RIYADH: Jordan’s wholesale trade price index increased by 1.31 percent year-on-year during the first nine months of 2024, driven primarily by higher prices for goods such as agricultural raw materials and tobacco, according to the country’s Department of Statistics.

The index reached 107.97 points, up from 106.40 points in the same period of 2023.

The largest contributor to the increase was the agricultural raw materials, grains, food, beverages, and tobacco category, which saw a rise of 3.35 percent. This was followed by a 1.47 percent increase in the fuel, metals, construction materials, and supplies group.

Other sectors showed more modest growth, including a 0.21 percent rise in machinery, equipment, and supplies, a 0.14 percent increase in textiles, clothing, personal, and household goods, and a slight 0.04 percent increase in motor vehicles, parts, and motorcycles.

In the third quarter of 2024, the wholesale trade price index rose by 1.41 percent year on year, reaching 107.97 points compared to 106.47 points during the same period in 2023.

The rise was driven mainly by a 3.16 percent increase in the agricultural raw materials, grains, food, beverages, and tobacco group, as well as a 2.48 percent rise in the fuel, metals, and construction materials group. Prices for textiles, clothing, personal, and household goods rose by 0.62 percent, while motor vehicles, parts, and motorcycles saw a 0.28 percent decline.

Machinery, equipment, and supplies prices decreased by 0.64 percent. On a quarterly basis, the index increased by 0.11 percent compared to the previous quarter, with the largest gains seen in agricultural raw materials (up 0.82 percent) and textiles, clothing, personal, and household goods (up 0.18 percent).

Jordan’s inflation this year has been shaped by both domestic and global factors. From January to October, the consumer price index rose by 1.56 percent, reaching 110.58 points compared to 108.88 points during the same period in 2023. Key contributors to inflation included an 11.6 percent surge in personal item prices, a 7.34 percent increase in water and sanitation services, as well as higher costs in union dues, rental prices, and tobacco products.

The industrial sector also played a role in driving inflation, with Jordan’s industrial production index rising by 0.48 percent through September. This increase was led by strong growth in the mining sector (up 8.34 percent) and electricity production (up 5.41 percent), while manufacturing output declined by 0.28 percent.

External factors, such as rising global food and energy prices, regional instability, and changes to subsidies and taxes, have contributed to price volatility, affecting wholesale trade and broader economic trends in Jordan.

Tourism, which accounts for about 12 percent of the country’s gross domestic product, has been particularly hard hit by regional conflicts. A report by Reuters noted that visitor numbers to popular sites like Petra have dropped dramatically, from around 4,000 per day to just 400.

RIYADH: Net assets of licensed endowment investment funds in Saudi Arabia reached a record SR1 billion ($266.67 million) in 2024, marking a 29.3 percent increase from the previous year.

According to the General Authority for Endowments, this growth follows the 2023 record, which surpassed the half-billion riyal mark.

The increase in assets was attributed to the licensing of five new entities, bringing the total to 34 endowment investment funds, 27 of which are public and seven private.

Endowment funds in the Kingdom play a crucial role in driving sustainable development by providing the financial foundation for long-term projects that address critical societal needs.

These reserves are established through investments where the principal amount is preserved while the earnings are used to support various charitable and development initiatives.

This model ensures a continuous flow of resources for vital sectors such as education, health care, and infrastructure, as well as social welfare.

In Saudi Arabia, endowment funds are designed to align with the Kingdom’s economic development goals and are Shariah compliant.

They are used to finance projects that contribute to public welfare, including building educational institutions, supporting healthcare initiatives, and funding infrastructure projects that benefit communities across the Kingdom.

Strategic investment management ensures these funds’ sustainability, which allows the endowment to generate ongoing revenue for its initiatives while maintaining the original capital intact.

The Saudi government, through the General Authority for Endowments, has streamlined the process for licensing and managing these funds, enhancing transparency and enabling them to contribute more effectively to long-term development goals.

These reserves are also governed by regulations set by the Capital Market Authority, which oversees the creation of investment products that are aligned with the country’s broader objectives for economic and social progress.

By focusing on sectors such as education and health care, endowment funds in Saudi Arabia support the growth of human capital, improve the quality of life, and contribute to the achievement of Vision 2030, which aims to diversify the economy and reduce dependency on oil.

The funds also address the country’s growing demand for infrastructure and social services, particularly in urbanizing areas like Riyadh and Jeddah, where population growth is driving a need for sustainable development solutions.