Jordan to issue $2.38bn contracts

[04-04-2016 02:26 PM]

Ammon News - AMMONNEWS - Jordan is planning to issue contracts worth 1.7 billion dinars ($2.38 billion; Dh10.27 billion) in the near future and the projects will help revive the ailing construction sector, a newspaper in the Arab country reported on Sunday.

“The government will issue contracts in the coming period worth around 1.7 billion dinars…these projects will support the construction sector and push it out of the current state of stagnation,” the Arabic language daily Addustour said, quoting Mansour Al-Banna, chairman of the cement producers’ committee in Jordan.

He did not elaborate on those projects but said the decline in the construction sector over the past two years has inflicted losses on some cement dealers.

His figures showed cement consumption in Jordan plunged to around 600 tonnes a day in the first quarter of 2016 compared with 900 tonnes a day in the same period of 2013.

He attributed the to the present instability in the region, a decline in the number of government contracts and “tough lending policies” by local banks.

Addustour said Jordan has six cement plants, with a production capacity of 7.5 million tonnes a year against current demand of 4.5 million tones.

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