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Jordan tax law changes expected to be ready in May

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AMMAN:  Income Tax Law are expected to be endorsed by the Cabinet in the first half of May, Minister of State for Media Affairs Mohammad Momanisaid on Monday. At a press conference that followed a Cabinet session earlier in the day, Momani, who is also the government spokesperson, said that the tax evasion, which can be similar to theft, is among ... Read More »

Jordan court bans ride-sharing app Careem

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AMMAN: Popular pan-Arab taxi hailing app Careem has been banned in Jordan, following a surprise decision by a West Amman court earlier this week to suspend the service. The Dubai-based company must obtain relevant licences in order to operate again in the kingdom, after several lawsuits were filed on behalf of taxi drivers hit hard by the service. Lawyer Mahmoud Kharabsheh, acting ... Read More »

UAE firms team up to invest in Jordanian fashion giant

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AMMAN: The investment will enable Classic Fashion Apparel to enter the next stage of its development, accelerating the expansion of production facilities, a statement said.  Founded in 2003, Classic Fashion Apparel has achieved significant growth and is now a recognised global industry player, with an annual turnover of over $450 million, it added.  The company has longstanding relationships with global ... Read More »

Jordan targets double-digit growth for key economic sectors

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AMMAN: Jordan’s efforts to attract investment for areas of the economy identified as ripe for development, against a backdrop of wide-ranging fiscal reforms, are explored in a new. With local, regional and international transit networks earmarked for development, OBG maps out the raft of public transport projects in the pipeline. The coastal city of Aqaba is a key focus of ... Read More »

Romanian Jordan businesspeople share expertise on trade

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AMMAN:  Over 100 Jordanian and Romanian companies on Monday gathered in Amman to discuss ways to enhance bilateral economic ties and strengthen the exchange of expertise between the two countries’ business communities. Held under the patronage of Princess Margareta, custodian of the Romanian Crown and Prince Radu, the Romania – Jordan Business Forum witnessed the participation of a number of ... Read More »

Economic conference to be held in Amman Saturday

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AMMAN: Jordanian and foreign experts and specialists will meet next Saturday in Amman to put future visions to stimulate the Jordanian economy, limit the challenges it faces and communicate with decision-makers to benefit from the outcome of their meetings and the decisions they make. The experts will present their studies and the outcome of their researches during the Fourth International ... Read More »

16 companies compete to build 4 solar energy plants in Jordan

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AMMAN: Jordan has received 16 technical and financial offers to implement four solar energy power plants with a total capacity of 200 megawatts (MW), the government said on Wednesday. “We received the offers from local, regional and international companies and consortia under the third direct proposals stage,” Amani Al Azzam, secretary general of the Ministry of Energy and Mineral Resources told The ... Read More »

Bank of Jordan nets $64m in annual profits

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AMMAN:  Bank of Jordan announced its annual profits for 2017 reached JD 46 million (USD 64 million), an increase o %13 compared the previous year, bank officials said today. Total revenues reached about JD 127 million (USD 179) due to expansion in projects and improved investment climate, said bank officials. The revenues have jumped by nine percent compared to the ... Read More »

Jordanian businesses on mission to Syria to boost trade

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AMMAN:  Jordanian business representatives will travel in the near future to Syria on hope of reviving trade relations between the two countries after years blocked trade due to the closure of the border and raging civil war, businesspeople confirmed today. A delegation from Jordan Chamber of Industry, headed by president Adnan Abul Ragheb, will travel to Damascus to hold meetings ... Read More »

project launched to cut consumption in Jordan by 1bn

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AMMAN: Jordan plans to save up to one billion US dollars in energy consumption through a national plan under support of the EU, as the kingdom struggles to pay its energy bill. Energy Minister Saleh Kharabsheh launched the plan which targets lowering consumption of electricity by 2,000 gigawatts between 2018 and 2020, or JD 700 millioin (USD 1 billion), Petra ... Read More »

Jordan plans to cut electricity consumption by 20%

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AMMAN:  Deputising for Prime Minister Hani Mulki, Energy Minister Saleh Kharabsheh on Wednesday launched the second national plan to rationalise energy, which aims at lowering electricity consumption by 2,000 gigawatts between 2018 and 2020, with a cost of JD700 million. Kharabsheh highlighted the importance of the plan in addressing energy challenges, at the top of which is the heavy oil bill ... Read More »

Jordan Islamic Bank invests in solar power as part of social responsibility

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AMMAN: Jordan Islamic Bank is the country’s largest Islamic finance provider. In December 2017, its CEO – his excellency Mr Musa Shihadeh – signed an agreement to establish a solar power station, to provide renewable energy to its branches. It’s a concrete example of the bank’s commitment to social responsibility and sustainability. Musa Shihadeh explains the ambition behind the solar ... Read More »

Jordan to increase price of electricity by 7 percent

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AMMAN: Jordan will increase price of electricity for all sectors, including industrial and households, as of April 1, the government said Saturday. Price of kilowatt hour will be increased from 0.014 dinars to 0.015 dinars on all sectors as of April 1 until the end of the month, Farouq Hiari, Chief Commissioner of the state-owned Energy and Minerals Regulatory Commission, ... Read More »

Jordan should exercise caution as it forges new trade partnerships

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AMMAN­:  Establishing a Jordanian-Kenyan free zone in Aqaba would boost trade exchange with many African countries; however, the project has to be well studied to avoid unfavourable fallouts, Jordanian economists said. During the recent meeting of the Jordanian-Kenyan Business Forum, the government announced that a study was under way to create a free zone in Aqaba, the Jordan News Agency, ... Read More »

Exports of Amman chamber of industry rise by JD57m in 2 months

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AMMAN: Exports by factories and industrial enterprises registered with the Amman Chamber of Industry (ACI), rose by JD57 million in the first two months of 2018 compared to the same period of 2017, according to a statistical report on Tuesday. The chamber’s exports in the first two months of this year stood at JD703 million, compared to JD646 million in ... Read More »

Jordan Manufacturing puts a new twist on business

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AMMAN: Among the indoor collections the company unveiled are Bold & Blue, Global Glam, Modern Farmhouse and Luxury Lodge. The fabrications for the pillows include velvets, linens, chenilles, prints, embroideries and appliques. The pillow line is extensive and diverse, with fabrics from suppliers based in the United States and Asia. Jordan also imports from Asia and manufactures in the United ... Read More »

Business leaders see real opportunity created by King’s visits overseas

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AMMAN:  Business leaders on Sunday valued His Majesty King Abdullah’s efforts to attract foreign investments to the country and to “open doors” for the Jordanian products into the international market, citing achievements made during His Majesty’s recent visit to The Netherland, following a milestone India visit. In phone interviews with The Jordan Times, economic sector leaders said that the visits ... Read More »

Jordan to create anti-smuggling division to protect antiquities

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AMMAN: Jordan’s  (DoA) is working on creating a new division to combat the smuggling of antiquities, an official said. The new unit will start operating once the administrative by-law of the DoA comes into effect, DoA Director General Monther Jamhawi told the Jordan Times on Thursday. The Legislative and Opinion Bureau recently issued the DoA draft by-law 2018, which will take ... Read More »

Jordan’s Central Bank expects foreign investment to grow by 12% this year

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AMMAN:  The Central Bank of Jordan (CBJ) on Tuesday expected the net direct foreign investments in the Kingdom to grow in 2018 by 12 per cent to JD1.380 billion. In a report, carried by the Jordan News Agency, Petra, CBJ expected foreign investments to have grown to JD1.238 billion in 2017, compared with JD1.1 billion in 2016, marking a 12.1 per cent increase. The ... Read More »

Jordan’s debt amounts to JD27.4b in January

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AMMAN: The Kingdom’s public debt by the end of January, 2018 was estimated at JD27.443 billion, constituting 95.6 per cent of the gross domestic product (GDP) compared to JD27.296 billion in the same period of 2017, the Finance Ministry said on Tuesday. The ministry said that the debts of the National Electric Power Company (NEPCO) and the Water Authority of ... Read More »