He noted that the first sukuk issuance is valued at JD 400 million, while the plan includes issuing sukuk worth JD 300 million in 2027 and JD 300 million in 2028, aimed at rescheduling GAM’s debt and lowering debt costs.
During its Sunday session chaired by Prime Minister Jafar Hassan, the Cabinet approved the issuance of Islamic financing sukuk by the Greater Amman Municipality worth JD 400 million under an Ijara ending with ownership structure, with an annual yield of 5.5% over a 5-year tenure.
Regarding GAM’s 2027 budget, Al-Zyoud stated that it is based on achieving financial sustainability, controlling expenditures, and directing spending toward strategic priorities, while maintaining funding for services provided to citizens and enhancing their quality.
He added that capital expenditures in the budget amount to JD 177 million and will be allocated to strategic projects, including developing the public transport system and modernizing its fleet, enhancing road network efficiency, expanding green spaces, and developing a sustainable waste management system, in addition to smart city and comprehensive urban planning projects.
He indicated that preparing the 2027 budget and the indicative budgets for 2028, 2029, and 2030 aligns with GAM’s strategic plan for the next five years, supporting the enhancement of services provided to citizens.
Al-Zyoud pointed out that GAM’s own-source revenues increased by about 13% compared to the previous year, noting efforts to rationalize and control operating expenses and prioritize spending to maintain financial stability and ensure the continued implementation of strategic projects.
In a related context, he said that outsourcing waste collection and transport services to private sector firms, through a designated company, is expected to generate estimated savings of about JD 140 million over 10 years, based on feasibility studies conducted for the project.
Regarding hiring, Al-Zyoud explained that GAM will currently focus on recruiting for critical positions necessitated by the nature of work, particularly engineering and technical roles, stressing that there are no new employment contracts at present and that the budget was built on the municipality’s current operational status.
