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French Version

Business Scene

The Audit Bureau saved the treasury more than JD 6 million in the first 11 months of 2002. Abed Kharabsheh, the bureau’s president, said the department faces many obstacles that hinder its operations to inspect all the violations in public expenditure. He noted the bureau is lacking the financial and administrative autonomy to pursue its tasks and seize those who violate the rules.

Despite the government’s amendment of the Audit Bureau’s Law last year, Kharabsheh said many public departments refuse to cooperate with the bureau, which has the authority to examine all the public transactions concerning the financial and administrative performance of the public institutions.

The government is expected to exempt its imports of the industrial inputs from custom tariffs. Minister of Economy Samer Al Tawil said the government is listing all the industrial inputs that will be exempted later this year. Such a decision would cost the treasury more than JD 27 million. Al Tawil warns any delay in the exemption would affect the economic development negatively.

* The Arab Pharmaceuticals Co delayed its merger talks with the Dar Al Dawa’ for Investment and Development Co until further notice. The APC sources indicate the company’s management is conducting studies on the benefits of its merger, since the two companies are among the major pharmaceutical manufacturers in Jordan. The two companies make about 35 percent of the Kingdom’s annual production of pharmaceuticals, estimated at JD $200 million in 2002.

* The Arab Bank made 82.5 percent of the Amman Stock Exchange’s volume in 2002. The bank’s transactions last year worth JD 339.5 million. This is despite the bank’s share price lost 8 percent over 2001. The International Cigarettes and Tobacco Co was the ASE’s second largest at JD 70.8 million, followed by Jordan Iron Co with JD 55.5 million. Both Dar Al Dawa’ Co and the Arab Pharmaceuticals Co made 24.4 percent of the ASE’s overall trading in 2002, at JD 50.6 million and JD 48.8 million respectively.

* About $424 million were invested in Jordan last year, declining by 30 percent over the volume of investments made in 2001. About 56 percent of these investments were local, while the rest, 46 percent , is owned by foreign investors, mostly Arabs. Reem Badran, director general of the Jordan Investment Board, noted that investors from the Arab Gulf states are interested in establishing exporting businesses in Jordan.

* The annual rate of demographic growth in Jordan stands at 3 percent. Sources at the Ministry of Planning indicated last week that the government is working on a plan to strict the demographic growth in the Kingdom as recent statistics predict Jordan’s population will rise to more than 10 million people in the coming three decades. The sources said the rising in population rates will affect the social and economic development in the Kingdom, since the government lacks the potentials to provide sufficient job opportunities for the domestic labor.

* Jordan’s administrative reforms are supported by JD 5.5 million loan from the UK’s International Development Agency. The government will employ the loan to enhance reforms in the public sector. A joint Jordanian-British committee will be designated soon to supervise these reforms. The British agency will also utilize the European expertise in public reforms to fight bureaucracy and overspending. Among the sectors the British will work on are the education, health, social development and environment.

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