per cent to the gross domestic product (GDP), up from 16.2 per cent in 2016, Sharkas added. He noted that investment contributed 40 per cent to growth during this period, while external demand contributed 38 per cent. Sharkas attributed this momentum to structural reforms, with around 100 reforms since 2012, enhancing governance, competitiveness and job creation. Jordan's energy bill dropped to 7 per cent of the GDP in 2024, down from 21 per cent in 2012, thanks to energy diversification and long-term gas deals, he noted, adding that tourism revenue reached $3.7 billion in the first half of 2025 and is projected to hit $7.7 billion by year-end. Sharkas said that the foreign direct investment (FDI) reached $1.6 billion in 2024, while remittances are expected to rise to $3.7 billion, while inflation reached 2 per cent in the January-June period of 2025. Foreign reserves hit $22 billion, which is enough to cover 8.4 months of imports. Bank deposits reached JD47.7 billion in May, while dollarisation declined to 18.1 per cent, the CBJ governor said, pointing out that financial inclusion rose to 43.1 per cent in 2022, with gender gap narrowing from 53 per cent to 22 per cent. He added that digital payment activity surged to 538 million transactions worth JD55.3 billion in 2024, and credit facilities rose by over JD7 billion since 2020, reaching JD35.3 billion by May. The CBJ completed 90 of 94 initiatives under the 2023–2025 economic vision. The remaining are on track, Sharkas said. Public finance reforms are also advancing, with the primary deficit expected to drop to 2 per cent of GDP in 2025, aiming to a surplus by 2027. Public debt is projected to fall below 80 per cent of the GDP by 2028, the CBJ governor said. JSF Chairman Faris Sharaf stressed the need to balance monetary stability with flexible economic policies. JSF Executive Director Nasreen Barakat highlighted the forum's role in fostering evidence-based policy dialogue. JSF board member Nadia Saeed emphasised CBJ's regulatory role in supporting sustainable development. The event also addressed virtual asset regulations, SME support, economic literacy, and Jordan's resilience to external shocks. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
