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French Version

Business Scene

An examination of buisness activities in the Kingdom

* A special new free trade zone will be established soon in the Jordan Valley. The 83-dunum zone will start at southern Shouneh, just northwest of the Dead Sea. The Diamond International Investment Co will conduct the whole project. It is expected that the new trade zone will help reduce the high poverty and unemployment rates in the area. Local and foreign investors have already signed agreements to establish businesses in the zone. A $15 million factory is currently under construction in the zone to produce wood products. All the zone's exports will be targeted for the US, European and Far East markets.

* The government allocates JD 20 million in financial aid to support social and economic development in the Jerash governorate for the next three years. Part of the aid will go for touristic development as well. Development projects in the governorate will be conducted jointly between all public institutions, including the Ministries of Education, Planning, Water and Irrigation, Agriculture and Health. The European Union provided a loan to promote the touristic sector in the area.

* Jordan's trade relations with the Arab Gulf states are on the increase. A delegation from the Gulf Cooperation Council visited the Kingdom last week and explored potential investments between the two sides. Trade volume between the Kingdom and the six-state GCC in 2000 stood at JD 360.5 million, about JD 193 million of which were Jordanian exports. Saudi Arabia was Jordan's biggest market with JD 197 million in trade volume last year. A GCC industries exhibition was launched in Amman last week to boost joint investments between Jordanians and their counterparts in the Gulf. The week-long exhibition, at the Amman International Mobile Exhibition, includes the products of 75 companies, displaying electric, pharmaceutical, plastic, and food products.

* The Ministry of Health is to establish a group of laboratories specifically for medical experiments. The JD 5 million project is dedicated to controlling and monitoring the pharmaceutical industries in the Kingdom. The labs will also be used to examine foreign medicine which is imported to the Kingdom. These labs are expected to start operation early in 2003. More than 14,000 samples of pharmaceuticals will be examined each year before granting them authority for circulation into local markets.

* The Housing Bank for Trade and Finance (HBTF) made JD 15 million in profits in the first half of 2001. HBTF's operational income also increased by 5 percent to JD 14.8 million. The rapid increase in the bank's profits attributed to an improvement in the development of work management and a decline in operational expenses. Sources at the bank predict the profits will be doubled by the end of 2001.

* Japan recently approved annual aid to the UN Relief and Works Agency for the Palestinian refugees (UNRWA). This year, it submitted $9.22 million to support UNRWA's balance of payments and narrow its $37.2 million deficit. About $4 million of the Japanese loan will go for preparatory education programs for students at UNRWA’s schools in the Middle East. Besides the loan, the Japanese government handed $6.8 million in grants to support UNRWA's food program. Japan has supported UNRWA activities since 1953.

* A new commercial center is currently under construction on Mecca street. The JD 50 million "Mecca Mall" will be built on an area of 55,000 square meters, comprising four levels that plan to include a number of commercial and entertainment facilities. The center, which is financed by Abdoun Commercial Centers Co, is expected to open for public by mid-2003. The mall will be the third of its kind in Amman after Amman Mall and Abdoun Mall. Company sources noted that a future project is planned for Aqaba. It is expected to be the biggest mall of its kind in the Middle East.

The Star redaction
The Star

Some Marks
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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