Local

AMMAN — The Central Bank of Jordan (CBJ) on Thursday lowered for the third time this year the interest rate on all monetary policy instruments by 25 basis points, effective as of Thursday, October 31.

The bank said the decision was made in line with interest rate changes in international and regional markets, the Jordan News Agency, Petra, reported, citing a CBJ statement. 

The CBJ attributed the decision to the positive indicators experienced by national exports, tourism income and the continued flow of remittances, which have reflected positively on foreign currency reserves. 

The decision was also made in light of low inflation rates, in addition to growth in deposits and credit facilities in the private sector, the CBJ said, adding that the move also aims at enhancing the credit facilities granted to economic sectors as well as stimulating local spending.

In a customary decision, the bank said that it maintained the interest rate as is for entrepreneurs who borrow under a soft-financing programme that aims to boost the economy through financing SMEs in a set of designated sectors. 

The current interest rate level under the programme is 1.75 per cent for projects in Amman and 1 per cent for those started in governorates. 

The CBJ has financed some 1,125 projects with a total value of JD760 million under the soft-financing programme, to which a sum of JD1.2 billion is allocated. 

These schemes have contributed to providing more than 11,000 jobs across the Kingdom, according to the CBJ.

The CBJ said that it would continue to follow up closely on local and international economic developments and take proper procedures that guarantee enhanced monetary and financial stability in the Kingdom, according to the statement.

AMMAN — His Majesty King Abdullah’s meeting with King Salman Bin Abdulaziz of Saudi Arabia, on Tuesday at the Royal Saudi Court, focused on the deep-rooted bilateral ties and the latest regional developments.

During the meeting, held on the sidelines of King Abdullah’s participation in the Future Investment Initiative (FII) 2019 forum organised by the Saudi Public Investment Fund, the two leaders stressed the strength of Jordanian-Saudi relations and keenness to expand cooperation in various fields, according to a Royal Court statement. 

His Majesty underscored that the success of the FII signals the stature of Saudi Arabia, emphasising the importance of the forum in creating opportunities to utilise the potential of youth and support Jordan’s economic programme, the statement said.

The King highlighted the need for tangible results from such forums, to invest in qualified Arab human capital and promote economic prosperity in the Arab world.

His Majesty expressed appreciation for Saudi Arabia’s support to Jordan, reaffirming Jordan’s support for Saudi Arabia and stressing that the national security of Jordan and Saudi Arabia is one.

For his part, King Salman commended Jordan's strong stance in support of Saudi Arabia following the attack on Aramco's oil facilities, according to the statement. 

Maintaining Jordanian-Saudi coordination and consultation on various issues of mutual concern in service of Arab and Islamic causes was also discussed.

In addition, discussions covered regional issues, foremost of which is the Palestinian cause, with the two sides stressing the need to support the Palestinians as they seek their just and legitimate rights to establish their independent state on the June 4 1967 lines, with East Jerusalem as its capital, based on the two-state solution, the statement said.

Also on the sidelines of the forum on Tuesday, His Majesty met with Saudi Crown Prince Mohammed Bin Salman, who is also deputy prime minister and minister of defence of Saudi Arabia.

His Majesty emphasised the deep, brotherly ties between Jordan and Saudi Arabia, and keenness to enhance them in various areas, towards the prosperity of the two countries and peoples and in service of Arab and Islamic causes, another Royal Court statement said.

The King expressed appreciation for Saudi Arabia for its continuous support for Jordan under all circumstances, stressing that Jordan stands with Saudi Arabia, as the national security of Jordan and Saudi Arabia is one, according to the statement 

His Majesty noted the importance of the Future Investment Initiative forum, as it highlights the investment environment in Saudi Arabia and the region in a way that benefits Arab youth, commending Saudi Arabia’s efforts in organising the forum.

AMMAN — His Majesty King Abdullah on Tuesday participated in the third Future Investment Initiative (FII) 2019 forum in Riyadh, organised by the Saudi Public Investment Fund under the patronage of Custodian of the Two Holy Mosques King Salman Bin Abdulaziz of Saudi Arabia.

 Delivering a speech at the forum — attended by Saudi Crown Prince Mohammed Bin Salman, who is also deputy prime minister and minister of defence — King Abdullah highlighted the vast potential of Arab and Jordanian youth, calling for investing in their talents to build a stronger region and a brighter global future.

 “Young Jordanians never cease to amaze me with their infectious energy and ambitious dreams. They are the coders and creators, the disruptors and innovators of tomorrow. Investing in their boundless talents is an investment in a bright future for our region and our world,” His Majesty said.

“We are home to youth-led enterprises that are changing the face of the economy in our region and beyond. Though Jordanians make up only 3 per cent of the region’s population, they represent 27 per cent of its top innovators,” the King added in the speech.

His Majesty highlighted Jordan’s skilled human capital, stressing that young Jordanians’ competitive market skills and global outlook have helped make our ICT sector a significant contributor to economic growth.

“With a total of 160,000 registered engineers, those specialised in ICT are bringing bilingual and Arabic products and features to the Internet, video games, and mobile apps, and driving enterprise opportunities in AI, data analytics, cybersecurity and more,” the King added.

“Jordan’s over 35,000 highly qualified physicians are turning our medical sector into a promising engine for growth. And the adoption of cutting-edge technologies and solutions and expertise has turned Jordan into a major medical tourism destination in the region,” His Majesty said.

 “Arab youth are our most vital resource and the key to the future of this region and this world, and they are waiting for you,” the King added, addressing investors, noting that the “future starts here, in this region, with its talented, creative, and forward-looking youth.”

“Every investment in their success, and every enterprise that maximises their opportunities, builds a better future for all,” His Majesty underscored.
(See full speech)

The three-day FII forum, held with the participation of leaders and representatives of several countries, in addition to international experts and investors, covers the latest trends and future opportunities in the global economy.

Discussions address three key topics — “sustainable future”, “technology for good”, and “advanced society”.

On the sidelines of the forum, the King met with a number of economic figures, including World Bank Group President David Malpass, to discuss economic cooperation and attracting investments, a Royal Court statement said.

Following is the full text of His Majesty King Abdullah’s speech at the Future Investment Initiative 2019 forum in Riyadh on Tuesday: 

In the name of God, the Compassionate, the Merciful

Your Royal Highness Crown Prince Mohammed Bin Salman,

Your Highnesses, Your Excellencies,

Distinguished Participants:

Thank you all. I am delighted to be back in Riyadh. And I thank my dear brother, the Custodian of the Two Holy Mosques, King Salman Bin Abdulaziz, and His Royal Highness Crown Prince Mohammed Bin Salman for the warm welcome, hospitality and for hosting this important event.

Investors, innovators, and sector leaders from around the world come to this lively forum to explore the future of the global economy. They come here to debate the best investments for the future — the investments that would bring them the highest returns.

I cannot claim to be a business expert, but I can point you in the right direction. The future starts here, in this region,with its talented, creative and forward-looking youth — 70 per cent of our population.

Their innovation knows no bounds. Their energy knows no limits. And their potential is so full of promise. You can find them all across the Arab world, from the Atlantic Ocean to the Arabian Gulf. And here in Saudi Arabia, you will find an eager youth cohort ready to play their part — incentivised by a leadership that speaks their language.

Indeed, Arab youth are our most vital resource and the key to the future of this region and this world, and they are waiting for you.

My friends,

As holders of this immense wealth, we in the region recognise the need to nurture our young people’s talents and harness their energies. And we must enable them through quality education and empower them towards success.

My country strongly believes in this.Young Jordanians never cease to amaze me with their infectious energy and their ambitious dreams. They are the coders and creators, the disruptors and innovators of tomorrow. Investing in their boundless talents is an investment in a bright future for our region and our world.

We are home to youth-led enterprises that are changing the face of the economy in our region and beyond. Though Jordanians make up only 3 per cent of the region's population, they represent 27 per cent of its top innovators.

And a new generation are on the way.

They are awaiting your support for their talents, your belief in their potential, and your investment in their future.

They have already much to show for their potential. Their competitive market skills and global outlook have helped make our ICT sector a significant contributor to economic growth. With a total of 160,000 registered engineers, those specialised in ICT are bringing bilingual and Arabic products and features to the Internet, video games, and mobile apps, and driving enterprise opportunities in AI, data analytics, cybersecurity and more.

Jordan’s over 35,000 highly qualified physicians are turning our medical sector into a promising engine of growth. And the adoption of cutting-edge technologies and solutions and expertise has turned Jordan into a major medical tourism destination in our region.

All of this is just the beginning. A key aspect of success is our all-in government commitment. Reforms are under way across all sectors, to foster a healthy business climate. And these efforts are making an impact, as the World Bank attests in the latest report on ease of doing business.

My friends,

Our youth, the youth of this region, look to you to invest in their future. And every investment in their success, and every enterprise that maximises their opportunities, builds a better future for all.

So I invite you to take a look at what Jordan and this region have to offer. With your vital resources and our precious human capital, there is no limit to what we can achieve. Our young people are awaiting your push to take flight towards a future of hope, a future of prosperity, a future we can all share. This is a business opportunity you cannot miss.

Thank you.

AMMAN — In light of the recent government announcement of a four-faceted plan meant to stimulate the economy, enhance management and improve people's livelihoods as well as services, experts believe that there is still a need to address more issues with a further-reaching plan. 

Economist Husam Ayesh said that the decisions taken in regards to investment, energy, real-estate and exports are “positive, but should not be the main plan”, as the core issues that need to be addressed are high taxes, customs fees and the budget deficit. 

The government's announcement included guaranteed incentives for investments for 10 years, exemptions in the real estate sector, savings on energy bills, and the pledge to pay business owners JD240 annually for each Jordanian employed in place of an expatriate. 

"The good part of the first aspect is the plan for helping with energy bills. However, it should not be a goal in itself, but rather a strategic step to achieve bigger goals," Ayesh said.

He noted that a comprehensive plan would increase growth rates, boost productivity and result in the establishment of more industrial and service projects, all of which would increase jobs. 

"A firm, strategic decision should be implemented immediately to cancel and restructure dozens of independent institutions. Not all of them... just the ones that exist and only add financial burdens without bringing any results," Ayesh said.

If this decision is made, the incentives would support the economy; but making the incentive the main goal and giving it maximum effort would only lead to temporary results that see “another hindrance on the road”, the economist expressed. 

Commenting on various aspect of the first facet, Economist Mazen Marji said that the Labour Ministry's promise to pay JD240 to business owners “might not come to fruition” as businesses hire expatriates for salaries that Jordanians do not consider high enough to sustain their needs. 

"The JD20 per month for each Jordanian would also go to the business owner and the workers would not feel any impact," Marji explained.

In regards to the incentive on exports, the economist said: "The markets that Jordan can export to nowadays are not the same as before, there is regression in exports to many markets."

He cited several trade agreements that have changed over time, explaining that basing the incentive on increased exports does not make it an incentive, as there is no guarantee for a business to increase or even maintain its exports. 

Marji explained that the energy incentive is also based on the idea that production will increase, which, if true, would mean the products will either be up for exportation abroad or be sold in local markets, in which demand is low because of low purchasing power, which also renders the incentive ineffective.

Marji said that “bolder” decisions are required to solve the problems of the economy and enhance public services and people’s livelihoods. 

AMMAN — The second phase of the National Service Programme will begin in mid November, with more than 6,000 trainees from ages 18 to 30 expected to graduate.

The programme provides training for participants in the fields of tourism, health, telecommunications, construction, agriculture and entrepreneurship, according to ministry statements.

Around 10,000 applicants filed for the second phase, with around 6,000 accepted, the statements said.

Originally set to run over three months, the programme’s first phase was extended to six months. The second phase will also run for six months, with three months spent at ministry-affiliated vocational training centres across the Kingdom and three months at expected work sites.

Mohammed Khatib, spokesperson for the Ministry of Labour, told The Jordan Times over the phone that the second phase is “different than the first, in that it eventually lands trainees a job rather than an internship”.

He added that the ministry will sign memoranda of cooperation with 16 different institutions that are willing to hire the trainees once they graduate.

The programme provides interns with a JD100 monthly allowance, JD25 for transportation fees, a daily meal during the time spent at ministry-affiliated vocational centres and medical insurance in case of work-related injuries.

The graduates will also be issued a professional licence by the Centre for Accreditation and Quality Control, as well as a certificate from the Ministry of Labour.

 “The training is not to be thought of as an alternative for those who do not wish to pursue an academic degree. Many of the applicants are college and university graduates who need real-life training before entering the job market,” said Khatib.

Prime Minister Omar Razzaz previously stated that the programme is an “integral part of the government’s plans to reduce unemployment and poverty rates”, calling on the private sector to “keep an eye on skillful graduates”.

AMMAN — The health condition of Jordanian detainees Hiba Abdul Baqi Labadi and Abdulrahman Adnan Abdullah Meri in Israel has been deteriorating since the beginning of their administrative detention, according to the National Committee for Prisoners in Israel. 

Upon learning of her six-month detention, Labadi went on a hunger strike to protest against the ruling. 

"Hiba was taken to hospital twice this week. She spent three days there; she cannot drink water now and throws up if she tries to due to a sore throat that is also affecting her chest," Fadi Farah, spokesperson of the committee, told The Jordan Times on Tuesday over the phone. 

"The condition might lead to a heart problem, as her heart muscle has become so weak," Farah added.

In regards to Meri, Farah said that his situation is “not easy”, as he needs continuous medical supervision, since he has been a cancer patient for nine years. This supervision has been “intentionally ignored” in Israeli prisons.

"The Israeli prisons give Meri only Acamol, a drug for headaches, which is like Aspirin," Farah noted, reiterating that Meri was sentenced to four months. 

Farah highlighted the urgency of freeing Labadi and Meri from the Israeli prisons because administrative detention is "easily extendable if the Israeli occupation authorities decide.” 

Activists went into the hospital to protest Labadi's detention, but the Israeli occupation forces prevented them from reaching her room, Farah said, noting that a plan for another protest to show solidarity with the detainees was scheduled for Tuesday evening.

There are currently a total of 22 Jordanians jailed in Israeli prisons, some of whom have received a life sentence and others who were sentenced to over 20 years, according to figures given to The Jordan Times earlier by the National Committee for Prisoners in Israel.

The two youths are undergoing the same torture and horrendous treatment as the rest of the detainees, who also suffer from ill-treatment by Israeli forces, Farah said earlier in mid-October. 

The Foreign Ministry said on Tuesday that it will spare no efforts to guarantee the release of Labadi and Meri.

Foreign Ministry Spokesperson Sufian Qudah voiced Jordan's rejection of the Israeli military court rulings that validated the administrative arrest of Labadi and Meri, saying that they are “void and unacceptable”.

AMMAN — Journalists for Human Rights (JHR) has launched the fifth edition of the Human Rights Reporting Award in Jordan, with the support of the Embassy of the Kingdom of The Netherlands. 

The Human Rights Reporting Award aims to encourage the production of high-quality human rights journalism that has a positive impact within communities through promoting a constructive public dialogue around human rights issues, according to a JHR statement. 

Human Rights Reporting Awards will be given to the best three human rights reporting stories, and will be announced at an official ceremony on December 10, 2019, which marks Human Rights Day.

Journalists are invited to submit a story that addresses a specific human rights issue that was published in print and/or on an online media outlet. Journalists are encouraged, but not required, to include elements of data journalism, and stories must have been published in Arabic, the statement said.

The committee will consist of representatives from media and academia and will be judging the stories based on degree of difficulty in obtaining content matter effective use of storytelling techniques, including clarity and narrative and the degree of change or action created from news coverage, among other critera.

The deadline to submit the entries is November 25, 2019, according to the statement. More information about the award can be found at: http://www.jhr.ca/en/awards

AMMAN — The Food and Agriculture Organisation (FAO) of the UN and the Ministry of Agriculture have conducted a one-day workshop in Amman on strengthening efforts of antimicrobial resistance (AMR) control in Jordan.

If no drastic measures are taken by 2050, it could threaten the lives of 10 million people annually, according to an FAO statement.

A global issue that “even threatens the achievements of modern medicine”, resistance to common bacteria has reached alarming levels in many parts of the world, the statement said. 

“Antimicrobial resistance… is like a silent tsunami… antimicrobial resistance has always existed on earth, as it is a natural process for bacteria and viruses to survive,” FAO Representative ad interim Alexis Bonte was quoted in the statement as saying.

“It’s humankind with our frenetic course for producing more and getting more profit which has contributed to accelerating that resistance process to a level which has become a global issue,” he said.

Another worrying element, according to the statement, is that surveillance of antibacterial resistance is “neither coordinated nor harmonised”.

 “As for FAO, our action plan for AMR focuses on four areas of work: Awareness, surveillance, strengthening governance and promoting good practices in food systems, as well as prudent use of antimicrobials,” Bonte said.

“Thanks to the tripartite agreement with the World Health Organisation and the World Organisation for Animal Health, the FAO has supported 13 countries in the region to develop their national action plans to combat AMR. Our meeting represents a sound step forward in the direction of AMR control in the Middle East,” he added. 

The official highlighted the importance of recommendations and exchange of information among stakeholders in the UN, the public and private sectors, academia, research centres and professional associations in order to better implement the National Action Plan for AMR in Jordan.