Latest news with #JordanEconomicForum
Zawya
26-05-2025
- Business
- Zawya
Jordan's economic 'success' story despite challenges — JEF
AMMAN — The Jordan Economic Forum (JEF) said on Saturday that since its independence, Jordan has managed to build a 'modern, diverse, sustainable and resilient' economy navigating through regional and global challenges. "Jordan's economic journey over 79 years is a model of stability, determination, and strategic planning, and constitutes a solid foundation for a new start towards a sustainable digital economy effectively integrated into the global economy," JEF said in a statement marking Independence Day. The Gross Domestic Product (GDP) has multiplied more than 80-fold since the 1960s, soaring from about JD430 million to over JD37.9 billion in 2024, with a compound annual nominal growth rate of 9.3 per cent. The GDP in dollars will exceed $53.4 billion in 2024, up from less than $1 billion in the 1960s, it added. This transformation reflects the Kingdom's ability to build a 'solid and diverse' economic base as the economic structure has evolved "significantly" since independence, according to a statement by the forum. Agriculture was the "key" component of the GDP in the early decades, but it now accounts for just about 5 per cent, while the industrial sector's contribution rose to about 24 per cent, and the services sector to about 60 per cent, it noted. The forum sees this as an expansion of economic activity and progress in building an economy with multiple drivers that is better able to grow and meet challenges, said the statement. The forum added that the national economy managed to shift from a "limited" agricultural economy to a "modern", multi-sector economy, thanks to investment in human capital, infrastructure development and the adoption of 'well-thought-out' economic policies that have maintained financial and monetary stability and boosted the business environment. The Economic Modernisation Vision (EMV) aims to double the economy to some JD58 billion by 2033, create one million new jobs, and increase real per capita income by 3 per cent annually, according to the forum. JEF recommended that Jordan offers a "real" opportunity for growth if it pursues improvement of the investment environment and supports "productive" sectors. Also, the tourism sector holds a 'strategic' position in the national development scheme and has seen "remarkable" growth, with revenues rising to about $7.4 billion in 2023, about 14.6 per cent of the GDP, when the Kingdom welcomed more than 6.3 million tourists. JEF noted that Jordan managed to attract cumulative foreign direct investment of over $39.5 billion by 2023, mainly in vital sectors, such as infrastructure, energy and technology, reflecting international confidence in Jordan's investment environment and diverse economic opportunities. It also noted that the Kingdom, through "prudent" monetary policies, consolidated the strength of the dinar over the past decades and continues to this day, thus enabling the banking sector to raise its performance to record levels, with bank assets exceeding JD70 billion, while cash deposits reached nearly JD48 billion, 85 per cent of which is in Jordanian dinar. JEF President Mazen Hamoud pointed to free trade agreements Jordan had signed with world countries, more than 22 altogether, most notably with the US, the European Union, and Arab countries, underlining a global recognition of the country's credibility and political and economic stability. "These agreements 'implicitly testify' to efficient Jordanian laws, and the ability to create a reliable commercial and investment environment," he said.
Jordan Times
24-05-2025
- Business
- Jordan Times
Kingdom economic 'success' story despite challenges — JEF
By JT - May 24,2025 - Last updated at May 24,2025 The Gross Domestic Product has multiplied more than 80-fold since the 1960s, soaring from about JD430 million to over JD37.9 billion in 2024, according to Jordan Economic Forum (JT file) AMMAN — The Jordan Economic Forum (JEF) said on Saturday that since its independence, Jordan has managed to build a 'modern, diverse, sustainable and resilient' economy navigating through regional and global challenges. "Jordan's economic journey over 79 years is a model of stability, determination, and strategic planning, and constitutes a solid foundation for a new start towards a sustainable digital economy effectively integrated into the global economy," JEF said in a statement marking Independence Day. The Gross Domestic Product (GDP) has multiplied more than 80-fold since the 1960s, soaring from about JD430 million to over JD37.9 billion in 2024, with a compound annual nominal growth rate of 9.3 per cent. The GDP in dollars will exceed $53.4 billion in 2024, up from less than $1 billion in the 1960s, it added. This transformation reflects the Kingdom's ability to build a 'solid and diverse' economic base as the economic structure has evolved "significantly" since independence, according to a statement by the forum. Agriculture was the "key" component of the GDP in the early decades, but it now accounts for just about 5 per cent, while the industrial sector's contribution rose to about 24 per cent, and the services sector to about 60 per cent, it noted. The forum sees this as an expansion of economic activity and progress in building an economy with multiple drivers that is better able to grow and meet challenges, said the statement. The forum added that the national economy managed to shift from a "limited" agricultural economy to a "modern", multi-sector economy, thanks to investment in human capital, infrastructure development and the adoption of 'well-thought-out' economic policies that have maintained financial and monetary stability and boosted the business environment. The Economic Modernisation Vision (EMV) aims to double the economy to some JD58 billion by 2033, create one million new jobs, and increase real per capita income by 3 per cent annually, according to the forum. JEF recommended that Jordan offers a "real" opportunity for growth if it pursues improvement of the investment environment and supports "productive" sectors. Also, the tourism sector holds a 'strategic' position in the national development scheme and has seen "remarkable" growth, with revenues rising to about $7.4 billion in 2023, about 14.6 per cent of the GDP, when the Kingdom welcomed more than 6.3 million tourists. JEF noted that Jordan managed to attract cumulative foreign direct investment of over $39.5 billion by 2023, mainly in vital sectors, such as infrastructure, energy and technology, reflecting international confidence in Jordan's investment environment and diverse economic opportunities. It also noted that the Kingdom, through "prudent" monetary policies, consolidated the strength of the dinar over the past decades and continues to this day, thus enabling the banking sector to raise its performance to record levels, with bank assets exceeding JD70 billion, while cash deposits reached nearly JD48 billion, 85 per cent of which is in Jordanian dinar. JEF President Mazen Hamoud pointed to free trade agreements Jordan had signed with world countries, more than 22 altogether, most notably with the US, the European Union, and Arab countries, underlining a global recognition of the country's credibility and political and economic stability. "These agreements 'implicitly testify' to efficient Jordanian laws, and the ability to create a reliable commercial and investment environment," he said.
Zawya
19-05-2025
- Business
- Zawya
Jordan faces world's worst water shortage, says water minister
AMMAN — Jordan is grappling with one of the most severe water crises in the world, with per capita water availability dropping to just 60 cubic metres per year, one of the lowest rates internationally, according to the Minister of Water and Irrigation Raed Abul Saud. Speaking at a recent policy dialogue hosted by the Jordan Economic Forum, Abul Saud described the water crisis as a matter of national security, warning that if water availability falls below 30 cubic metres per year, the impact on sectors such as tourism, agriculture and industry would be catastrophic. 'Water is no longer just a service, it is a matter of national security,' he told forum members, stakeholders, and environmental experts during the session, the Jordan News Agency, Petra, reported. The minister outlined two strategies that the government is pursuing to secure Jordan's water supply: the National Water Carrier Project, which involves the construction of a massive pipeline, and a nationwide effort to reduce water losses through modern technology and infrastructure upgrades. He described the National Carrier as the "cornerstone" of future water sustainability, adding that it is the largest strategic infrastructure project in Jordan's history. Once complete, it is expected to supply approximately 300 million cubic metres (mcm) of desalinated water annually from Aqaba to major population centres across the Kingdom. Abul Saud said that the project is being financed through a Build-Operate-Transfer (BOT) model with support from international donors and financial institutions in order to avoid adding to the state's budgetary burden. Attaching importance to addressing infrastructure gaps, Abul Saud said that Jordan's ageing water infrastructure is one of the major obstacles that the Ministry of Water and Irrigation faces. Some of the pipelines have been in use for over five decades. By replacing outdated networks, installing pressure-monitoring systems and using early leak detection technology, the ministry is targeting a 2 per cent annual reduction in water losses, equivalent to around 5 mcm, he added. Water theft remains another critical challenge, Abu Saud said, noting that illegal wells and unlicensed desalination plants have been discovered across the Kingdom, with some supplying water to tourist facilities without permits. Warning that the water crisis is already beginning to affect Jordan's key economic sectors, the minister said that the tourism industry, which has high water consumption, may suffer from increased operating costs and reduced competitiveness. Meanwhile, rising water prices could increase production costs for factories and reduce the competitiveness of Jordanian exports. In the agricultural sector, shrinking water resources are leading to reduced farmland and lower yields, he added. In order to improve the efficiency of the water system, the ministry has expanded the use of SCADA control systems. The ministry has also started using artificial intelligence to manage water pressure and detect faults in the network. A successful pilot project in Amman's Khaldah district has improved water supply to residents in high-altitude areas, according to the minister. Jordan produces between 150 and 200 million cubic metres of treated wastewater each year from over 35 sewage treatment plants, and the government plans to involve the private sector in operating and managing these facilities under long-term, performance-based contracts, he added. In the Jordan Valley, the minister said that a number of farmers have started using smart irrigation systems fitted with soil moisture sensors. These systems have helped to reduce water usage by up to 50 per cent, while also improving crop quality and cutting energy costs. The session concluded with an open discussion between the minister and attendees, who called for the National Water Carrier Project to be implemented more quickly, for greater investment in water-saving technologies and for a stronger national campaign to raise awareness about water conservation. Abul Saud reaffirmed the ministry's commitment to transparency and collaboration with all stakeholders. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
17-05-2025
- Business
- Jordan Times
Jordan faces world's worst water shortage
A view of the King Talal Dam in Jerash, some 50km north of Amman (File photo) AMMAN — Jordan is grappling with one of the most severe water crises in the world, with per capita water availability dropping to just 60 cubic metres per year, one of the lowest rates internationally, according to the Minister of Water and Irrigation Raed Abul Saud. Speaking at a recent policy dialogue hosted by the Jordan Economic Forum, Abul Saud described the water crisis as a matter of national security, warning that if water availability falls below 30 cubic metres per year, the impact on sectors such as tourism, agriculture and industry would be catastrophic. 'Water is no longer just a service, it is a matter of national security,' he told forum members, stakeholders, and environmental experts during the session, the Jordan News Agency, Petra, reported. The minister outlined two strategies that the government is pursuing to secure Jordan's water supply: the National Water Carrier Project, which involves the construction of a massive pipeline, and a nationwide effort to reduce water losses through modern technology and infrastructure upgrades. He described the National Carrier as the "cornerstone" of future water sustainability, adding that it is the largest strategic infrastructure project in Jordan's history. Once complete, it is expected to supply approximately 300 million cubic metres (mcm) of desalinated water annually from Aqaba to major population centres across the Kingdom. Abul Saud said that the project is being financed through a Build-Operate-Transfer (BOT) model with support from international donors and financial institutions in order to avoid adding to the state's budgetary burden. Attaching importance to addressing infrastructure gaps, Abul Saud said that Jordan's ageing water infrastructure is one of the major obstacles that the Ministry of Water and Irrigation faces. Some of the pipelines have been in use for over five decades. By replacing outdated networks, installing pressure-monitoring systems and using early leak detection technology, the ministry is targeting a 2 per cent annual reduction in water losses, equivalent to around 5 mcm, he added. Water theft remains another critical challenge, Abu Saud said, noting that illegal wells and unlicensed desalination plants have been discovered across the Kingdom, with some supplying water to tourist facilities without permits. Warning that the water crisis is already beginning to affect Jordan's key economic sectors, the minister said that the tourism industry, which has high water consumption, may suffer from increased operating costs and reduced competitiveness. Meanwhile, rising water prices could increase production costs for factories and reduce the competitiveness of Jordanian exports. In the agricultural sector, shrinking water resources are leading to reduced farmland and lower yields, he added. In order to improve the efficiency of the water system, the ministry has expanded the use of SCADA control systems. The ministry has also started using artificial intelligence to manage water pressure and detect faults in the network. A successful pilot project in Amman's Khaldah district has improved water supply to residents in high-altitude areas, according to the minister. Jordan produces between 150 and 200 million cubic metres of treated wastewater each year from over 35 sewage treatment plants, and the government plans to involve the private sector in operating and managing these facilities under long-term, performance-based contracts, he added. In the Jordan Valley, the minister said that a number of farmers have started using smart irrigation systems fitted with soil moisture sensors. These systems have helped to reduce water usage by up to 50 per cent, while also improving crop quality and cutting energy costs. The session concluded with an open discussion between the minister and attendees, who called for the National Water Carrier Project to be implemented more quickly, for greater investment in water-saving technologies and for a stronger national campaign to raise awareness about water conservation. Abul Saud reaffirmed the ministry's commitment to transparency and collaboration with all stakeholders.
Jordan Times
17-05-2025
- Business
- Jordan Times
Jordan faces world's worst water shortage, says water minister
A view of the King Talal Dam in Jerash, some 50km north of Amman (File photo) AMMAN — Jordan is grappling with one of the most severe water crises in the world, with per capita water availability dropping to just 60 cubic metres per year, one of the lowest rates internationally, according to the Minister of Water and Irrigation Raed Abul Saud. Speaking at a recent policy dialogue hosted by the Jordan Economic Forum, Abul Saud described the water crisis as a matter of national security, warning that if water availability falls below 30 cubic metres per year, the impact on sectors such as tourism, agriculture and industry would be catastrophic. 'Water is no longer just a service, it is a matter of national security,' he told forum members, stakeholders, and environmental experts during the session, the Jordan News Agency, Petra, reported. The minister outlined two strategies that the government is pursuing to secure Jordan's water supply: the National Water Carrier Project, which involves the construction of a massive pipeline, and a nationwide effort to reduce water losses through modern technology and infrastructure upgrades. He described the National Carrier as the "cornerstone" of future water sustainability, adding that it is the largest strategic infrastructure project in Jordan's history. Once complete, it is expected to supply approximately 300 million cubic metres (mcm) of desalinated water annually from Aqaba to major population centres across the Kingdom. Abul Saud said that the project is being financed through a Build-Operate-Transfer (BOT) model with support from international donors and financial institutions in order to avoid adding to the state's budgetary burden. Attaching importance to addressing infrastructure gaps, Abul Saud said that Jordan's ageing water infrastructure is one of the major obstacles that the Ministry of Water and Irrigation faces. Some of the pipelines have been in use for over five decades. By replacing outdated networks, installing pressure-monitoring systems and using early leak detection technology, the ministry is targeting a 2 per cent annual reduction in water losses, equivalent to around 5 mcm, he added. Water theft remains another critical challenge, Abu Saud said, noting that illegal wells and unlicensed desalination plants have been discovered across the Kingdom, with some supplying water to tourist facilities without permits. Warning that the water crisis is already beginning to affect Jordan's key economic sectors, the minister said that the tourism industry, which has high water consumption, may suffer from increased operating costs and reduced competitiveness. Meanwhile, rising water prices could increase production costs for factories and reduce the competitiveness of Jordanian exports. In the agricultural sector, shrinking water resources are leading to reduced farmland and lower yields, he added. In order to improve the efficiency of the water system, the ministry has expanded the use of SCADA control systems. The ministry has also started using artificial intelligence to manage water pressure and detect faults in the network. A successful pilot project in Amman's Khaldah district has improved water supply to residents in high-altitude areas, according to the minister. Jordan produces between 150 and 200 million cubic metres of treated wastewater each year from over 35 sewage treatment plants, and the government plans to involve the private sector in operating and managing these facilities under long-term, performance-based contracts, he added. In the Jordan Valley, the minister said that a number of farmers have started using smart irrigation systems fitted with soil moisture sensors. These systems have helped to reduce water usage by up to 50 per cent, while also improving crop quality and cutting energy costs. The session concluded with an open discussion between the minister and attendees, who called for the National Water Carrier Project to be implemented more quickly, for greater investment in water-saving technologies and for a stronger national campaign to raise awareness about water conservation. Abul Saud reaffirmed the ministry's commitment to transparency and collaboration with all stakeholders.
