Q&A with Mazen Wathaifi, CEO of Amman Stock Exchange

What changed in your business over the last year and what was your biggest achievement? 

Over the past year, the Amman Stock Exchange (ASE) achieved significant milestones while navigating a challenging economic environment.  In the face of regional unrest and financial market challenges, the ASE played an important role in providing a secure platform for trading securities and enhancing investor confidence.  

The ASE’s main market indicators improved in 2024. The ASE General Index (ASEGI) increased by 2.4 percent, reaching 2488.8 points by the end of 2024, compared to 2431.2 points at the end of 2023. This closing was the highest since 2009 (excluding the closing of 2022). Additionally, the ASE20 Index increased by 2.7 percent, reaching 1344.0 points by the end of 2024, compared to 1308.8 points at the end of 2023. The Total Return Index (ASETR), increased by 10.3 percent, reaching 1641.5 points by the end of 2024, compared to 1488.5 points at the end of 2023.  

The market capitalisation increased to approximately JD17.7 billion, a 4.2 percent increase, compared to the market capitalisation at the end of 2023. It is worth noting that the market capitalisation at the end of 2024, excluding the closing of 2022, was at its highest level since 2015. 

 As for trading value, it decreased in 2024 to approximately JD1.2 billion, compared to about JD1.5 billion in 2023, a decrease of 17.7 percent. 

A key milestone in 2024 was signing an agreement with the Abu Dhabi Securities Exchange (ADX) to join the Tabadul Hub. This initiative promotes regional market integration, enhances connectivity among Arab and Asian stock exchanges and creates broader investment opportunities for Arab and foreign investors.  

Additionally, the ASE launched the Climate-Related Disclosure Guidance, developed in collaboration with the International Finance Corporation (IFC). This initiative encourages listed companies to adopt global best practices in climate transparency and sustainability, improving market competitiveness and investor confidence. Notably, all companies in the ASE20 Index provided sustainability reports for 2024. Recognising the ASE’s contribution to sustainability, the exchange was selected to chair the advisory committee of the United Nations Sustainable Stock Exchanges (UN SSE) Initiative on SMEs and Sustainability. 

The ASE also focused on technology and education in 2024. The ASE has developed educational materials and partnered with national universities to prepare students for the job market. The ASE issued the "Investment Guide in the Amman Stock Exchange." The exchange also updated its infrastructure, improving trading systems and cybersecurity.  

What is your most important project in 2025? 

ASE has implemented a number of projects that are of significant importance at this time. The first one is signing an agreement with Abu Dhabi Securities Exchange (ADX) to join "Tabadul" Hub, in which ASE strengthens its regional and international positioning, improves market efficiency and liquidity, and creates opportunities for growth and collaboration.  

Also, the ASE launched the Climate-Related Disclosure Guidance, along with the regulatory framework, and the policy for disclosing such information.  The guidance, regulatory framework, and policy were developed in collaboration with the International Finance Corporation (IFC). 

What are you most excited about in 2025? 

I am thrilled to see ASE promoting ESG reporting among listed companies. The introduction of climate-related disclosure guidance could be a significant milestone, requiring companies to share insights on their environmental impact, risks, and strategies. This step would not only align with global trends but also enhance transparency, positioning ASE as a regional pioneer and the fifth globally to adopt such an initiative. We look forward to more collaboration with our stakeholders, including regulators and capital market institutions to enhance market activity, integrity, and resilience. 

We look forward to implementing the Economic Modernisation Vision (EMV) projects and contributing more to the country's sustainable economic growth.  

Moreover, broadening the market by listing more companies could stimulate economic growth. Educational programs aimed at younger generations can also play a vital role in raising awareness about capital markets and investment. We place a strong emphasis on innovation, sustainability, investor education, further modernising our systems, meeting and supporting investors' needs, and enhancing our business productivity and efficiency.   The ASE is self-confident  of an exciting and impactful journey in 2025. 

What are your biggest opportunities? 

Our biggest opportunities in 2025 lie in different points: 

• Driving Sustainability and ESG Leadership: Leading the transition towards sustainability by promoting ESG reporting and adopting globally recognised practices, such as climate-related disclosures. This not only enhances transparency but also attracts environmentally and socially conscious investors. 
• The new government procedures to enhance the investment climate in Jordan and the capital market. 
• The implementation of the projects of the Economic Modernisation Vision (EMV) launched by His Majesty the King.  
• The expected outcome and the opportunity that might result from the cease-fire in Gaza and the new situation in Syria.  
• The positive indicators achieved by the national economy and the upgrading of the credit rating of Jordan's economy by several international institutions. 
• The expected continued relaxation and cuts of interest rates.  
• The expected high net profit that will be achieved by listed companies which will be one of the historic high net profits for listed companies.  
• Advanced technological infrastructure, including a trading system, disclosure system, networks, and more. 
• Implementation of the latest international standards across various fields related to capital markets, including sustainability, investor relations, and digitalisation.  
• The strength of the stock exchange's relationships with Arab and global exchanges and its membership in relevant international organisations. 

What do you see as the key themes for your exchange group  and for market infrastructure  in 2025? 

In 2025, I think that exchanges and market infrastructure will focus more on modernisation, innovation and technological developments and benefit from AI in their technology, sustainability, market accessibility  and interconnectedness. Technological development including AI will drive innovations in trading systems and faster processes. Sustainability will remain important, with a growing emphasis on ESG and climate-related disclosures.  

Market accessibility will expand through financial literacy initiatives. Regional collaboration will strengthen via cross-border listings. Regulatory frameworks will stay to ensure transparency and address data privacy concerns. New global political landscape including populism, nationalism, and geopolitics, will create new trends in global commerce which will affect global markets. Countries will continue investing in renewable energy which will be a key and fundamental driver in promoting global investment. Trends in interest rates and inflation will also affect global investment. 

Lastly, resilience and stability will be prioritised, with enhanced infrastructure to handle market volatility and robust business continuity plans.