U.S. Stock Indices Fluctuate - Jordan News
The Nasdaq Index, which is heavily focused on technology stocks, rose slightly by just 10 points, reaching 20,895 points. Meanwhile, the S&P 500 Index remained stable at 6,297 points. اضافة اعلان In related news, the price of West Texas Intermediate (WTI) crude oil saw a very slight decline, reaching $67.31 per barrel.
(Petra)
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Jordan News
a day ago
- Jordan News
Jordan's Qualification for the World Cup a Promising Economic Opportunity for Industrial Sectors
President of the Jordan Chamber of Industry, Eng. Fathi Al-Jaghbir, emphasized that Jordan's qualification for the FIFA World Cup presents a valuable economic opportunity for several industrial sectors, including leather and garment industries, food and beverage production, packaging, and health and medical supplies. اضافة اعلان Speaking to the Jordan News Agency (Petra), Al-Jaghbir stated: 'This historic achievement should not be viewed merely as a sports victory, but rather as a true economic and export platform that enhances the Kingdom's industrial presence on the global map.' He added that this opportunity lies in its potential to merge Jordan's national identity with its industrial products, helping to promote the Kingdom both culturally and economically on the international stage, while boosting exports and opening new global markets for Jordanian industries. Al-Jaghbir highlighted that World Cup qualification offers a strategic platform to expand industrial exports into promising markets. He stressed the need for smart promotional campaigns that highlight the quality of Jordanian products while showcasing their cultural identity. He also called for the preparation of a comprehensive national industrial marketing strategy, built on a genuine public-private partnership, and focused on tapping into more than $4 billion worth of untapped export opportunities in the industrial sector. The momentum surrounding the World Cup, Al-Jaghbir noted, is a chance to build consumer trust in Jordanian products through national campaigns and seasonal exhibitions that link sports identity with national industry, fostering a positive image of Jordanian industry—not just as a commodity but as a symbol of identity and excellence. He pointed out that the industrial sector recorded an outstanding performance during the first third of 2025, considered one of the best in the past two decades, despite ongoing regional challenges impacting supply chains and export markets. The sector contributed over one-third of Jordan's GDP growth. This performance, he explained, is mainly due to exceptional growth in the manufacturing sector, which increased by 11% in the first quarter of 2025—the highest growth rate in more than 17 years. This growth is a vital indicator of the recovery and expansion of Jordanian industries, despite regional and global challenges related to supply chains and production costs. According to Al-Jaghbir, Jordanian industrial exports reached their highest historical level during the first third of this year, growing by 8% compared to the same period in 2024. This reflects sustained positive export momentum. Exports reached 2.5 billion dinars in the first third of 2025, compared to 2.3 billion dinars during the same period in 2024. This growth was driven by a notable increase in exports across six main industrial sectors, including a 133% surge in construction materials, 24% in food products, 12% in chemicals, and 14% in packaging. Apparel and engineering industries both grew by 6%. Al-Jaghbir praised the government's recent steps and direction, which signal a positive shift in handling the national economy and particularly the industrial sector. He noted that the government is now showing serious interest in stimulating economic growth and forging an effective partnership with the private sector—something the industrial sector has long called for as a foundation for sustainable development. He cited favorable government decisions such as freezing customs duties, providing incentives for several industrial cities, and factory visits by Prime Minister Dr. Jaafar Hassan to learn firsthand about sector challenges—moves that send strong confidence signals to Jordanian industry. Regarding market expansion strategies, Al-Jaghbir said the Chamber has made export diversification and market development its top strategic priority, recognizing the importance of this approach in strengthening the sector's global standing and growth potential, especially amid geopolitical disruptions that have destabilized some traditional markets. Jordan Industry is following a comprehensive strategy focused on opening new export channels. This includes active participation in international trade fairs and specialized events in priority markets, which help introduce global buyers to the diversity and quality of Jordanian products and allow local producers to establish long-term partnerships. He also highlighted the Chamber's efforts in trade networking by organizing trade missions and bilateral meetings in cooperation with chambers of commerce and industry in targeted countries. These initiatives aim to connect Jordanian firms with distributors, importers, and potential partners and create real platforms for export expansion. The Chamber is also investing in specialized market research and analysis, particularly on export realities and global value chains, to help companies identify the most suitable markets for their products based on demand, opportunities, and market access conditions. Jordan Industry has also launched a series of specialized reports to guide industrialists in exploring new markets, including a report titled 'Promising Markets for Jordanian Industry', which outlines countries where Jordanian products have significant untapped potential. The Chamber is preparing to release a second report, 'Regulatory Requirements for Entry into Promising and Non-Traditional Markets,' which analyzes technical and procedural market access requirements, helping industrialists better understand regulatory environments and related variables. A third report will follow, focusing on 'Unconventional Marketing Strategies' to provide innovative tools and digital solutions for breaking into new markets. Al-Jaghbir also emphasized the importance of the Industrial Support and Development Fund, describing it as a realistic and vital step reflecting the government's commitment to enhancing the competitiveness of the industrial sector. In the Fund's first phase, 368 industrial companies reported export increases of over 118 million dinars and total sales growth of 533 million dinars. The initial round, which focused on the food industry, led to a 19% increase in Jordanian employment—creating over 3,200 new jobs, including more than 1,000 for women. It also achieved remarkable progress in energy and water efficiency, with dozens of companies successfully reducing consumption and promoting sustainability—underscoring the sector's move toward innovation and resource optimization. Al-Jaghbir concluded by saying that the industrial sector is inherently capable of transforming any support it receives into real opportunities for growth and development. It is productive, flexible, and capable of using resources effectively to boost productivity and open new markets. These qualities make investment in the industrial sector one of the most impactful forms of economic support in the medium and long term. He added that the second phase of the Industrial Support and Development Fund includes four programs: export promotion through Export House, output-based incentives via the Ministry of Industry, Trade, and Supply, export credit guarantees through the Jordan Loan Guarantee Corporation, and the Industrial Modernization Program by JEDCO. – (Petra – Saif Al-Din Swailha)
Jordan Times
3 days ago
- Jordan Times
‘Local vehicle prices witness significant' decrease after reducing taxes'
AMMAN — Vehicle prices in the local market have seen a "notable" decline following the government's recent decision to reduce the total taxes imposed on vehicles in an effort to ease financial burdens on citizens. According to the Jordan Automotive Dealers Association (JADA), the price drop on new vehicles, across various types and models, ranges between JD1,600 and JD10,000, depending on engine capacity, the Jordan News Agency, Petra, reported. In June, the Cabinet approved an amended regulation to the 2025 Special Tax Law, which included reductions in the general and special taxes on vehicles. The move is part of a broader set of government measures aimed at stimulating the economy and alleviating financial pressures on the public. Petra on Wednesday monitored several promotional advertisements from car dealerships and agencies offering discounts of up to JD5,000, particularly on newer models. JADA Secretary Zaid Abdallat said that automobile showrooms have experienced increased activity thanks to the government's reform package, which has "positively" impacted car prices across all categories and driven consumer interest in purchasing new vehicles. Abdallat added that the tax cuts have 'restored balance' among different vehicle categories, giving consumers more freedom to choose from a wider range of options at "unprecedented" prices. He noted that new vehicles with manufacturer warranties have now become a "viable" alternative to used or imported cars, which often lack warranty coverage and after-sales support granted from authorised dealers.
Jordan News
4 days ago
- Jordan News
Oil Prices Steady After U.S.-Japan Trade Agreement - Jordan News
Oil prices showed little change on Wednesday after three consecutive sessions of declines, as a tariff agreement between the United States and Japan boosted global trade confidence. اضافة اعلان By 06:54 GMT, Brent crude futures dipped by 2 cents (0.03%) to $68.57 per barrel, while U.S. West Texas Intermediate (WTI) crude fell by the same margin to $65.29 per barrel. Both benchmarks had dropped by about 1% in the previous session after the European Commission said it was considering countermeasures in response to U.S. tariffs, dashing hopes for a deal before August 1. U.S. President Donald Trump announced Tuesday that Washington and Tokyo had reached a trade agreement imposing a 15% tariff on Japanese imports, in return for Japan committing to invest $550 billion in the United States. Market attention is now turning to the EU–China summit scheduled for Thursday, which will test the EU's unified stance amid escalating trade tensions with both Beijing and Washington. Vandana Hari, founder of Vanda Insights, remarked: 'The recent price slump appears to have halted, but I don't expect the U.S.–Japan agreement to offer much bullish momentum, as ongoing delays and obstacles in negotiations with the EU and China will continue to weigh on market sentiment.' Meanwhile, the Chinese Ministry of Commerce reported that the Chinese Trade Minister and the EU Trade Commissioner held 'frank and in-depth discussions' on economic cooperation and other issues ahead of the summit. On the supply side, market sources citing data from the American Petroleum Institute (API) indicated that U.S. crude oil and gasoline inventories fell last week, while distillate stocks rose by 3.48 million barrels. ING Research noted in a memo: 'This offers some relief to the tight middle distillate market,' adding that the decline in crude inventories would support prices despite expectations of a large surplus later this year. In a separate development, U.S. Energy Secretary stated Tuesday that the U.S. may consider sanctions on Russian oil to help end the war in Ukraine. The European Union recently passed its 18th sanctions package against Russia, including a lower price cap on Russian oil. However, analysts warned that lack of U.S. participation could undermine the effectiveness of those measures, according to Reuters.
