Kuwaiti investments at JD975mln in Amman Stock Exchange-Statistics

Volume of Kuwaiti investment in the Amman Stock Exchange (ASE) stood at JD975 million by the end of last March. According to statistical data issued by Securities Depository Center of Jordan (SDC), Kuwaiti investors owned a total of approximately 261 million securities last month. Meanwhile, a total of 2,061 Kuwaiti investment contributions to securities ownership were also recorded during that period, statistics showed. Additionally, statistics from the Association of Banks in Jordan (ABJ) revealed that Kuwaiti investments, which are "institutional" and exceed 1% of the bank's capital, were concentrated in 4 banks: Jordan Kuwait Bank at a rate of approximately 51%, Housing Bank for Trade and Finance at 18.6%, while the rate was 1.3% and 4.3% in Arab Banking Corporation and Invest Bank, respectively. Based on this percentage, Kuwaiti investments in Jordanian banks are estimated at JD420 million, constituting 10% of the total foreign investment in local banks, amounting to about JD4.25 billion. In a state ment to "Petra," Director General of the Association of Banks in Jordan, Dr. Maher Mahrouq, said Kuwaiti investment in Jordanian banks is a "major" pillar of their work as a "strategic and institutional" investment made by Kuwaiti institutions that enjoy a "great" reputation at the regional and international levels. Mahrouq also lauded this investment as "long-term," which reflects "effective" contributions to Jordanian banks and "does not depend on speculation on stock prices." He added that this Kuwaiti investment portfolio generates cash flows in foreign currencies to the local economy and contributes to maintain the "fair" market value of Jordanian banks' shares and supports Jordanian banks with "strategic" cash deposits. Mahrouq stressed that Kuwaiti investment in Jordanian banks confirms "confidence" of the Kuwaiti side in the Jordanian banking system and economy, as it is an "appropriate" investment climate. Source: Jordan News Agency