Latest news with #JordanEconomy
Zawya
2 days ago
- Business
- Zawya
Jordan approves 30-year copper mining concession: Report
Jordan has approved a 30-year agreement with Wadi Araba Minerals Company for copper mining in southern Jordan. The deal grants mining rights over a 25-sq-km area, with the extracted raw materials to be processed locally to maximise national economic returns, the Jordan Times reported, citing an official statement. The move aims to halt the export of unprocessed copper. Plans entail setting up a public shareholding company, with a portion to be floated on the local stock exchange, the report said, without providing further details. The government revenues from the project will be linked to international copper prices, the newspaper said. In March, Jordan offered several mining sites to investors in its Southern Aqaba areas. The country has set an ambitious target to expand the mining sector's contribution to GDP to nearly JOD 2.1 billion ($2.9 billion) in 2033 from around JOD 700 million ($980 million) in 2024, according to a report by the Energy and Mineral Resources Ministry. (Writing by P Deol; Editing by Anoop Menon) (
Zawya
5 days ago
- Business
- Zawya
Jordan's economic 'success' story despite challenges — JEF
AMMAN — The Jordan Economic Forum (JEF) said on Saturday that since its independence, Jordan has managed to build a 'modern, diverse, sustainable and resilient' economy navigating through regional and global challenges. "Jordan's economic journey over 79 years is a model of stability, determination, and strategic planning, and constitutes a solid foundation for a new start towards a sustainable digital economy effectively integrated into the global economy," JEF said in a statement marking Independence Day. The Gross Domestic Product (GDP) has multiplied more than 80-fold since the 1960s, soaring from about JD430 million to over JD37.9 billion in 2024, with a compound annual nominal growth rate of 9.3 per cent. The GDP in dollars will exceed $53.4 billion in 2024, up from less than $1 billion in the 1960s, it added. This transformation reflects the Kingdom's ability to build a 'solid and diverse' economic base as the economic structure has evolved "significantly" since independence, according to a statement by the forum. Agriculture was the "key" component of the GDP in the early decades, but it now accounts for just about 5 per cent, while the industrial sector's contribution rose to about 24 per cent, and the services sector to about 60 per cent, it noted. The forum sees this as an expansion of economic activity and progress in building an economy with multiple drivers that is better able to grow and meet challenges, said the statement. The forum added that the national economy managed to shift from a "limited" agricultural economy to a "modern", multi-sector economy, thanks to investment in human capital, infrastructure development and the adoption of 'well-thought-out' economic policies that have maintained financial and monetary stability and boosted the business environment. The Economic Modernisation Vision (EMV) aims to double the economy to some JD58 billion by 2033, create one million new jobs, and increase real per capita income by 3 per cent annually, according to the forum. JEF recommended that Jordan offers a "real" opportunity for growth if it pursues improvement of the investment environment and supports "productive" sectors. Also, the tourism sector holds a 'strategic' position in the national development scheme and has seen "remarkable" growth, with revenues rising to about $7.4 billion in 2023, about 14.6 per cent of the GDP, when the Kingdom welcomed more than 6.3 million tourists. JEF noted that Jordan managed to attract cumulative foreign direct investment of over $39.5 billion by 2023, mainly in vital sectors, such as infrastructure, energy and technology, reflecting international confidence in Jordan's investment environment and diverse economic opportunities. It also noted that the Kingdom, through "prudent" monetary policies, consolidated the strength of the dinar over the past decades and continues to this day, thus enabling the banking sector to raise its performance to record levels, with bank assets exceeding JD70 billion, while cash deposits reached nearly JD48 billion, 85 per cent of which is in Jordanian dinar. JEF President Mazen Hamoud pointed to free trade agreements Jordan had signed with world countries, more than 22 altogether, most notably with the US, the European Union, and Arab countries, underlining a global recognition of the country's credibility and political and economic stability. "These agreements 'implicitly testify' to efficient Jordanian laws, and the ability to create a reliable commercial and investment environment," he said.
Jordan Times
24-05-2025
- Business
- Jordan Times
'From Souqs to global markets' trade sector marks as economic cornerstone
President of the Jordan and Amman chambers of commerce Khalil Haj Tawfiq on Saturday says that the Gross Domestic Product has climbed from mere hundreds of millions at independence to JD36.078 billion in 2023 (Petra photo) AMMAN — President of the Jordan and Amman chambers of commerce Khalil Haj Tawfiq on Saturday said that the sector's 'immense achievements' reflect on the 79-year journey of the trade sector into global market. According to a statement marking Independence Day, this journey has seen the national economy thrives to over 150,000 officially registered commercial and service companies spread across the Kingdom. "The Gross Domestic Product [GDP] has climbed from mere hundreds of millions at independence to JD36.078 billion in 2023," Haj Tawfiq told the Jordan News Agency, Petra. "What has been achieved would not have been possible without the genuine partnership between the public and private sectors,' he stressed. This resilience is evidenced by compelling figures; per capita GDP rose to JD3,228 last year from JD1,278 in 2001. Jordanian exports surged "dramatically" from around JD4 million in 1960 to JD8.579 billion in 2023, while imports grew from about JD43 million to JD19.110 billion over the same period, Haj Tawfiq noted. The trade and services sector is the "primary" engine of Jordan's economy, as it constitutes about 70 per cent of GDP and employs over half a million of registered workers, he said. Haj Tawfiq underscored the sector's role in providing goods and services, creating jobs, enhancing the business environment and strengthening economic ties globally. He also referred to the sector's 'success' in integrating into the world economy through a series of "key" free trade agreements, making Jordan unique among Arab nations in its extensive network of such pacts. Jordan stands as an attractive hub for trade and investment, thanks to its security and stability, opportunities, economic reforms and major infrastructure projects such as the Aqaba Special Economic Zone Authority (ASEZA), industrial estates and development zones. Haj Tawfiq stressed the need for unified efforts between the public and private sectors to implement the EMV swiftly. He stressed the Jordan Chamber of Commerce's commitment to supporting the sector, attracting investment and building robust international networks.
Jordan Times
24-05-2025
- Business
- Jordan Times
Jordan's ICT sector revenues grew tenfold since 2000 — Int@j
By JT - May 24,2025 - Last updated at May 24,2025 The ICT sector's revenues have jumped from about $320 million in the early 2000s to over $3.6 billion today, recording a more than tenfold increase, says Int@j Chairman Eid Sweis (JT file) AMMAN — Chairman of the Information and Communication Technology Association of Jordan (Int@j) Eid Sweis on Saturday said that the Kingdom's ICT sector has witnessed a "qualitative" shift over the past decades, during which its revenues have increased nearly tenfold since the beginning of the millennium. Sweis noted that this growth has made the ICT sector a 'pillar' of the national economy and reflects Jordan's "success" story in independence and development, coinciding with the Kingdom's celebrations of its 79th Independence Day. He said that this progress would not have been achieved without the Royal directives and continuous support of His Majesty King Abdullah, who has directed, in various forums, to boost Jordan's position as a "regional centre" in the ICT field, develop digital infrastructure and stimulate entrepreneurship and innovation. Sweis added that His Majesty pays special attention to youth and digital entrepreneurship as the "true" gateway to the economy of the future. He said that these visions have been translated into "clear" executive policies and integrated cooperation between the public and private sectors. Sweis pointed to the "diligent" follow-up and high-level efforts exerted by HRH Crown Prince Hussein in supporting the digital and technology sector. He referred to the Crown Prince's continuous monitoring of digital transformation projects, and his directives on the necessity of empowering youth in the digital economy and innovation, which have enhanced Jordan's "attractiveness" for technology investment and provided an incubator environment for startups. Sweis noted that the number of employees in the sector has reached over 46,000, compared with only about 10,000 in 2000, marking a growth of more than 4.5 times, including about 10,000 employees working in the "outsourcing" sector for local, regional and international companies that base their operations in Jordan. He said that the sector's revenues have jumped from about $320 million in the early 2000s to over $3.6 billion today, recording a more than tenfold increase, reflecting the sector's "vitality and its ability" to directly contribute to the Gross Domestic Product (GDP). In the education field, he said the number of graduates in ICT and engineering majors from Jordanian universities has increased from less than 1,000 per year at the beginning of the millennium to some 7,000 per year currently, 40 per cent of whom are female. Sweis announced that over 39 universities, both public and private, offer specialisations in the sector, enhancing qualified human capital. He noted that the Kingdom currently has three telecom companies providing 4G services in all regions and 5G in major cities, with a plan to reach 50 per cent 5G coverage by 2028 as part of enhancing the digital infrastructure. Regarding startups, he indicated that a total of over 450 startups are operating in various sectors, mainly financial technology, e-learning, e-commerce, artificial intelligence, the Internet of Things, block chain, electronic games and tourism, with support from specialised business accelerators and investment funds. The sector's exports of IT services and products have increased from less than $50 million two decades ago to over $300 million today, constituting a nearly six-fold increase, he pointed out. Sweis said that the telecom sector's total revenues amounted to JD1.2 billion, while investment in the sector in 2023 amounted to around JD347 million. He said that 45 telecom service companies are licensed, and the percentage of fixed internet subscriptions has reached 7 per cent, around 800,000 subscribers, while the internet coverage rate of cellular networks has reached 67 per cent.
Zawya
23-05-2025
- Business
- Zawya
Jordan: Foreign grants down 93.2% in Q1 2025; $2.1bln in new pledges secured
AMMAN — Foreign grants to Jordan plummeted to JD3.4 million in the first quarter of 2025, a sharp decline from JD49.6 million during the same period last year, marking a drop of JD46.2 million, or 93.2 per cent, according to the Ministry of Finance. Despite this downturn, the Ministry of Planning and International Cooperation secured over $2.1 billion in new funding commitments in April to finance major national projects, Al Mamlaka TV reported. A government performance report for April revealed that the Planning Ministry had signed agreements and received pledges from key development partners, including the World Bank, the German Development Bank (KfW), the Dutch Embassy, and the Arab Fund for Economic and Social Development. On the domestic front, government revenues increased by JD150 million in the first quarter of 2025, reaching JD2.16 billion compared to JD2.01 billion in the same period last year. Tax revenues totalled JD1.582 billion, comprising JD1.076 billion from general sales tax on goods and services, JD419 million from income and profit taxes, JD24 million from real estate sales tax, and JD63 million from taxes on international trade and transactions. Non-tax revenues for the same period amounted to JD 578 million, the data revealed. Meanwhile, Jordan's gross public debt, including liabilities held by the Social Security Investment Fund (SSIF), reached 118.4 per cent of GDP by the end of the first quarter. Excluding SSIF-held debt, the figure drops to 91.5 per cent, declining further to 90.9 per cent when a Central Bank of Jordan deposit allocated for repaying Eurobonds due in June is subtracted. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
