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Jordinvest Plans Expansion into GCC Market Launches initiative as sponsor of MEED 3rd Middle East Ca
Added: (Sun Sep 25 2005)
Non-Jordanian investments make about 45 percent of Jordan’s stock market's capitalization, reflecting the high level of confidence in the Jordanian Stock Market’s competitiveness among other stock markets in the region.
Jordan, Amman (September 2005) – Jordan Investment Trust (Jordinvest), Jordan’s first public shareholding company to offer integrated investment and banking services to Middle East investors, has launched an initiative to expand its operations and reach across the region through strategic alliances and partnerships. The initiative was launched at the Middle East Economic Digest (MEED) 3rd Middle East Capital Markets Conference, which took place in Dubai on September 20th and 21st. Jordinvest was one of the sponsors of the event.
The move aims to consolidate Jordinvest’s market position and channel major Middle East investment into Jordan’s booming economy, and to extend Jordinvest’s range of services to the more demanding sophisticated investors. ‘Non-Jordanian investment makes up about 45% of Jordan’s stock market capitalization,’ said Qutaiba Hawamdeh, Jordinvest Vice President/Head of Asset Management & Capital Markets, who was a featured panelist at the MEED Conference’s roundtable discussion entitled "Exploring Developments
in the Capital Markets of Egypt, Jordan, Palestine and Lebanon", which addressed the current reinvigoration and consequent challenges faced by these markets - indicated that month on month non domestic investment in the stock market had been on the rise for the past couple of years. “In spite of the fact that Jordan is not an oil-producing country, our capital market is one of the most vibrant in the region, making quantum leaps on a daily basis in terms of liquidity.” Hawamdeh attributed Jordan’s robust market position to the country’s political stability, openness, increasing transparency and strong potential for expansion. Hawamdeh pointed out that although the strong appreciation in the ASE is not fueled by trade with Iraq, many Iraqi and Arab investors have been investing heavily in Jordan, mainly in real estate and properties, in physical assets such as whole factories/plants, or through setting up their own service and import/export companies.
Mr. Ahmad Tantash, Jordinvest's CEO and Vice Chairman, stated, “We will continue to consolidate our presence in Jordan while exploring new alliances in the GCC and elsewhere and the possibility of establishing a physical presence in key market centers like the Dubai International Financial City. Our participation in MEED’s 3rd Middle East Capital Markets Conference signals our commitment to extending our reach to find new investment opportunities and alliances, expand our client base, draw in capital to the region’s flourishing markets, and to share our expertise with our colleagues and counterparts in the region.”
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