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Business Scene

* Jordan’s socio-economic transformation program needs JD 334.9 million in funds for 2003. Cabinet sources indicated JD 201.2 million have already been allocated for the program and will be used in essential development projects around the Kingdom.

The rest JD 133.7 million will be secured through local and foreign funding. The socio-economic program is separate from the government’s 2003 fiscal budget, which is expected to be drawn up soon. Among the projects the government is working on are the e-government initiative, water development projects, promoting local productivity and connecting Jordanians through IT-based networks. Projects that are still under structure are worth JD 90 million and expected to be completed earlier next year.

* Internet subscriptions in Jordan have grown by 27 percent this year to more than 71,000. A recent study by Arab Advisors indicated people using the Internet in Jordan will increase to more than 178,000 users by the end of 2002. These users will triple by 465,000 users in 2006. The study said there is still ignorance among Jordanians over the use of the Internet. “Distribution of Internet in Jordan will increase gradually, thanks to the enticing offers provided by local Internet companies,” the study added. There are only nine Internet service providers in the Kingdom.

* The Jordan Investment Corp made JD 6 million in profits in the first nine months of 2002. This is an increase of 18 percent over last year. Rumors were rife recently that the government is thinking about dissolving the corporation for exceeding expenditure. Cabinet sources noted last week the increase in this year’s profits will enhance the corporation’s position as one of the government’s main funding providers in the long run.

* Recent amendments to the Securities Law are paving way for the government to establish more stock markets in the Kingdom. The law, which becomes effective in November, also permits the establishing of an investor care fund to protect the shareholders’ rights and enhance the professional standards in the stock market. Fines and penalties were also being toughened against those who violate the law. Sources at the Amman Stock Market said the law will help in developing the efficiency in dealing with securities and increase investments in the market.

* More than 1.4 million tourists came to Jordan in the first 10 months of this year. They are 6.3 percent more than the same period of 2001. Ministry of Tourism’s statistics show, however, that tourists visiting Petra in 2002 plummeted by 27 percent over last year. Arab tourists increased this year by 17.5 percent, while European tourists went down by 25.3 percent. Hotel occupancy in Jordan has been reduced by 14 percent over last year.

* Investments of companies working through the Industrial Estates Corp is JD 1.14 billion. These investments produce more than JD 365.4 million in exports. Abdallah II Industrial Estate, in Amman, was the highest, attracting more than JD 908 million. Al Hassan Industrial Estate in Irbid comes next with approximately JD 200 million. The Al Hussein Bin Abdallah Estate in Kerak is third with JD 40 million. Al Hassan Estate is the biggest producer with JD 190 million in exports.

* Trade volume between Jordan and Syria increased this year by 25 percent to JD 59 million on 30 September. About JD 24 million of the mutual trade was in Jordanian exports. In 2001, the trade volume between the two countries was JD 71 million. Jordanian officials noted the Kingdom’s exports to Syria are expected to double next year.

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