Business
Scene
JORDAN (Star) - * The Social
Security Corp (SSC) has decided to establish a special unit to run its investments
in the Kingdom, now estimated at some JD 1.6 billion. The unit will have the authority
to research and conduct these assets to yield higher profits for the future. Some
800 million of the corporation's resources are held in local banks. There are
also dividends in many shareholding companies, including hotels. The corporation
is in possession of JD 21 million worth of land. The SSC's treasury bills exceed
JD 44.5 million. Last week the corporation took control of 200,000 shares of the
Jordan Petroleum Refinery Co worth approximately JD 5.1 million.
* Al Hassan Industrial City, located near Irbid, produced goods
worth $18.1 million in April. About $16 million of this was textiles; the remainder
included medical, agricultural and electronic industrial products. The US was
the number one importer from the industrial city, followed by Israel and Iraq.
* The Special Economic Zone in Aqaba earned JD 1.6 million
in revenues from sales tax in the first quarter of 2002. This is an increase of
12 times over the same period last year. Nearly 75 percent of this revenue went
into the budget. The ASEZ Authority received the remaining 25 percent. There are
more than 800 companies working in the zone controlling more than $1.5 billion
in investments. The zone's statistics reveal a strong increase in the number of
visitors this year. More than 75,000 people had visited Aqaba at the end of March
2002.
* The Ministry of Public Works and Housing has allocated JD
80-90 million to build new highways and roads throughout the Kingdom. The ministry
is also working on a JD 75 million project to establish a complex for public departments
in Amman. The government is currently spending JD 13 million for rents for public
departments.
* Trade relations between Romania and Jordan have been forecasted
to increase gradually in the coming years. An agreement signed last week in Amman
is designed to invigorate bilateral investments between the two nations. These
will be part of the Jordan-European Association Agreement, which became effective
on 2 May. Trade volume between the two countries in 2001 was $30 million, largely
in favor of the Romanians.
* The economic-social transformation program has allotted JD
102 million for the Balqa governorate. The money will be distributed amongst 115
projects scheduled for this year. These include the rehabilitation of infrastructure
in the area, and incentives to improve economic sectors. Projects related to agriculture,
education, tourism, culture and housing sectors are all on the agenda.
* Jordan's vegetable and fruit exports in March were worth
JD 12.6 million. Syria was the largest importer with some 36 percent of the exports,
followed by the United Arab Emirates with 16 percent. Non-Arab countries imported
15 percent. Jordan's trade relations with Arab countries increased by JD 160 million
to JD 1.4 billion in 2001 of which 60 percent were imports to the Kingdom.
* The Jordan Vegetable Oil Co lost more than JD 6 million in
sales last year due to what has been called unfair competition. Financial statements
indicate the company sold goods worth JD 8.2 million, down from JD 14.6 million
in 2000. Most of the losses came from the gradual reduction of company exports
to Iraq, which declined to 3500 tons-near half of the exports seen in 2000. The
company added new partners and investors at the end of 2001 that have shown interest
in promoting operations in the Kingdom and abroad.
May 11, 2002
Sources :
The Star |