Bahraini investments in Jordan reach $1 billion

13-05-2024 01:51 PM

Ammon News - The Amman Chamber of Commerce (ACC) has released a report revealing that Bahraini investments in Jordan have soared to approximately $1 billion, spanning sectors such as trade, industry, and tourism.

Bahrain has secured the fourth position among foreign investors on the Amman Stock Exchange, with investments valued at $1.2 billion as of April's end, according to the report.

Both nations have established several cooperation agreements across various domains. These include agreements aimed at fostering trade exchange among Arab countries, establishing a free trade zone, forming a joint business council, and facilitating cooperation between entities like the Bahrain Chamber of Commerce and Industry, the Federation of Jordanian Chambers of Commerce, and the Amman Chamber of Industry. Additionally, measures have been taken to prevent tax evasion through agreements on double taxation avoidance concerning capital taxes.

Trade between Jordan and Bahrain witnessed a slight decline in 2023, amounting to JD92 million, compared to JD136 million in 2022, marking a decrease of JD43.8 million. Jordanian exports to Bahrain saw a modest increase, rising from JD45.9 million to JD47.9 million, while Bahraini imports to Jordan dropped significantly from JD90.1 million to JD44.3 million during the same period.

During the initial two months of 2024, the bilateral trade amounted to JD10.6 million, comprising JD5.8 million in exports and JD4.8 million in imports.

The ACC issued 2,749 certificates of origin to Bahrain in 2023, valued at approximately JD16 million. In the first quarter of 2024, 750 certificates were issued, totaling JD4.2 million.

As of May 4, the ACC recorded 24 Bahraini partners with a combined stake of approximately JD553 million. Notably, 12 partners operate in the services and consulting sector, holding a stake of JD392 million, while five are engaged in the communications and information technology sector, with a total stake of JD54 million. Moreover, three partners are in the financial and banking sector (JD18 million), one in construction and building materials (JD79 million), one in the food sector (JD5 million), one in furniture (JD6 million), and one in health and pharmaceuticals (JD50,000).

In February 2023, Jordan, the UAE, Egypt, and Bahrain inked 12 agreements during the third meeting of the Higher Committee for the Integrated Industrial Partnership for Sustainable Economic Developments. These agreements, valued at around $2 billion, span sectors such as agriculture, medicine, metals, chemicals, electric cars, and waste management.

The committee announced 9 integrated industrial projects, with an investment exceeding $2 billion, aimed at bolstering domestic product in partner countries by over $1.6 billion. These projects are expected to create 13,000 direct and indirect job opportunities across the four nations. Petra

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