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Business Scene

The oil pipeline between Jordan and Iraq will begin construction early in 2002. The $350 million oil pipeline will supply Jordan with 250,000 barrels per day.

The government plans to issue a tender later this year to allow the private sector to get involved in building Jordan's portion of the pipeline, some 320 kilometers. The entire pipeline will stretch 750 kilometers. Jordan's annual consumption of oil is estimated at 5.5 million tons, increasing by 6 percent annually due to population growth. Iraqi and Jordanian technicians will meet later this month to discuss the joint project and frame guidelines for each party's task. Sources at the Ministry of Energy said Iraq agreed to increase Jordan's oil supplies to 6 million tons next year.

*Iraq reached an agreement with several Jordanian companies to provide the country with $14 million worth of raw materials. The materials will be used to improve Iraq's petrochemical industry damaged by the 11-year UN embargo. Iraq also asked companies in Syria and Egypt to support its industries with raw materials. Supplies of raw materials will be divided into six portions over the next 12 months.

*Jordan and Kuwait signed a Free Trade Agreement to be implemented early next year. The agreement paves the way for a duty-free and transparent flow of exports between the two countries. It will also strengthen trade and industrial relations. A primary objective of the agreement is to stimulate the private sectors in both countries to further initiate bilateral investment. Trade volume between Kuwait and Jordan in the first 10 months of 2001 is estimated at JD 34 million.

* Arab Bank's net profits in the first nine months of 2001 were $228.6 million, a 5.4 percent increase over the same period last year. A bulletin by the Atlas Investment Group showed Arab Bank's assets grew by 6.8 percent to $21.7 billion this year. Its interest generated income increased by 7.3 percent to $485.8 million. The bank is an amalgam of many financial and commercial enterprises throughout the world. The Arab Bank's balance sheet increased 5 percent this year to $29.7 billion, providing loans worth $9.21 billion compared to $8.62 billion last year.

* The local economy loses more than $200 million in cash each year due to financial remittances made by foreign laborers working in Jordan who transfer portions of their incomes abroad. News reports suggest that around 500,000 foreigners work in the Kingdom. A report by the Central Bank of Jordan noted that each foreign employee transfers $800-1000 a year abroad. About 82 percent of these laborers in Jordan are Egyptian.

* Zarqa Municipality earned JD 6.6 million in revenue over the past 10 months. The municipality expects a JD 1.5 million yield from investments in various commercial projects. Zarqa's Mayor, Yasser Al Omari, said the municipality aims to develop commercial markets and public neighborhoods in the city. He noted the municipality is working on a JD 1.5 million revitalization project in Zarqa's downtown commercial district. The municipality has paid JD 4.2 million in expenditures for the year.

* A study by the Social Security Corp indicates the government needs to raise the retirement age to 62 for men and 58 for women. The study notes life expectancy rates in Jordan have increased from 65 years in 1975 to 68. It is expected to reach 74.5 in 2025 and 80 in 2045. The study revealed the number of pensioners in the Kingdom will decrease from 375,000 in 2001 to only 210,000 over the next 40 years.

The Star redaction
The Star

Some Marks
To see in Jordan
Fairs & Exhibitions
Useful Addresses
Media of 1stjordan
Impact of 1stjordan
The 'First Jordan' Card
Press Book
Exotica - Flowers - Shopping on line
Engineering Consultants Lebanon
Nsouli Jewelry Lebanon
Hotel Beirut Lebanon
Rent Villas France for Holidays, Seasonal Rentals France
Sole Agent for Philips & Whirlpool in Lebanon
Arab Printing Press Lebanon
Hotel Beirut Lebanon
Arabic Music, CD Arabia
Hotels Syria
Groupe PMR