You are here

SSIF assets reach JD10.7b; revenues grow by 24%

By JT - Jul 22,2019 - Last updated at Jul 22,2019

AMMAN — The Social Security Investment Fund’s (SSIF) assets grew by 5 per cent by the end of June to reach JD10.72 billion, compared with JD10.19 billion as at the beginning of 2019, according to a statement from the fund.

SSIF’s revenues increased to reach JD321.6 million by the end of June, compared with JD260 million during the same period of 2018, constituting a 24 per cent growth, according to the statement. 

As part of its strategy to expand its strategic long-term investments, the fund has increased its shares in a number of public equity companies in vital sectors since beginning of the year, the SSIF said. 

In addition, the SSIF expanded its real estate investments to constitute 6 per cent of its total assets, the staement noted. 

The fund has leased and developed its raw land and properties and has recently called local bidders to conduct market studies to develop a number of raw lands for the purpose of establishing various investment projects, SSIF CEO Kholoud Saqqaf was quoted as saying in the statement.

She added that the fund’s representatives on companies’ boards of directors are required to monitor the performance of companies, and maintain investment revenue and stakeholders’ rights according to clear criteria, which account for investment risks, noting that the SSIF has set a comprehensive programme to enhance representatives’ abilities and performance in accordance with international best practices in the field of corporate governance.

Saqqaf stressed that such efforts aim to complement the corporate governance manual, which was released by the fund in March to identify SSIF representatives’ qualifications, role and assessment criteria.

“As part of its contribution to the national economy development, the fund has been keen on direct investment in vital sectors, notably tourism, development areas and financial leasing,” the SSIF said in the statement.

To that end, the SSIF had recently signed a memorandum of understanding with Meridiam Jordan to provide economic feasibility studies for many projects, as well as to examine the investment opportunities available in the Kingdom’s infrastructure projects and education and health sectors, with the possibility of investing in them in partnership with the private sector, according to the statement. 

The SSIF is currently considering financing a number of projects in the health, education, tourism and energy sectors, according to Saqqaf.

15 users have voted.

Add new comment

This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
15 + 2 =
Solve this simple math problem and enter the result. E.g. for 1+3, enter 4.


Get top stories and blog posts emailed to you each day.