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Business Scene

* Jordan's 2003 budget is expected to exceed JD 2.6 billion, about JD 400 million more than last year's. Cabinet sources indicated the budget, which is expected to be the highest in five years, will include a gradual increase in public expenditures concerning the socio-economic transformation project. The sources denied that the new budget will include an additional amount related to the increasing threats of war on Iraq. Calls were heard recently among economists urging the government to take precautionary measures before the launching of the war on Iraq.

* Kuwait is rescheduling Jordan's debts, worth $220 million, over the next 30 years. These debts are all from loans that Jordan obtained from the Kuwaiti Fund for Arab Economic and Social Development. The Kuwaiti government agreed to reschedule under the condition that Jordan take out more loans from the fund. Before the 1991 Gulf War, Kuwait was Jordan's greatest aid provider for many development projects.

* The free trade agreement between Jordan and the United Arab Emirates will increase bilateral trade by 30 percent next year. Mohammed Omar Abdallah, director of the Abu Dhabi Chamber of Industry and Commerce, said the agreement opens new avenues for UAE industries and products to reach Jordanian markets. Trade volume between the two countries stands at JD 70 million, with more than 85 percent of it originating from Jordan. The agreement with the UAE, which will become effective in January, helps Jordanian exports to benefit from a gradual reduction in custom duties, an increase in market competitiveness and the revitalization of mutual transport.

* Egypt and Jordan agreed to develop their trade relations through new and different avenues. New trade agreements were signed between the two countries last week, facilitating Jordanian exports in reaching Egyptian markets. Trade volume between the two countries declined from $65 million in 1999 to $60 million in 2001.

* Jordan's exports of fertilizers to China have reached JD 20.2 million in the first half of 2002. This is an increase of 17.5 percent over the same period last year. Fertilizers account for about 99 percent of Jordan's exports to China, estimated at JD 25 million. Chinese exports to Jordan in the first half of the year are worth JD 42 million. Most of these exports were textiles, garments and electric appliances.

* A new JD 6 million commercial complex will be built in downtown Amman, with ground-breaking planned for next year. The project, conducted by the Ministry of Religious Affairs, will cover an area of approximately six dunums. Funding for the project will come from the Islamic Development Bank in Jeddah. Sources at the Ministry estimated the annual revenues from the complex at JD 1 million.

* The 2003 budget of Jerash Governorate is estimated at JD 23 million. Most of expenditures will be spent on developing the archaeological sites in the city, continuing the maintenance of public schools and infrastructure projects. Jerash governor Sameh Al Majali said the city has yet to explore some 65 percent of its archaeological sites. He noted the municipality is conducting a 20-year restoration plan for Jerash's sites and will continue until all sites are developed.

* The Industrial Development Bank (IDB) earned JD 7 million in revenues during the first nine months of 2002. These revenues were a landmark for the bank, which has faced mounting financial problems in recent years. The IDB's assets were reduced this year by JD 3.5 million to JD 126.2 million, while the bank's share holdings increased to JD 7.5 million. The bank released industrial loans worth JD 8.5 million.

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