logo
Jordan, Damascus industry chambers agree to form joint business council

Jordan, Damascus industry chambers agree to form joint business council

Zawya26-05-2025

AMMAN — President of the Jordan Chamber of Industry (JCI) Fathi Jaghbir and Chairman of the Damascus Chamber of Industry Muhammad Al Mawlawi have agreed to establish a joint business council and joint sectorial committees between the two chambers in the textile, chemical, engineering and food sectors.
During an official visit to Damascus, Jaghbir stressed that the committees aim to boost trade exchange between the two countries in these sectors and address any obstacles based on a 'win-win' approach, the Jordan News Agency, Petra, reported, citing a JCI statement on Sunday.
As part of efforts to boost bilateral economic relations, he said that 25 Jordanian industrial companies are scheduled to take part in the International Building Exhibition to be held in Damascus from May 27 to 31.
The participation is organised by the Amman Chamber of Industry and includes a delegation of more than 250 industrialists, the largest Jordanian delegation to visit Syria in decades, the JCI president pointed out.
Jaghbir noted that the participating Jordanian companies represent vital sectors related to reconstruction, including infrastructure, building materials, energy, and engineering industries, where Jordan holds a 'strong competitive edge,' stressing the importance of this participation in opening new opportunities for Jordanian products in the Syrian market.
He also highlighted the need to boost economic ties between Jordan and Syria, pointing to the 'historical ties and shared interests' that provide a favourable environment for expanded economic cooperation.
The industrialist added that easing restrictions on the movement of goods and financial transfers would facilitate the flow of commodities and services and enhance the investment climate.
© Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Jordan urged to cancel Israel gas deal after supply halted amid Iran war
Jordan urged to cancel Israel gas deal after supply halted amid Iran war

Middle East Eye

time2 hours ago

  • Middle East Eye

Jordan urged to cancel Israel gas deal after supply halted amid Iran war

The suspension of Israeli gas supplies to Jordan, triggered by recent attacks on Iran, has reignited calls in Amman to cancel the gas agreement with Israel. The production halt - resulting from disruptions at the Leviathan gas field - is being cited by the Jordanian National Campaign to Overturn the Gas Agreement with the Zionist Entity, known by its slogan "The Enemy's Gas is Occupation", as grounds to terminate the deal. The campaign, a coalition of public figures, political parties and professional associations opposed to normalisation with Israel, views the current situation as a legal and political opportunity to annul the agreement under the force majeure clause. This clause permits cancellation without financial penalties if unforeseen events prevent the fulfilment of contractual obligations. Under the terms of the Israel-Jordan gas deal, force majeure refers to circumstances beyond the control of either party - such as natural disasters, armed conflict or political unrest - that render the implementation of the agreement unfeasible, they say. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters "What is happening now clearly constitutes a case of the other party failing to meet its contractual obligations," the campaign told Middle East Eye. "This opens the door to cancelling the agreement without legal or financial consequences. In fact, doing so is a duty dictated by national sovereignty and the safety of our citizens." The group called on the Jordanian government to act swiftly and begin developing sovereign domestic energy resources instead of relying on Israeli gas. 'Triple crime' The gas agreement, signed in 2016 and implemented in 2019, stipulates the import of natural gas extracted from the Leviathan field, located in the Mediterranean Sea off the coast of Haifa. Valued at approximately $10bn over 15 years, the deal entails Jordan receiving around 300 million cubic metres of gas per year, in return for long-term payments made to Israel. Critics argue that importing gas from Israel is unacceptable for several reasons, foremost among them opposition to normalisation with the Israeli state. According to the campaign, making Jordan dependent on Israeli gas constitutes a "triple crime". 'Black day': Hundreds rally in Jordan over 'treasonous' gas deal with Israel Read More » First, they argue, the deal exposes national sovereignty to political blackmail. Second, it channels $10bn of public money into the Israeli economy. Third, it deprives Jordan of the opportunity to invest those funds in sustainable, home-grown energy alternatives. Saleh Al-Armouti, Jordanian MP and head of the Islamic Action Front parliamentary bloc, echoed these concerns. He told MEE that the interruption of gas supplies provides Jordan with solid legal grounds to cancel the agreement or pursue compensation worth billions of dollars. "It is the legal right of the Jordanian state to file a lawsuit demanding compensation for the damages caused by the supply cut-off, based on the terms of the agreement," Al-Armouti said. He added that Jordan has viable alternatives to Israeli gas. "We already have infrastructure like the floating terminal in Aqaba, which costs millions annually without being fully utilised, as well as domestic sources such as the Risha gas field and the Attarat oil shale project," he added. Emergency plan In response to the cut-off in supply, Jordanian authorities have activated an emergency plan, which includes the temporary suspension of gas supplies to certain factories connected to the national grid. Jordan's national electricity company sought to reassure the public, stating that the country's fuel reserves for power generation are sufficient to last at least 20 days, even with the halt in gas supply from Leviathan. Government spokesperson and Minister of Government Communication, Mohammad Al-Momani, said authorities responded by switching to heavy fuel oil as an alternative, "as part of the emergency strategy developed by the Ministry of Energy". 'There are no strategic, long-term solutions in place' - Musa Al-Saket, economic expert Minister of Energy and Mineral Resources, Saleh Al-Kharabsheh, echoed these remarks, saying that despite the regional escalation, "the electrical system in Jordan remains stable and secure". Speaking on Thursday, Al-Kharabsheh announced that the government had activated alternative supply routes, including the import of 100 million cubic feet of gas per day from Egypt, to compensate for the shortfall. He added that Jordan is incurring additional costs to bolster its stockpile of petroleum derivatives, but emphasised that power stations are fully capable of switching to alternative fuels without compromising grid efficiency. On Friday, an Israeli energy ministry spokesperson said limited gas exports to Egypt and Jordan had resumed, using "surplus" supplies not required for domestic consumption. However, large-scale shipments remain unlikely in the near future. Lack of long-term solution Economic expert and member of the Amman Chamber of Industry, the engineer Musa Al-Saket, warned of the consequences of a continued suspension in natural gas imports, cautioning that a prolonged disruption could severely affect Jordan's industrial sector - particularly by increasing production costs. "The government and the National Electric Power Company (NEPCO) have outlined short-term alternatives lasting 20 to 30 days, but there are no strategic, long-term solutions in place," Al-Saket told MEE. "Most industries lack independent emergency plans, as they depend heavily on public-private partnerships within the energy sector." Al-Saket called for broader approval for the installation of renewable energy systems and urged increased investment in domestic energy sources, including the Risha gas field, oil shale projects and solar energy. According to data from the Ministry of Energy, Jordan in 2023 relied on imported natural gas for approximately 61.1 percent of its electricity generation, compared to 26.28 percent from renewable sources (solar and wind) and 12.62 percent from heavy fuel oil. The country's power stations consume around 1.5 billion cubic feet of gas per day, while installed renewable capacity stands at roughly 2,681 megawatts - meaning any sustained disruption in gas supply could pose a threat to the stability of the power grid. Jordan is contending with mounting economic challenges amid ongoing regional instability, driven by Israel's wars on Gaza, Lebanon and now Iran. The repercussions extend far beyond energy. Tourism - a cornerstone of the Jordanian economy - has been severely impacted, with rising tensions deterring international visitors. Jordan's geographical location - lying along the flight paths of Iranian missiles and Israeli fighter jets - has heightened its exposure to regional security threats and prompted costly defensive measures to safeguard its airspace and sovereignty.

Fintech major Qi andUS-based K2 Integrity join forces to align Iraq's financial sector with global standards
Fintech major Qi andUS-based K2 Integrity join forces to align Iraq's financial sector with global standards

Khaleej Times

timea day ago

  • Khaleej Times

Fintech major Qi andUS-based K2 Integrity join forces to align Iraq's financial sector with global standards

In a strategic move to strengthen financial compliance standards across its operations, Qi, also known as International Smart Card, has signed a landmark partnership with K2 Integrity, a global compliance and financial crime advisory firm. Qi-K2 scope of work will be split into Qi UAE, Qi Jordan and Qi Iraq. K2 Integrity will build a large operations and compliance back office in Jordan for Qi and will integrate this office into Qi's compliance ecosystem. K2 Integrity will further use Qi's UAE back office as an innovation incubator and sandbox for new Qi products and services. This long-term collaboration marks a new milestone for upgrading not only Qi's internal controls but also developing a model for strengthening the integrity for the entire Iraqi financial system. The agreement comes at a time when the Iraqi economy has started rebuilding post war and the country has increased its multilateral integration with the international financial institutions, central banks, governments and foreign investors. The concerns over outdated compliance and transparency have challenged the country's reputation. At this point, Qi has taken decisive action and partnered with a pioneer and powerhouse of the modern global AML/CFT compliance and standards conglomerate. The Qi and K2 Integrity duo is set to shift this narrative and build a model of excellence for compliance in Iraq. 'This is not just about one business group,' said Bahaa Abdul Hadi, chairman of International Smart Card (ISC), which owns and operates the Qi Card platform. 'This is about Iraq and its economic future. We believe in leading by example as we did in the past. We are investing heavily to ensure our systems, people, and partners meet the highest global standards of financial integrity.' 'This partnership illustrates Qi's proactive stance in positioning the company's and Iraq's electronic payment infrastructure at the forefront of global compliance standards,' said Bahaa. The partnership spans a 36-month roadmap split into three phases, where K2 Integrity will perform the following strategic tasks: Evaluate and transform Qi's current financial crime compliance (FCC) framework. Train Qi's personnel across all levels - from frontline staff to executive leadership. Take operational responsibility for implementing globally benchmarked compliance practices. Transition the program into a sustainable, best-in-class model eventually managed by Qi. What distinguishes this initiative is its national impact. Qi is Iraq's largest electronic payment platform, serving millions of customers and integrating with the central government, major banks, and global payment networks. The compliance infrastructure built with K2 Integrity for Qi will ripple across the country's financial ecosystem, influencing how banks, the fintech sector, and regulators approach risk, governance, and trust. The New York-based K2 Integrity brings decades of experience advising the US government, international institutions, and Fortune 500 banks. Its team includes former senior US Treasury officials who helped craft counter-illicit finance strategies and global standards. K2 Integrity's entry in Iraq signals confidence in Iraq's financial reform trajectory. 'Qi is setting the tone for a new era in Iraq,' said Chip Poncy, global head of Financial Integrity at K2 Integrity. 'By committing to global standards and transparency, Qi is building not just resilience, but regional leadership in financial compliance.' This initiative will position Iraq to regain credibility with international partners, attract investment, and enable more secure, scalable cross-border transactions, particularly vital for trade, remittances, and financial inclusion.

Jordan: NCSC approves 2025–2028 National Cybersecurity Strategy
Jordan: NCSC approves 2025–2028 National Cybersecurity Strategy

Zawya

timea day ago

  • Zawya

Jordan: NCSC approves 2025–2028 National Cybersecurity Strategy

AMMAN — The National Cyber Security Centre (NCSC) on Thursday said that it had approved Jordan's National Cybersecurity Strategy for 2025–2028. The strategy serves as a 'comprehensive' national plan aimed at supporting the Kingdom's efforts, through the centre, to build an effective national cybersecurity framework, the Jordan News Agency, Petra, reported. The centre said it would work in partnership with relevant national institutions to develop the strategy's executive programme and oversee the implementation of related programmes and activities, based on 'clear' timelines and performance indicators. The strategy outlines the Kingdom's vision to establish a secure, resilient, and trusted Jordanian cyberspace, built on national capabilities and contributing to economic growth and prosperity. It also seeks to achieve this vision through four main strategic objectives and 14 sub-goals, with 'clear' priorities that encompass programmes, projects, and initiatives designed to deliver on these objectives. The strategy also aims to position Jordan as a 'leading' regional hub for cybersecurity, while ensuring a safe digital environment that fosters innovation and entrepreneurship, attracts global cybersecurity investment, and supports the Kingdom's economic modernisation and digital transformation goals. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store