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Jordan and the UAE Sign Finance Agreements, The Abu Dhabi Exports Office, the export finance arm of Abu Dhabi Fund for Development, has signed a financing deal with the Capital Bank of Jordan, pledging to provide the bank with a credit line of Dhs73.4 million ($20 million). The agreement will foster collaboration to increase UAE exports to the region and boost economies of both Jordan and the UAE. Read on to learn more. AJ: Why the UAE Needs to Partner With Jordan
MJ’s endorsements are his biggest source of income
Michael Jordan has a large number of endorsement deals. Most of these are with companies whose products he has endorsed. Among them is the Nike brand. Nike pays Jordan a royalty of five percent of the brand’s gross sales. In 2012, Michael Jordan earned $130 million through endorsements. In addition to Nike, MJ also has deals with Gatorade, Hanes, upper deck, McDonald’s, and others. He earns approximately $200 million a year from his endorsement deals.
Michael Jordan also owns an Aston Martin DB9 Volante, which has 540 horsepower and reaches 300 kph. A Mercedes Benz SLR McLaren 722 edition costs $625,000 and is capable of 0-60 mph in 3.6 seconds. Moreover, MJ has several cars in his personal collection. He owns a Bugatti Veyron Sang Noir, which is worth more than $2 million, and a Cadillac XLR-V, which costs more than $100,000. In fact, his entire car collection is estimated to be worth $10 to $20 million, but he has spent a large portion of this on advertising and other perks.
MJ’s ownership of the Charlotte Hornets
In the first quarter of 2017, Michael Jordan signed a finance agreement for his ownership stake in the Charlotte Hornets. The deal will see Jordan selling a “large portion” of his ownership stake to Plotkin and Sundheim. The two will not become official co-owners of the Charlotte Hornets until NBA approval is obtained, a process that will take several weeks. Jordan has nearly 97 percent ownership of the team.
While Michael Jordan is no longer actively managing the Charlotte Hornets, he is still involved with the organization. The former Chicago Bulls star will remain the majority owner of the team. He will also retain a minority stake in the Charlotte Hornets. Despite the team’s lack of success, the former basketball great owns the Charlotte Hornets. And his ownership stake is one of the most interesting stories in the organization. The team is currently suffering through its fourth consecutive losing season, and unless something drastic happens, the Hornets will miss the postseason.
Jordan’s finance agreement with Kuwait Fund for Arab Economic Development (KFAED)
The Kuwait Fund for Arab Economic Development has signed a new loan agreement with the government of Jordan worth $38.3 million. The agreement, signed by Kuwait’s Director General Marwan Al-Ghanem and the Jordanian Minister of Planning, will support Jordan’s efforts to develop its education and health sectors. The loan agreement is part of Kuwait’s commitment to Jordan’s development under the Mecca Declaration.
The financing agreement will help build public schools in the Kingdom. The loan will provide construction funds for up to 12 new schools in Jordan, serving students from kindergarten to secondary school. The new schools will also help decrease the need for rented schools, as most of them are overcrowded. In addition, the schools will have better facilities for the locals, reducing the demand for foreign aid.
Jordan’s GCFF loan
The World Bank and Jordan have signed a new $200 million finance agreement to support Jordan’s budget and education reform program. The agreement was signed in the presence of Minister of Planning and International Cooperation Imad Fakhoury. The World Bank will provide a concessional loan of $147.7 million and a $52.3 million grant to Jordan through the Global Concessional Financing Facility. This grant was approved last October.
The Global Crisis Fund (GCFF) is an initiative of the World Bank Group. This multilateral development finance organization provides long-term development support to developing and middle-income countries hosting refugees. The GCFF works with the World Bank Group, the Inter-American Development Bank, the United Nations, European Investment Bank, Islamic Development Banking Association, and other humanitarian organizations to finance country-specific programs in these countries.
Jordan’s 2025 vision for self-reliance
In 2018, Jordan signed a finance agreement for self-reliance in 2025 with the European Union. The purpose of this agreement is to help Jordan achieve gender parity and boost inclusive growth. The agreement also highlights Jordan’s commitment to increase female participation in the labor force, with a goal of 24 percent by 2025. The Kingdom has recently enacted legislation to improve workplace conditions for women, including the addition of more child-care facilities and flexible working hours. The financing agreement also addresses workplace harassment.
The loan will help Jordan develop its electricity and water sector and increase its efficiency. The loan is part of Jordan’s 2025 vision of financial self-reliance and economic stability. The World Bank has committed to sponsoring the reforms. It is important to note that electricity and water sector consumption are both significant contributors to Jordan’s overall energy usage. Jordan is able to obtain about 16 per cent of its electricity from these two sectors, making the loan important for improving its water and energy management.
Jordan’s relationship with the EU
The European Union’s (EU) intention is to maintain a broad and strong partnership with Jordan, which will contribute to creating growth, improving governance, and promoting prosperity and stability in the region. The EU is committed to advancing a partnership with the southern neighbourhood as part of its “Euro-Med” initiative. It also intends to strengthen bilateral ties and deepen cooperation in the fields of trade, investments, and science and technology.
The EU and Jordan enjoy a strong partnership in many sectors, and the two countries have been linked since 2002 by an Association Agreement. The EU is Jordan’s largest foreign investor, accounting for over 55% of Jordan’s FDI stock. The EU is Jordan’s second-largest trading partner after Saudi Arabia. EU countries such as France, Germany, and Italy represent 14.7% of Jordan’s trade in 2020. Jordan is the EU’s 65th-largest trading partner in the world, and ranks 15th in the West Asia-North Africa region. We continue to produce content for you. You can search through the Google search engine. We have come to the end of our Jordan and the UAE Sign Finance Agreements topic.
