Aqel: JD60 million profit posted by Investment Unit of Social Security Corporation

The Chairman of the Investment Unit, Mufleh Aqel, said that the Unit's profit in the first quarter of this year amounted to JD60 million. Speaking to Al Rai, he added that the net profit was achieved from the Unit's total activities except the investment in real estate.

He spoke about the Mafraq Development Zone saying that all studies related to the pioneering project were completed and that international financial and technical consultants specialized in developmental economic zones were appointed.

Aqel indicated that the Unit is in the process of deliberations with investment companies to develop lands within the zone and build on them noting that several local and foreign firms have expressed interest to invest in the project.
The Chairman said matters will be clearer within two months on attracting developers for the whole zone in order to have the best specialized and qualified companies.

The Mafraq Development Company, established through a main contribution from the Social Security Corporation, will start this year to implement the first phase which will extend over five yeas at a cost of JD200 million.

The development zone was launched last year at the initiative of His Majesty King Abdullah II. Estimated at $750 million to be spent until 2025, the zone will provide thousands of job opportunities to the residents of the governorate and the surrounding areas. The zone will be administered by the Mafraq Development Company capitalized at JD100 million.