Category: News

Digital-Leapfrogging

Digital Leapfrogging Could Boost Region’s Economy by Billions – McKinsey

With proper implementation, digital leapfrogging could add $95 billion to the Middle East’s annual GDP by 2020, according to McKinsey & Company’s regional head. The international consultancy has been researching into how digital leapfrogging has the potential to be a…

Farmers-import

Farmers Urge End to UAE Produce Import Ban

Farmers are urging the government to pressure the UAE to lift an import ban on Jordanian fruits and vegetables. This was imposed last month after a shipment was found to have unacceptably high levels of pesticide residue. “If samples of…

Ritz-Carlton

Ritz-Carlton Hotel to Open in Amman in 2020

Al Eqbal Real Estate Development and Marriott International have signed a deal to open a Ritz-Carlton hotel in Amman in 2020. The hotel will be built on the city’s Fifth Circle, adjacent from three other five-star hotels, and feature 230…

Tesla Launches Electric Cars in Jordan

Tesla has begun selling its cars in Jordan, in a further sign that EVs are finally becoming a viable option for motorists in the Kingdom. Customers can now order two models built at Tesla’s California plant. The Model S executive…

Patrick Harb, the regional manager for HMD

Nokia Calls Back

Three new Nokia smartphones are set to be released in the Middle East soon. Patrick Harb, the regional manager for HMD, the Finnish company that resurrected the Nokia brand last year, believes there will be significant market demand for the…

Unemployment

Unemployment hits 18.2 percent after methodology overhaul

Unemployment in Jordan reached 18.2 percent in the first quarter of the year after the Department of Statistics introduced a new methodology for calculating joblessness that now includes migrants and refugees, and any unpaid jobs and trainings. The figure, which…

Samsung QLED TV

Samsung Launches Next Generation QLED TVs

Samsung recently launched its eagerly awaited range of QLED TVs in Paris. The line up, which was launched at the famous Carrousel du Louvre and is expected to go on sale in Jordan in May, relies on Quantum dot technology for…

Attarat Power Co (APCO) oil shale

Attarat Secures Financing for Oil Shale Power Plant

Attarat Power Co (APCO), a Jordanian affiliate of Estonian-owned Enefit, last month said its plan to construct a $2.1 billion oil shale-fired power plant in Jordan had secured financing from a consortium of Chinese banks. The 470-megawatt plant is now…

Arab Bank CEO Nemeh Sabbagh

Central Bank Announces Development Funds to Kick-Start Economy

The Central Bank of Jordan plans to set up a series of multi-million dinar development funds designed to stimulate the economy. “The Central Bank has worked on a number of finance initiatives through funds to help out startups, small businesses,”…

Ronaldo Mouchawar, Souq.com CEO

Amazon Scoops up Souq.com

Internet giant Amazon has decided to enter the Middle East’s nascent e-commerce market by striking a deal to buy Dubai-based online retailer Souq.com. The announcement of the deal, which was reportedly worth around $650 million, ended months of speculation about…