Mr. Azar pinpointed the latest legislative, technical and quantitative developments witnessed by the ASE, the challenges facing the securities industry, and the role of the capital market institutions in providing an attractive environment for investment, especially in light of the national economy’s openness on foreign investment. He explained that the ASE is currently working on developing a strategy plan for the coming three years (2016-2018) which include a set of strategic objectives namely as: strengthening the investment environment in the ASE, strengthening the legislative and technical environment of the ASE, enhancing the presence of the ASE at the regional and international levels, developing the investment awareness by financial securities, and developing the mechanism of the ASE work and achieving organizational excellence. Mr. Azar pointed out the most important projects included in the Strategic Plan of the ASE, one of which is the conversion of the legal form of the ASE to a public shareholding company. He also pointed to the development of the technical infrastructure of the ASE by a new system for surveillance and a new disclosure system, and he talked about the diversification and expansion of the types of financial instruments listed in investment funds and Islamic sukuk, ETFs, financial derivatives, and calculating new indices.
Mr. Azar also viewed that changing the legal status for the ASE will provide for more flexibility and help the ASE to diversify its services and products as well as concluding agreements with the regional and international exchanges. Thus, the ASE competence will be enhanced; its liquidity and capacity to attract new investments will be increased. Being a profit public company, the ASE may engage in commercial activities and establishing investment projects and thus their sources of income will diversify, its revenues will increase, and developing of the ASE management approach will be improved through the adoption of best practices of corporate governance, in addition to opening the way for strategic partners to enter into international and regional alliances with other stock exchanges.
Further, he also explained that the ASE was affected by external conditions and regional and international crises like any other stock exchanges in the region and in the world. The economic situation of the Kingdom is affected, in general, and the performance of the ASE is affected, in particular, by these conditions. In spite of these conditions in the region, the ASE is considered as a magnet for Arab and foreign investors, where the foreign investments at the ASE are considered as a confidence certificate in the national economy and in the Jordanian capital market, which allows non-Jordanian to invest by shares without restrictions or conditions.
At last, all Q & As were answered. At the end of the meeting, The Chairman of the Board of Trustees of the University and the President of the University presented the University Shield to Mr. Azar, for presenting valuable information on the ASE.