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Business Scene

* Non-Arab investments in the Kingdom were worth $169 million in 2001. The "International Investment Report 2002," by the Arab Investment Guaranty Corporation, indicated these direct investments represented an increase of three times that of 2000. The report indicated that Jordan ranked fifth in the category of most attractive destination for foreign investments last year. Morocco was first with $2.65 billion. The entire Arab world received $6 billion in investments in 2001, about three times more than the previous year.

* Talking of investments, statistics from the Ministry of Industry and Trade show that British-run investments, at JD 3.5 million, were highest in Jordanian companies for the first 10 months of this year. American investments in local companies increased this year by 50 percent to JD 600,000. Palestinian investments, however, declined by 5 percent over the same period of 2001, to JD 2.7 million. Iraqi investments in Jordanian companies have also declined by 60 percent to JD 2.6 million. Israeli investments, which showed the biggest drop, were reduced by 85 percent to JD 150,000 this year.

* The Amman Stock Exchange (ASE) is also facing a recession in foreign investment. According to a report by Al Dustour Arabic daily, the stock market lost about JD 2 million in investments in October due to political instability in the region. The report, however, indicated that last month was better than that of 2001. Non-Jordanian investments in the last 10 months of 2001 reached JD 2.8 million. These investments account for about 38.3 percent of the ASE's market capitalization.

* Local industries only create about 21 percent of Jordan's GDP. A study by the Amman Chamber of Industry stated that local industries produce about 90 percent of national exports. These exports are estimated at JD 1 billion, half of which goes to Arab countries. The study also indicated that national industries consume about JD 2 billion in raw materials, yielding JD 2.6 billion in products for local consumption.

* The row between Jordan Telecom Company (JTC) and the two GSM operators in Jordan continues. Sources at the JTC reported the row concerns connection fees between fixed lines and mobile phones, in which Fastlink-Jordan's oldest GSM provider-complains that JTC is violating the joint agreement reached earlier this year by reducing connection fees without prior notice. MobileCom, the other GSM provider in the Kingdom, is part of the JTC Group and is being blamed by Fastlink for collaborating with the JTC in the plan. The Jordan Telecommunication Regulatory Commission said it will study the case and take proper measures to resolve the affair between the JTC and the two GSM providers. * Travel and tourism agencies in Jordan are strongly dismayed by the recent decision by international airlines to reduce commissions paid to Jordanian agents by 5 percent. The Jordanian Tours and Travel Association rejected the decision, saying it was made without negotiation with the concerned Jordanian agencies. The association said that many airlines in the region still take 9 percent in remuneration fees from international airlines. The association asked the government to intercede and arbitrate in the matter.

* The US granted Jordan this year more than $250 million in aid. Most of the financial and technical assistance was distributed through the US Agency for International Development. In 2001, the US gave Jordan around $348 million in aid. The aid is part of the American commitment to support social and economic development in the Kingdom. The two countries have enjoyed a joint Free Trade Agreement since December 2001, which has resulted in a trade volume of more than $500 million.

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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