• Covid-19
  • Agrofood
  • Business & Economy
  • Construction
  • Energy
  • Healthcare
  • Hospitality
  • IFP Events
  • IFP Insider
    • Event News
    • Interviews
  • العربية
IFP Info - News
  • Covid-19
  • Agrofood
    • All
    • Agriculture
    • Environment
    • Food
    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

    Local, Italian companies partner up to establish food retail chain in Egypt

    Local, Italian companies partner up to establish food retail chain in Egypt

    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

    Azerbaijan, Iraq discuss prospects of relations

    Azerbaijan, Iraq discuss prospects of relations

    Oman inks pack to bolster role of SMEs in food systems

    Oman inks pack to bolster role of SMEs in food systems

    MAFWR, Port of Duqm sign MoU

    MAFWR, Port of Duqm sign MoU

    Trending Tags

    • Business & Economy
      • All
      • Business
      • Communication
      • Digital
      • Economy
      • Finance
      • Trade
      • Transport & Logistics
      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

      Turkey eyes $5bn bilateral trade with Qatar

      Turkey eyes $5bn bilateral trade with Qatar

      Iraq set to award new Faw Port deals

      Iraq set to award new Faw Port deals

      Deal signed to set-up first factory in Qatar to assemble electric vehicles

      Deal signed to set-up first factory in Qatar to assemble electric vehicles

      Railway line to be built between Mosul, Turkey: governor of Nineveh

      Railway line to be built between Mosul, Turkey: governor of Nineveh

      Local, Italian companies partner up to establish food retail chain in Egypt

      Local, Italian companies partner up to establish food retail chain in Egypt

      Trending Tags

      • CES 2017
      • Election Results
      • eSports
    • Construction
      • All
      • Infrastructure
      • Real Estate
      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Iraq set to award new Faw Port deals

      Iraq set to award new Faw Port deals

      Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

      Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

      Miral’s premier Abu Dhabi waterfront project work on track

      Miral’s premier Abu Dhabi waterfront project work on track

      Aecom wins Neom utilities infrastructure design contract

      Aecom wins Neom utilities infrastructure design contract

      Trending Tags

      • Energy
        • All
        • Oil & Gas
        • Power & Electricity
        • Renewable Energy
        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

        Tadweer opens phase 2 of solar power plant at Al Dhafra

        Tadweer opens phase 2 of solar power plant at Al Dhafra

        France to help Iraq generate electricity, will invest in education, science: Macron

        France to help Iraq generate electricity, will invest in education, science: Macron

        Acwa Power inks finance deals for 900MW Dubai solar park

        Acwa Power inks finance deals for 900MW Dubai solar park

        Trending Tags

        • Healthcare
          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

          UAE sends medical aid to Iraq to fight COVID-19

          UAE sends medical aid to Iraq to fight COVID-19

          UAE launches phase III trial of inactivated Covid vaccine

          UAE launches phase III trial of inactivated Covid vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

          COVID-19 vaccine could be available by autumn: Oxford University

        • Hospitality
          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

          Qatar’s hospitality sector peaks despite turbulent 2020

          Qatar’s hospitality sector peaks despite turbulent 2020

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Staycations to stimulate Qatar’s hospitality sector

          Staycations to stimulate Qatar’s hospitality sector

          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

        • IFP Events
          Interior & Design

          Interior & Design

          Food Africa

          Food Africa

          Project Qatar

          Project Qatar

          Project Lebanon

          Project Lebanon

        • IFP Insider
          • Event News
          • Interviews
        • العربية
        No Result
        View All Result
        • Covid-19
        • Agrofood
          • All
          • Agriculture
          • Environment
          • Food
          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

          Oman inks pack to bolster role of SMEs in food systems

          MAFWR, Port of Duqm sign MoU

          MAFWR, Port of Duqm sign MoU

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Communication
            • Digital
            • Economy
            • Finance
            • Trade
            • Transport & Logistics
            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Local, Italian companies partner up to establish food retail chain in Egypt

            Local, Italian companies partner up to establish food retail chain in Egypt

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Miral’s premier Abu Dhabi waterfront project work on track

            Miral’s premier Abu Dhabi waterfront project work on track

            Aecom wins Neom utilities infrastructure design contract

            Aecom wins Neom utilities infrastructure design contract

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

              Acwa Power inks finance deals for 900MW Dubai solar park

              Acwa Power inks finance deals for 900MW Dubai solar park

              Trending Tags

              • Healthcare
                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality
                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

              • IFP Events
                Interior & Design

                Interior & Design

                Food Africa

                Food Africa

                Project Qatar

                Project Qatar

                Project Lebanon

                Project Lebanon

              • IFP Insider
                • Event News
                • Interviews
              • العربية
              No Result
              View All Result
              IFP Info - News
              No Result
              View All Result

              Jordan year in review 2014

              Oxford Business Group

              December 29, 2014
              in Business, Economy
              0

              The economy of Jordan is picking up strength with forecasts for higher year-on-year growth this year and next, while lower oil prices should provide at least a temporary respite from the kingdom’s energy burden.
              According to data from the Department of Statistics (DoS), real GDP growth stood at 3% in the first half of 2014 helped by strong performances in mining, utilities and construction. Jordan is on track for growth of 3% for the whole year, up from around 2.8% in 2013, according to a central bank official speaking in early December. The IMF predicts growth of 3.25% for the year.

              A continued drop in oil prices could substantially ease fiscal pressure for Jordan. A 20% drop in oil prices, for example, brings savings of JD800m ($1.1bn) to the kingdom’s JD4.08bn ($5.8bn) import bill, as well as reducing the budget deficit, the central bank governor said in October. In fact oil prices have plummeted by around 40% since the middle of the year. Growth is expected to accelerate to 3.5-4% in 2015 on the back of cheaper energy, stronger external demand and a pick-up in economic activity.
               
              However, one of the main challenges in 2015 is to reduce the primary budget deficit to 2.5% of GDP from a forecast 3.5% in 2014 after grants, mainly through a tighter control of expenditure. The IMF is also calling for further tax reform by the government, on top of parliament’s expected approval of an income tax law by year-end.

              Energy import burden
              Energy imports, which account for 97% of national consumption, act as one of the largest drains on the economy. According to official data, the cost of energy, including imported crude oil, oil products and natural gas reached 17% of GDP in 2013. However the price of oil falling to a five-year low in December augurs well for further increases in economic growth in 2015.

              Jordan is taking measures to reduce its reliance on energy imports with a number of projects to boost renewable energy contributions underway. In March, the government concluded the first round of its three-stage renewable power projects scheme to boost energy generation. The government signed 12 projects, worth $570m and set to generate a total of 470 GWh a year of electricity in the first phase, while it is eyeing a further eight deals at later stages of the project. Jordan has issued a third round of requests for proposals for renewables projects under the scheme.

              All the projects under the three phases are due to come on stream by 2018 and the government aims to generate 10% of national energy consumption from renewable resources by 2020.

              Meanwhile, measures to offset costly diesel and fuel bills are being implemented. A $65m liquefied natural gas terminal is being constructed at Aqaba, which will become operational mid-2015. In addition to diversifying supplies, the project is set to save the kingdom as much as $500m a year in energy costs, after gas supplies from Egypt have been repeatedly interrupted and curtailed in recent years, forcing Jordan to pay for diesel and fuel bought in global markets.

              Reforming the investment environment
              Increasing foreign direct investment is high on the list of priorities for the government. November saw the first meeting of the Higher Investment Council, which is charged with drafting strategies to attract investment to the kingdom and is responsible for cultivating a more investor-friendly environment as well as boosting private sector participation in the economy. The council, which is made up of both public and private sector representatives, was created under the kingdom’s Investment Law to unite previously disparate bodies concerned with investment into a single body.

              In a further bid to increase private sector participation, a public private partnership (PPP) law came into force in November. Although the government has already signed a number of PPP contracts, the field was subject to various legal ambiguities prior to the passage of the law, reducing Jordan’s ability to harness private capital for the development of public infrastructure. Measures contained in the law in addition to the clarification of PPP contracts include the creation of a council to approve all government contracts with the private sector.

              The authorities are increasingly keen to involve the private sector in infrastructure development as the government’s persistent fiscal deficit has constrained its capital investment budget. One avenue of support for the private sector is likely to come through increased European Bank for Reconstruction and Development (EBRD) investments in infrastructure projects. These will help the government handle challenges in electricity production, as well as the water and energy sectors, which have been exacerbated by the growing influx of refugees from Syria.

              An announcement by US President Barack Obama in December, that economic aid to Jordan would rise by $1bn to a total of $3bn over the next three years, was widely welcomed. The country is coping with an influx of nearly 1.4m Syrians, expanding the population by about 20%.
              Oxford Business Group
              29 December

              Previous Post

              Saudi Arabia 'assuming $80 oil' in 2015

              Next Post

              MEGA 2015: The Middle East & North Africa’s leading games conference & exhibition

              Next Post

              MEGA 2015: The Middle East & North Africa’s leading games conference & exhibition

              News Letter

              Subscribe to our mailing list to receives daily updates direct to your inbox!

              *we hate spam as much as you do

              Recent News

              Madayn working on major Oman industrial city projects

              Madayn working on major Oman industrial city projects

              September 28, 2020
              Qatar 2022 to offer cruise ships for fan accommodation

              Qatar 2022 to offer cruise ships for fan accommodation

              September 28, 2020
              Egypt’s Trade minister, Hungarian ambassador discuss economic relations

              Egypt’s Trade minister, Hungarian ambassador discuss economic relations

              September 28, 2020
              IFP Info – News

              The latest Middle East Business News & Events brought to you on a daily basis from multiple credible news portals around the world

              Follow Us

              Categories

              • Agrofood
              • Business & Economy
              • Construction
              • Covid-19 Updates
              • Energy
              • Event News
              • Healthcare
              • Hospitality
              • Interviews

              Countries

              • Bahrain
              • Egypt
              • Iran
              • Iraq
              • Jordan
              • Kingdom of Saudi Arabia
              • Kuwait
              • Lebanon
              • Oman
              • Other Africa
              • Other GCC
              • Other Middle East
              • Qatar
              • Syria
              • United Arab Emirates
              • Worldwide

              Newsletter

              Subscribe to our mailing list to receives daily updates direct to your inbox!

              *we hate spam as much as you do

              • About
              • Advertise
              • Privacy & Policy
              • Contact

              © 2018 IFP Group - All Rights Reserved / www.ifpexpo.com

              No Result
              View All Result
              • Covid-19
              • Agrofood
              • Business & Economy
              • Construction
              • Energy
              • Healthcare
              • Hospitality
              • IFP Events
              • IFP Insider
                • Event News
                • Interviews
              • العربية

              © 2018 IFP Group - All Rights Reserved / www.ifpexpo.com