Jordan King, investors discuss means to boost gains from Amman Stock Exchange

Published June 18th, 2015 - 11:32 GMT

His Majesty King Abdullah on Monday said that achieving sustainable growth must be the main goal of all economic plans and programmes under way. 

During a meeting with the Amman Stock Exchange (ASE) representatives and investors that was held at Al Husseiniya Palace, King Abdullah highlighted the ten-year economic blueprint that the government recently has endorsed to overcome economic challenges.

King Abdullah underlined the adverse impact that the regional turmoil has had on the financial market and the economic situation in Jordan, calling for developing market instruments and taking practical steps to mitigate the severity of these effects, according to a Royal Court statement. 

At the meeting, which was also attended by Prime Minister Abdullah Ensour, King Abdullah pinpointed the role of the financial markets in stimulating economic growth and investments, asserting the need for developing new tools in cooperation with the private sector, which can stimulate the ASE and its different financial operations. 

The King also underscored the “important” role of the Jordan Securities Commission, and called on the private sector to play a more effective role in attracting investments, rather than entirely depending on the government in this regard. 

Ensour said the government and all its concerned agencies are ready to eliminate the difficulties facing ASE investors, due to its vital role in boosting the economy's competitiveness.

He vowed that the government would work with all stakeholders to achieve results that would reflect on the country’s economic performance. 

He stressed the significant role of the Social Security Investment Fund in boosting economic growth, emphasising the importance of remarks made by investment institutions’ representatives on the main challenges facing them. 

Finance Minister Umayya Toukan said his ministry, in cooperation with financial market institutions and investors, would examine all solutions suggested to boost ASE’s performance.

Representatives of the financial entities attending the meeting presented several demands, mainly related to legislative amendments that are under way to develop the business environment at the financial market and to boost its competitiveness and ability to draw investments, mainly with regard to joint investment funds.  

They also called for organising media campaigns that can highlight the importance of the ASE and boosts investors’ confidence in it, besides conducting promotional campaigns that encourage investment in the bourse.

They underlined the problem of liquidity shortage and banks’ refraining from financing investments in shares.  

Speaking to the Jordan News Agency, Petra, following the meeting, Social Security Investment Fund Chairman Suleiman Hafez said that during the discussion with His Majesty, participants suggested the optimal means to activate the ASE.

Furthermore, ASE Chief Executive Officer Nader Azar said the meeting was fruitful, pointing out that participants briefed the King on the benefits that could be gained from the modernisation of the electronic trading system. 

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