Jordan's Biggest Companies
Jordan is a growing market, which has experienced considerable economic growth over the last decade due to its liberal policies. The Jordanian economy has been growing steadily at a rate of about 7 percent a year for the last ten years. It has become of the Middle East's competitive economies.
The economy in Jordan consists of a diverse range of different industries, including aerospace, pharmaceuticals, cosmetics and textiles. It is hoped that the economy will continue to grow, particularly in sectors such as uranium exports, ICT, trade and tourism. The main obstacles to economic growth are the need to supply enough water in this arid country and the dependence on imported energy.
The banking sector in Jordan is particularly important and Jordan has become an increasingly popular choice for investors due to the conservative policies which helped its banks to weather the global economic crisis. Jordan's reputation as one of the most stable Arab countries has also helped to make it an important center of business in the Middle East. Jordan is the Arab country that has the highest number of free trade agreements.
Arab Bank is Jordan's largest company. It is the only company in Jordan to have been listed as one of Forbes's top 2000 companies in the world. Arab Bank is based in Amman, in Jordan, but it is the largest Arab bank in the world, with a huge network of branches that can be found in 30 different countries on all five continents. The Arab Bank Group has assets of over 50 billion dollars and it has played a significant role in the development of many Arab countries, in both the Middle East and North Africa.
Modernization of the infrastructure and telecommunications in Jordan has been an important part of its economic success. Zain is the largest telecommunications company in Jordan, with a 39 percent share of the market. IT is owned by MTC Kuwait.
The production of fertilizers and fertilizer derivatives is an important part of the Jordanian economy, and two of the country's largest companies, Jordan Phosphate Mines and Hydro-Agri Jordan are involved in this sector of industry. Jordan Phosphate Mines or JOPH was established in 1949, making it one of the most successful companies to predate the country's recent period of rapid economic growth. JOPH has three mines in the country, and it also owns a chemical manufacturing plant in Aqaba.
Although Jordan does not have large oil reserves and is not therefore an important producer of oil, a number of companies have shown an interest in possibly exploiting Jordan's oil shale resources, which could potentially produce 28 billion barrels of oil. Jordan has the fourth largest oil shale resources in the world. Royal Dutch Shell, Eesti Energia and Petrobras have all shown an interest in Jordan's oil shale.
The state owned company NEPCO currently produces about 94 percent of the electricity used in Jordan, but efforts have been made at privatizing the energy sector in order to increase independent power production in the country. Ensuring that the country will be able to provide enough energy to support its continued economic growth and the success of its largest companies is hugely important for Jordan, due to its lack of conventional energy resources such as crude oil.
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