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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

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    $36mln contract for construction of Duqm fisheries complex

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    Ministry signs agreement to support Oman’s honey industry

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    Local, Italian companies partner up to establish food retail chain in Egypt

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      Oman Construction Equipment Industry to 2028

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      $36mln contract for construction of Duqm fisheries complex

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      Madayn working on major Oman industrial city projects

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      Foundation stone laid for new 700-bed hospital is Salalah, Oman

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        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

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          COVID-19 vaccine could be available by autumn: Oxford University

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

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          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

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          Staycations to stimulate Qatar’s hospitality sector

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Trending Tags

          • Business & Economy
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            • Business
            • Communication
            • Digital
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            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
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            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

              • Healthcare
                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

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              Jordan looks to reinvigorate trading with a new exchange

              OBG

              September 27, 2016
              in Finance
              0

              The Jordanian authorities have launched a new over-the-counter (OTC) exchange as part of a series of initiatives to boost the competitiveness of the kingdom’s capital markets.

              The new exchange is a by-product of two sets of regulations released earlier this year – namely, the Regulating Directives for Trading in Unlisted Securities and the Listing Securities Directives for 2016 – both of which were intended to streamline listing procedures and spur activity.

              Over the counter
              The market, which comes as an addition to Jordan’s existing three-tiered exchange, is made up of two types of companies: those previously listed on the Amman Stock Exchange (ASE) but suspended because of compliance violations and those unable to meet the requirements to be listed on the ASE.

              Some 29 companies have already joined the OTC exchange, according to ASE figures, with a combined value 1.5 times greater than that of companies on the kingdom’s tertiary stock market.

              Companies wishing to trade on the market must be registered with the Jordan Securities Commission and the Securities Depository Centre, and disclose both financial and non-financial information.

              Trade is conducted through an electronic trading system to ensure efficiency and transparency, and allow interested parties to monitor, sell and buy through a certified broker-dealer.

              New opportunities
              The OTC market is expected to provide multiple benefits by broadening the base of Jordan’s capital markets, Nader Azar, CEO of the ASE, told OBG.

              “In the first place, it will allow shareholders to have a price discovery mechanism, as well as an exit strategy,” he said. “Secondly, it will open the doors for more mergers and acquisitions for those companies looking to get out of choppy waters. Thirdly, it will facilitate connections for start-ups looking for investors.”

              Importantly, the listing conditions of the new exchange will allow family-owned companies – which make up about 90% of Jordan’s small and medium-sized enterprises, according to official figures – to seek financing through the market.
               
              In addition to boosting lagging trading volumes, policymakers will be looking for the new exchange to make Jordan’s market more competitive regionally and attract greater foreign investment.

              Overseas investors – and in particular investors from elsewhere in the region – play a significant role in Jordanian capital markets.

              Of the ASE’s JD18bn ($25.4bn) in market capitalization at the end of 2015, roughly 50% was owned by non-Jordanians, according to Azar. Some 37% was held by sovereign wealth funds, governments, high-net-worth individuals or other investment funds, all from Arab countries. Foreign investors from a mix of 100 different countries comprised the remainder.

              Broader bourse reforms
              The new OTC market is just one in a series of initiatives intended to stimulate growth in the broader capital markets.

              In July the Council of Ministers ratified several measures to restructure and reinvigorate the ASE, which has not been performing at the same level since 2008. In the intervening years market capitalization on the bourse has fallen from around JD42bn ($59.3bn) to JD17bn ($24bn) as of early August.

              As part of the initiative, the council called on the Central Bank of Jordan to encourage banks to ease credit restrictions in a bid to free up additional lending for investment in the markets.

              It also charged the Ministry of Finance with conducting an exploratory study into the possibility of granting tax incentives to institutional investors. At present, this benefit is only extended to individual investors.

              This follows a move from last June, when the Council of Ministers approved in principle the conversion of the ASE into a for-profit public shareholding company, which is expected to be completed by the end of the year.

              “We are hoping that, gradually, investor confidence will build up and the profitability of the companies will pick up too,” Azar told OBG.
              Oxford Business Group
              27 September

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