Kuwait and Jordan signed 15 far-reaching agreements on Monday paving the way for greater Kuwaiti involvement in the country’s industrial and energy sectors.
On the sidelines of the visit of Kuwaiti Prime Minister Sheikh Jaber Mubarak Al Sabah to Amman, Jordan and Kuwait signed several agreements that will allow for increased Kuwaiti investment in Jordan, including energy cooperation agreements, a gas agreement and a renewable energy development agreement between the two sides, according to the Jordan News Agency, Petra.
The arrangements are also believed to pave the way for Kuwait to provide Jordan with oil for electricity generation, as has been requested by Jordanian officials.
In addition to an industrial cooperation agreement, Kuwait and Jordan also signed an additional agreement that will bring Kuwaiti funding and a greater role for the Gulf state in the establishment of industrial zones in Jordan.
The agreements also aim to increase trade between the two countries, which stood at $300 million in 2018.
The two sides also signed a $6 million agreement to fund the construction of two schools in Amman, according to the Petra, reported.
The two sides also signed a tourism cooperation agreement to open the door for increased Kuwaiti investment and involvement in Jordan’s tourism sector in addition to tourism development.
As part of Monday’s meetings, Jordan formally invited Kuwait to invest in six separate investment zones in southeastern Jordan including three industrial zones, two logistic centres and an eco-tourism zone, according to Jordanian sources.
Sheikh Jaber Mubarak Al Sabah was expected to meet with Jordan’s King Abdullah II later on Monday.
Kuwait provided Jordan with $1.25 billion as part of the Gulf bailout package in June 2018 when the kingdom was rocked with economic protests, funds that in addition to establishing a wind power farm in southern Jordan, will fund projects in agriculture, energy, infrastructure, health and transport.
Kuwait also provided Jordan with an additional $1 billion as part of the recent $2.5 billion economic package extended by the Gulf in October in the form of donations and loans.
Kuwait is the top foreign investor in Jordan, with $18 billion spent in the tourism, industry, banks, real-estate and telecom sectors. Kuwait also holds $1.3 billion at Jordan’s central bank.
Monday’s meetings and agreements are the latest in a series of formalised agreements and projects funded by recent Gulf financial packages to Jordan.
On Sunday, the Saudi government, through the Saudi-Jordan Investment Fund, signed a memorandum of understanding on Sunday to establish a railway connecting Aqaba to a logistics hub and dry port in Maan governorate.
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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UAE currency: the story behind the money in your pockets
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Started: 2016
Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh
Based: Vienna, Austria; started in Dubai
Sector: Health Tech
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Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
Scores
Oman 109-3 in 18.4 overs (Aqib Ilyas 45 not out, Aamir Kaleem 27) beat UAE 108-9 in 20 overs (Usman 27, Mustafa 24, Fayyaz 3-16, Bilal 3-23)
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Engine: 6.2-litre supercharged V8
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Rugby World Cup (all times UAE)
Third-place play-off: New Zealand v Wales, Friday, 1pm
Final: England v South Africa, Saturday, 1pm
match details
Wales v Hungary
Cardiff City Stadium, kick-off 11.45pm
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6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m
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10pm: Handicap (TB) $175,000 (T) 2,410m
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Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
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