SSIF sees JD14.3b in total assets at Q2 2023 — CEO

AMMAN — The Social Security Investment Fund (SSIF) CEO Ezzeddin Kanakrieh announced that SSIF assets continued growing to reach JD14.3 billion at the end of the second quarter of 2023 compared with  JD13.8 billion at the end of 2022, representing 4 per cent growth.

SSIF income also grew by 20 per cent to reach JD 447 million at the end of Q2, compared with JD371 million for the same period of 2022. This growth mainly comes from the income of bonds portfolio of JD231 million, equity JD146.5 million, money market instruments of JD56.6 million, in addition to the returns of loans and real estate portfolios, according to a statement from the SSIF.

The main components of the investment portfolios are distributed over investment tools; bonds portfolio accounted to 55.8 per cent, equity portfolio 16.9 per cent, money market instruments portfolio 14.3 per cent, real estate portfolio 5.7 per cent, loans portfolio 3.5 per cent and tourism portfolio 2.2 per cent.

The SSIF CEO announced the soft opening of a four-star hotel owned by the Social Security Corporation in Amman under the commercial name Amman Paradise (previously Amman Cham Palace).

Kanakrieh said that 80 per cent of Crowne Plaza Hotel-Petra expansion and renovation has been completed. The project will create 200 direct jobs upon completion, establishes the first conference hall in Petra and renovates 145 rooms and chalets.

Moreover, Daman Investment and Agricultural Industries Company launched the second phase of the agricultural project, planting 18 sq.km. to increase the production of the strategic crops such as wheat, silage corn, potatoes and animal feed. Moving forward, the company will study investing in the food production chain and food industry.

According to Kanakrieh, the King Hussein Bin Talal Development Area in Mafraq has attracted new food industries investments, and has signed an agreement with a local investor to establish a factory to produce hygienic paper products and sterilisers. The first phase will amount to JD50 million and create 300 jobs.        

The CEO said that some amendments have been made to the SSIF governance system, which defines the minimum percentage of women representing Social Security on companies’ boards. This figure currently stands at 15 per cent. 

Kanakrieh concluded that the fund is the biggest investment fund in the national economy, with assets exceeding 35 per cent of GDP.  The fund is currently studying a number of investment opportunities in energy and real estate development, and is also keen to look into PPP and Economic Modernisation Vision projects.