SSIF assets grew markedly to JD14.5 billion at end of Q3 2023  — CEO

AMMAN — The Social Security Investment Fund’s (SSIF)  assets have maintained their upward trajectory, reaching JD14.5 billion at the end of the third quarter (Q3) of 2023, according to SSIF CEO Ezzeddin Kanakrieh.

This marks a 5.2 per cent growth compared with the JD13.8 billion recorded at the end of 2022, according to an SSIF statement.  

These assets were allocated among various investment instruments; bonds portfolio accounted for 57.6 per cent of the total portfolio, equity portfolio 16.1 per cent, money market instruments portfolio 13.1 per cent, real estate portfolio 5.7 per cent, loans portfolio 3.8 per cent, and tourism portfolio 2.2 per cent.   

The SSIF income also witnessed notable increase, surging by 21 per cent to reach approximately JD611 million at the end of Q3 2023, compared with JD 504.8 million for the same period of 2022. 

This growth primarily stems from the income generated by the bond portfolio, which amounted to JD355.2 million, equity at JD143.5 million, money market instruments at JD88.1 million, in addition to the income of loan and real estate portfolios.   

Kanakrieh said that the recovery of the tourism industry following the post-COVID-19 period, coupled with the strategic measures implemented by the SSIF, have had a substantial influence on the Social Security hotels' performance. 

By the end of Q3 2023, these hotels have reported operational profits amounting to JD9.6 million. 

These positive results primarily stem from the growth in operating revenues and high occupancy rates, the SSIF CEO said.   

In an effort to bolster the competitiveness of its hotels, the SSIF is presently in the process of designing the fourth solar power facility in Shobak in the southern region. This endeavor aims to ensure a sustainable source of electricity generated through solar power for Social Security hotels.  

The SSIF CEO announced that a lease contract has been recently signed for Karak rest house with a Jordanian investor. Following the completion of necessary maintenance work, the rest house is scheduled to be open to the public at the beginning of next year.   

Furthermore, the renovation of Zay rest house has been assigned to a local contractor. The project is expected to be finalised in the first quarter of 2024, following which, local investors will have the opportunity to oversee the management of the rest house through a public tender process.   

Kanakrieh said that King Hussein Bin Talal Development Area in Mafraq has attracted investments totaling JD500 million. These investments include 58 factories, which are either currently operational or under construction. 

These factories cater to various industries, such as engineering and construction, chemicals and fertilisers, food processing, agricultural processing, apparel and textiles, aluminium and iron production, as well as the manufacturing of disinfectants, cleaning products, and sanitary papers.   

The operating factories created 1,300 jobs and the factories under construction will create 1780 jobs. 

Moreover, the area attracted four solar power projects with a capacity of 175 megawatts and created 630 jobs during the construction phase.   

Kanakrieh further elaborated that Mafraq Development Company is presently in the process of drafting a Request for Proposal for establishing a logistics services centre spanning 3,700 square metres in Mafraq. 

Additionally, the company has plans to extend this centre in the future, with intentions to incorporate a dry port for the transportation of goods to neighbouring nations, alongside the transformation of the King Hussein Air Base into a commercial airport. 

Looking forward, Kanakrieh indicated that there are ongoing efforts to finish the designs for a four-star beachfront hotel adjacent to the InterContinental Aqaba Hotel. 

Simultaneously, designs for a new tourism destination in Aqaba are also in progress.   

The SSIF CEO highlighted that the “unwavering dedication” has led to a consistent track record of positive returns. This underscores the commitment to strengthening SSIF’s position within the Jordanian economy and maintaining its status as the favoured partner for private sector investors, whether local or international, according to the statement.