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French Version

Business Scene

Iraqi trade with Jordan
Jordan Petroleum
Jordan Mobile Telephone Services Co
National exports of minerals....

* Iraqi trade with Jordan is estimated to be worth $2.8 billion, this makes Jordan the second biggest trading partner in the Arab world after Egypt, whose trade exceeds $3.5 billion. Jordanian and Iraqi officials are discussing ways to enhance the bilateral trade ties, recently signing a free trade agreement. Jordan's trade with Iraq constitutes about one-tenth of Iraq's gross trade with the Arab world, estimated at $27 billion.
* Jordan Petroleum Refinery Co's profits for 2001 fell 30 percent to JD 6 million from JD 8.5 million in 2000. The company, however, increased sales last year by almost 5 percent to JD 618.7 million. Assets increased by 6.8 percent to JD 257 million as well. Last week, the JPRC's General Assembly elected a new 13-member board of directors who endorsed a $600 million project to expand the refinery. It also approved plans to increase the refinery's production lines and develop its facilities to meet the country's demands of oil products. The refinery currently produces 14,000 tons a day of oil and oil products, keeping some 1.5 million tons in reserve.

* The government is discussing plans to sell shares in seven of publicly owned local companies to either private or foreign investors. Economic Minister Mohammed Halaiqa said last week that the government wants to restructure the Arab Potash Co and Jordan Phosphate Mines Co to make them more affordable for local and foreign investors. Halaiqa noted the newly formed Jordan Investment Fund would administer these investments in the Kingdom, providing mechanisms of how and where to invest. Among other companies the government hopes to privatize is Jordan Telecom Co. France Telecom currently holds about 40 percent of its shares. JTC sources noted earlier that the government might sell 10-15 percent of its shares in the company. If purchased by France Telecom, the Telco would be the majority shareholder in the company. JTC shares are also expected to be traded on the Amman Stock Exchange later this year.

* Jordan Mobile Telephone Services Co (Fastlink) is expected to have put together some 1.2 million subscribers by the end of August. The company is allotting $120 million for development of its transmission towers around the Kingdom as a method to expand its network. Fastlink's sources noted there would be about 800 new towers operating by September-increasing the total number of Fastlink towers in Jordan to 1500.

* National exports of minerals and fertilizers this year increased 20 percent to JD 155 million. This comprises 27 percent of Jordan's gross exports. The biggest export was potash at JD 76 million, followed by phosphate at JD 41.4 million. Cement close out the list with JD 8.6 million in exports, a decline from last year's JD 9.5 million. Jordanian fertilizer export increased this year by JD 20 million to JD 49 million. Oil exports declined this year by 12 percent to JD 201 million.

* Jordan-Kuwait Bank, the first Jordanian bank to announce profits for the first half of 2002, indicated profits of JD 5.5 million. This year's profits were an increase of 24.7 percent over the same period in 2001. Assets at JKB also increased 12 percent to JD 638 million. Bank Chairman, Abdel Karim Kabariti, said this year's financial statement mirrored the rapid growth in JKB's services and programs. He noted the increase in JKB's profits reveals the stable growth in the national economy. JKB deposits witnessed a gradual growth over the last five years, hitting JD 420 million in June.

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