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French Version

Business Scene

Royal Jordanian made $6 million in net profits last year. Samer Majali, RJís CEO, said the carrier succeeded in reducing its debts from $650 million in the early 1990s to $90 million in 2002, thanks to the carrierís privatization program in the last three years.

Majali said RJ will witness gradual developments in its services over the coming two years as the company is looking for a strategic partner to buy part of the carrierís shares. He added many international airlines expressed interest in RJ. The carrierís chief indicated such a partnership is expected to be announced before the end of this year.

* Five local companies are discussing proposals to merge and establish a national consortium to facilitate the exporting of local olive oil internationally. These companies aim at exploring new markets in the region and worldwide to help in promoting Jordanís olive oil surplus that happens every year. According to the Ministry of Agriculture, the Kingdom produces more than 40,000 tons of olive oil, about half of which goes to local consumption. Jordanís annual production is estimated at JD 100 million.

* The Aqaba Special Economic Zone Authority earned JD 7.5 million in revenues in 2002. A statement by the authority indicated last yearís earnings increased by JD 1.5 million over 2001. The authority predicts more revenues this year, because of the expected increase in investments and projects the zone is expected to have in 2003. The zone, which started operation in February 2001, hosts investments worth more than $2 billion.

* The Investment Unit at the Social Security Corp., started operations this month at JD 1.7 million in capital. The unitís main objective is to look after the corporationís assets and investments in the local market. The unit will also facilitate the corporationís future investments in different fields and explore the potential for foreign investments in regional and international markets. In 2002, the corporation acquired portions in different companies at JD 66.5 million. It also bought lands estimated at 37,255 dunums at JD 2.3 million.

* The National Electricity Co. will strengthen its power-generating capabilities in Amman and the southern governorates at a cost of JD 6.8 million. The company has a joint project with another Italian power generating company to enlarge the power network in the central and southern areas of the Kingdom to meet the increasing demands in population and the industrial sector. The one-year project is also part of the Kingdomís power network linked with neighboring Arab countries. About 90 percent of the project will be financed by the Arab Fund for Social and Economic Development.

* Only 66,400 families in Jordan receive JD 4.7 million in monthly aid from the National Aid Fund. Accordingly, the fund spends JD 56 million in financial assistance in one year. Khalid Ghneim, the fundís director, said the NAF aims at providing healthcare services for needy families, something which will increase the fundís expenses by JD 1 million. Last year, the fund suspended its vocational training program for its inefficiency. Most of the fundís aid supports educational fees of needy students.

* The US-based Bristol Mayers Squibb Co., opened its regional office in Amman last week. The company is famous for its high-quality pharmaceuticals and healthcare products. It made more than $18 billion in sales last year and has more than 25 liaison offices and companies around the world. Minister of Health Walid Maani said the companyís office in Jordan will serve the development of local pharmaceuticals. He noted it has plans to develop partnerships with local manufacturers in research and development projects. Bristol Mayers spends more than $2 billion on research and development annually.

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