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Jordan Seeks to Deepen Economic Ties with Germany

Vendors sell vegetable and fruits at a market in downtown Amman June 4, 2018. (AFP)
Vendors sell vegetable and fruits at a market in downtown Amman June 4, 2018. (AFP)
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Jordan Seeks to Deepen Economic Ties with Germany

Vendors sell vegetable and fruits at a market in downtown Amman June 4, 2018. (AFP)
Vendors sell vegetable and fruits at a market in downtown Amman June 4, 2018. (AFP)

Jordan’s State Minister for Investment Affairs Mohannad Shehadeh said that developing the country’s technical services sector with German expertise and redrafting export agreements to Europe are a priority for the government in its effort to bolster economic cooperation with Berlin.

He highlighted the success achieved by German firms operating in Jordan and the arrival of technical and technological Jordanian products to German markets through investment in Jordanian human capabilities and potential.

He added that the success of German companies, such as Siemens, represent an opportunity for the German investor to focus on producing services and re-exporting them.

He made his remarks before the Amman Chamber of Industry that met in Amman on Thursday to discuss available investment opportunities in Jordan and reassess economic cooperation between the Jordanian and German private sectors.

Shehadeh added that improving and developing Jordanian expertise, in addition to participating in the global economy, help the services sector in the country overcome previous restrictions.

Energy Minister Hala Zawati assured that investment opportunities are available in the alternative energy fields, underpinning that the government has several substitutes to exploit the renewable energy sources in the country.

German speakers at the meeting voiced interest to provide logistic and technical support to Jordan in a way that reinforces compliance with European consumer requirements and fulfills the goals of developing the Jordanian energy and services sector.

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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.