Business Club

During its meeting held on May 11, the general assembly of the Housing Bank for Trade and Finance (Housing Bank) officially approved the report of the bank’s board of directors, the financial statements of the year 2019 and the bank’s business plan for the year 2020. 

The general assembly also appointed Deloitte as an external auditor to audit the bank’s accounts for the year 2020. 

Pursuant to the provisions of Defence Order No. (5) for the year 2020 and the procedures issued by the Minister of Industry, Trade and Supply on April 9 and the approval of the minister on April 30, the Housing Bank’s 47th ordinary general assembly meeting was conducted using the Microsoft Teams video conferencing platform with a quorum of 94.07 per cent.

The meeting was headed by the Housing Bank Chairman, Abdel Elah Al Khatib.

Khatib noted the results of the Housing Bank’s operations for 2019, underscoring that despite strong competition and the economic challenges, the bank’s total assets have increased since December 2018 by 1.7 per cent to reach JD8.4 billion as at the end of 2019. Customer deposits stood at JD5.8 billion as at the end of 2019, while total direct credit facilities reached JD4.6 billion and total equity amounted to JD1.1 billion. Total income for the year 2019 reached JD361 million, increasing by JD12.2 million above the same period last year. 

The Housing Bank’s profits before tax totalled JD132.2 million, compared to JD132 million for the previous year. The bank’s net profits reached JD83.7 million compared to JD94.5 million in 2018.

The Housing Bank’s capital adequacy ratio and liquidity ratio stood at 17.3 per cent and 128 per cent respectively, both higher than the minimums requirements of the Central Bank of Jordan and the Basel Committee. The return on average assets and on average equity reached 1 per cent and 7.6 per cent respectively, while non-performing loans ratio stood at 5.3 per cent. 

According to the decision of the Central Bank of Jordan No. 1/1/4693 dated April 9, cash dividends will not be distributed to the shareholders for the year 2019.

The bank’s market share reached 13.9 per cent of the total banking sector total assets in Jordan and 13.7 per cent of total customer deposits. 

The bank has maintained its strong presence in the Jordanian market with 125 branches (13.3 per cent market share) and 226 ATMs strategically located nationwide, which in turn constitute about 12.2 per cent of the local market. 

Globally, the bank operates 180 branches, in addition to its representative offices in Iraq, the United Arab Emirates and Libya.

In light of the Housing Bank’s corporate social responsibility and its national, human and moral duty towards supporting the local community during the COVID-19 crisis, the board of directors has approved the decision to donate JD3.1 million to support the Kingdom’s national response to COVID-19, further demonstrating its commitment to Jordanians given the unprecedented challenges currently levelled against the country’s institutions. 

Meanwhile, an additional JD500,000 was also donated through the bank’s management and employees, in addition to donations made by the employees’ social committee to the "We Cover Their Daily Wage", an initiative launched by a coalition of charitable organisations on the Naua platform, one of the Crown Prince Foundation's initiatives. 

The bank also implemented several awareness and preventive campaigns to protect its employees and clients from COVID-19 and curb the spread of the disease in compliance with the government directives. The bank also worked on parallel track on securing advanced infrastructure and technologies to maintain business continuity and functionality of all support services, while continuing to provide services to its clients during official lockdown periods across all branches and ATMs, and in line with the Central Bank of Jordan’s directives adhering to strict social distancing and safety measures.  

In conclusion, Khatib expressed the bank’s appreciation to the Central Bank of Jordan, the Jordan Securities Commission, in addition to extending special thanks to shareholders, customers, the board of directors, executive management and employees for their efforts. 

Beecell, a  leading digital media company in Jordan, has recently announced an agreement with the King Hussein Cancer Foundation (KHCF) and Orange Jordan, to power a new “text-to-donate” service that enables Orange Mobile customers to easily send donations  to underprivileged patients at the KHCF. 

This innovative approach highlights Beecell’s instant mobile payment solution and technologies, and is also part of the company’s commitment to corporate social responsibility (CSR) towards supporting the local community. 

Orange subscribers have the option of donating JD1 through the short code 98851 and JD5 using 98853. 

“We are very proud of our role in this initiative, and are happily offering our platform and connectivity to Orange and the KHCF free of charge,” commented Bashar Hantouli, Beecell CEO. 

He added: “We prioritise the employment of effective solutions that enable Orange subscribers to easily make donations in order to have an effective role in saving the lives of cancer patients.”

Orange Jordan CEO, Thierry Marigny, said: "We are glad to join Beecell and King Hussein Cancer Foundation in providing easier ways to help others. This step falls within our social responsibility strategy that focuses on digital inclusion, empowering as many people as possible and helping them use technology for the progress and wellbeing of individuals and their local communities."

Nisreen Qatamish, Director General of the KHCF, expressed her appreciation of Beecell’s direction towards supporting the fight against cancer, commenting: “We are pleased with the positive step taken by Beecell to allow Orange subscribers to benefit patients at the King Hussein Cancer Centre (KHCC), especially as the concept keeps pace with the prevailing lifestyle that relies on easy, accessible services through cell phones, as they are a significant part of our daily lives.”

Since 2004, Beecell has been committed to providing innovative, reliable and professional digital media services to over 40 mobile network operators in over 22 countries across the Middle East, North Africa and around the world. Beecell also acts as a mobile billing aggregator, enabling companies to take advantage of their connectivity with mobile operators, which results in quick time-to-market product launches. 

Paul O’Donnell, Chief Executive of Ogilvy EMEA, has been voted as the new president of the European Association of Communications Agencies (EACA) for a two-year term. He succeeds Dominic Grainger, Chief Executive Officer, WPP Specialist Communications, who has been EACA’s head since 2016.

O'Donnell's two-year tenure will be focussed on increasing co-operation and collaboration across Europe as the world's largest advertising market responds to the twin challenges of coronavirus and Brexit. 

Tamara Daltroff, EACA Director General, said: “I could not be more delighted that Paul accepted to take on the presidency role. In this difficult period, Paul is the perfect senior agency leader to guide EACA and the industry with his experience and knowledge. The agency world has been through fundamental changes over the last decade and continues to evolve in these very dynamic times. On behalf of all EACA members, I also want to thank Dominic for his leadership and outstanding involvement during his tenure. He has played a key role for EACA over the last four years.”

O’Donnell said: “It is with great pleasure to take on my new responsibilities as president of the EACA and to continue the great work done by Dominic. Although we are in extremely challenging times, I am confident that with the support and strength of the committee we will be able to achieve many things.”

O’Donnell has been with Ogilvy for over 30 years.  He has worked in Europe, Asia-Pacific and Latin America, running geographic operations and working with major international and local clients. In May 2014, O’Donnell was appointed Chief Executive, Ogilvy EMEA.  He is a member of the agency’s International Executive Management Group and an Executive Partner of the Ogilvy Group Worldwide.

In addition to representing European agencies to the EU Institutions in Brussels, EACA runs the Effie Awards Europe to reward the most effective campaigns in Europe; and the IMC European Awards to recognise the best brand activation efforts in the region. In the last few years, EACA has also created Inspire! by eaca, a hub for education and training opportunities in the commercial communications industry.

Singapore-based technology company Bigo established its office in Jordan in November last year, making it the second regional office after Egypt. Despite the pandemic, BIGO remains committed to strengthening its workforce in Jordan and has hired more than 20 employees and tripled the office space since the lockdown in the country.

According to Jackson Liu, Head of Middle East, North Africa and Europe, BIGO Technology, this number will be increased to 100 within the next two months. BIGO is also exploring supporting the development of the digital start-up ecosystem in Jordan.

BIGO is also converting its online platforms and capabilities into a trusted source of information. A range of measures to raise people’s awareness of COVID-19 and government policies are available on BIGO for users in the Middle East and across the globe.

“At present, we are living in a world that is faced with an unprecedented level of uncertainty,” said Jackson Liu. “We will stand with the people and government of Jordan, and fight to contain this situation together. We are here to do our small part to support the community in this time of need, hoping to help people stay connected and well-informed about what is happening around them and how to prevent the further spread of the virus,” he added.

Minister of Digital Economy and Entrepreneurship Muthana Gharaibeh said that Jordan is committed to global companies that believe in talent and digital infrastructure in Jordan. The country will assist to provide tax and legislative incentives and support the expansion of these organisations as they continue to benefit from what Jordan has to offer international technology companies.

“Jordan is a welcoming and fast-growing country. We believe that we have the knowledge, skills and capabilities to serve Jordan, and are seeing significant interest from the youth in exploring the digital future,” said Jackson Liu.

BIGO is a Singaporean technology company that has developed many popular mobile applications such as Bigo Live and imo.

LG Electronics Inc. (LG) on Tuesday announced first-quarter 2020 consolidated revenue of KRW 14.73 trillion ($12.45 billion) and operating profit of KRW 1.09 trillion ($921.47 million).

Although revenue declined modestly compared with the same period last year, operating income improved 21.1 per cent from the 2019 quarter, making this only the second time in history when quarterly operating profit exceeded KRW 1 trillion. The 7.4 per cent operating margin was the highest in LG’s history for a first quarter.

The LG Home Appliance & Air Solution Company reported first-quarter revenues of KRW 5.42 trillion ($4.58 billion) and operating profit of KRW 753.5 billion ($636.8 million).

The LG Home Entertainment Company posted first-quarter revenues of KRW 2.97 trillion ($2.51 billion), a decrease of 4.8 per cent from the same period last year as a result of component supply constraints and slowing global demand due to lower consumer confidence.

The LG Mobile Communications Company reported first-quarter sales of KRW 998.6 billion ($843.9 million), narrowing its operating loss to KRW 237.8 billion ($200.96 million) from the previous quarter.

The LG Vehicle Component Solutions Company recorded first-quarter revenues of KRW 1.32 trillion ($1.11 billion), a 2.1 per cent decline from the same period last year, with an operating loss of KRW 96.8 billion ($81.8 million) as a result of the business disruption of North American and European automakers.

To minimise ongoing pandemic risk, the company will accelerate its supply chain optimisation efforts, taking into consideration a reduction in demand from automakers, and continue to improve its business structure with further cost savings in the second quarter.

The LG Business Solutions Company generated first-quarter sales of KRW 1.71 trillion ($1.44 billion), an increase of 3.5 per cent year-on-year and 18.8 per cent higher than the previous quarter thanks to increased sales of solar modules and IT products such as LG gram notebooks.

Isuzu Jordan, represented by Qudra Automotive Trading Co., has received three awards by Isuzu Motors International during the annual conference for Isuzu Middle East and North Africa, which was held in Dubai and attended by all Isuzu dealers and representatives in the region. This award came as recognition for Isuzu Jordan’s outstanding performance in the past five years of operations in Jordan.

Isuzu Jordan received the first place for its sales attainment, second place for the best dealer category and third place for the after-sales category across the MENA region.

Mohamed Alayyan, Vice Chairman of the Board, commented: “We are very proud of this recognition for our five-year journey of success. We believe this is an indication of the customer loyalty to Isuzu Jordan and representative of our continuous quest for customer satisfaction.”

Wasim Al Aqra, General Manager of Qudra Automotive, said:” We thank Isuzu International for this recognition of our efforts and for their true partnership, which was a vital force in making Isuzu Jordan the company it is today within such a short period of representing Isuzu in Jordan.  This success would not have been possible without the efforts of all members of the team.”

Qudra Automotive Trading Co. was established in 2015 as the sole dealer for Isuzu vehicles in Jordan.  The company’s main showroom is located on Mecca Street and supported by four service centres in Bayader, Marka, Irbid and Aqaba.

Stemming from its national responsibility and keenness to support the government’s efforts to combat COVID-19, Beecell, a leading digital media company in Jordan, announced an agreement with Orange Jordan to power a new “text-to-donate” service that enables Orange Mobile customers to easily send donations to the ministries of Health and Social Development.

The launch of this new service comes to assert the importance of technology in digital payments, as Beecell believes, especially amid calls for social distancing. It also reflects the company’s commitment to corporate social responsibility initiatives that support the local community.

Through this partnership, Orange Jordan subscribers can support the Himmat Watan fund easily and conveniently from their mobile devices.

Customers can donate JD1 to the Ministry of Health by sending (1) via SMS to 99077 or the Ministry of Social Development by sending (1) to 99370.

Beecell is offering this service free of charge to support Jordan's government in curbing the spread of this virus, by enabling Orange customers to send financial contributions to cover health and medical costs without any additional fees to any of the stakeholders. 

“Times like these call us all; companies and individuals, to stand hand in hand to support the Kingdom’s efforts to combat coronavirus, as thousands are working around the clock to minimise the pandemic’s impact on our beloved country,” commented Bashar Hantouli, Beecell CEO.

Since 2004, Beecell has been committed to providing innovative, reliable and professional digital media services to over 40 mobile network operators in over 22 countries in the Middle East, North Africa and around the world.

Beecell also acts as a mobile billing aggregator, enabling companies to take advantage of their connectivity with mobile operators, which results in quick time-to-market product launches.

Ayla has raised the level of challenge and spirit of competition among the members of its Ayla Golf Club, by inviting them to continue to practise at home, and providing them with tips and advice on how to harness their game using the means of remote communication. This move by Ayla reiterates its efforts to address the ramifications of the coronavirus crisis on the performance of athletes, and stay close to its members during these exceptional times.

Ayla has directed its members and regulars of Ayla Golf Club to continue to satisfy their passion for golf at home using accessible tools, stressing that the health and safety of the players and their families are the highest priority at the moment.

Ayla Golf Club instructors sent messages to members and regulars of Ayla Golf Course, including advice on how to harness their skills and practise golf at home, while encouraging them to send their videos on WhatsApp, or via Ayla Golf Club page on Instagram @AylaGolfClub.

Chris Dodd, Head Professional at Ayla Golf Academy in Aqaba, and his assistant, Jordanian trainer Walid Abu Elsamid, received contributions from members and regulars of Ayla Golf Club, including videos of their exercises, and then provided them with answers to their questions, as well as tips and advice on their performance.

Chris Dodd, Head Professional at Ayla Golf Academy in Aqaba, said: “Our message from Ayla Golf Club to our members and regulars is that we are always with you. Through this home-based distance learning programme and home exercises, we hope that golf players and enthusiasts can dedicate some of their time at home to perfect their skills and work on their performance. Through this programme, we strive to keep our Ayla family engaged and connected during these difficult times.”

The coronavirus pandemic has had overwhelming economic repercussions on all industrial and commercial sectors in the world in general and in the region in particular, causing many companies to lay off thousands of employees.  In spite of these unprecedented difficulties, Joramco, the Amman-based MRO and the engineering arm of Dubai Aerospace Enterprise (DAE), has announced its commitment for maintaining job security for all its employees.

The company’s commitment has included the entire workforce of 1,100 employees as well as a contract extension for all the temporary contract workers whose contracts have expired, or will expire soon, for an additional three months.

This step reflects the obligations that Joramco places on its responsibility towards the growth and development of the civil aviation sector in the Kingdom as well as to its corporate social responsibility.

Jeff Wilkinson, CEO of Joramco, said: “The entire world, including Jordan, is witnessing difficult times that have not been seen for centuries and are affecting all sectors and industries, especially aviation. We at Joramco believe that the private sector has a key role to play in helping the country to resolve this crisis and if we work hand in hand with the government and the aviation public sector, we will be able to succeed in overcoming all obstacles, and return stronger than ever for a brighter future.”

Wilkinson continued: “The health and safety of our workforce has always been paramount at Joramco, and as we face these difficult circumstances, letting any of our staff go is simply not an option. We are determined to take care of each and every employee so that they can focus on what matters — the well-being of themselves and their loved ones.”

Gulf Pharmaceutical Industries PSC (Julphar), one of the largest pharmaceutical manufacturers in the Middle East and Africa, has announced the appointment of Essam Farouk as Chief Executive Officer (CEO), as the company drives its pioneering transformation programme across the region and beyond.

With over 27 years’ experience, Farouk will be leading Julphar’s evolution through its ongoing commitment to elevate and enhance its facilities, processes, practices and infrastructure, ensuring the company is in strong stead for a successful 2020 and beyond.

Sheikh Saqer Humaid Al Qasimi, Chairman of the Board at Julphar,said: “With his wealth of experience in the pharmaceutical industry across established and emerging markets, Dr Essam brings a proven track record of leading business transformation, strategic planning and successful hands-on strategy execution. His ability to manage a diverse organisation through challenging environments and achieving business and reputational success will ensure Julphar excels further and delivers a greater impact in the 50 markets we operate in around the world.” 

Prior to his appointment at Julphar, Farouk was the CEO at Algerian pharmaceutical company, ELKENDI, managing the corporation since its inception in 2006. Under his leadership, the company experienced exceptional growth to become the second largest pharmaceutical company in Algeria and North Africa. He was then appointed CEO for MS PHARMA Group, a position he held for seven years, guiding the company to be known as one of the top five leading pharmaceutical companies in the Middle East and North Africa. In addition, Farouk has also held senior roles at GlaxoSmithKline, Sanofi Aventis, T3A Pharma Group and Julphar Germany, accumulating a wealth of experience across both multinational and generic business environments.