SSC to invest over JD900m in various sectors in 2010

AMMAN - The Investment Unit (IU) of the Social Security Corporation (SSC) will invest more than JD900 million in several economic sectors during 2010, IU President Fares Sharaf said on Monday.

The decision comes after the IU's assets grew by 0.5 per cent, or JD22 million, in 2009 from JD4.533 billion at the end of 2008, according to figures announced yesterday by Ayman Abu Dheim, the director of IU’s financial department, at a press conference.

"We expect our cash flow to reach JD1.26 billion this year," Sharaf said.

Hence, the unit plans to increase its external investments from 5 per cent of its total investment portfolio to 10 per cent, he told reporters during a press briefing held yesterday.

"Such a move needs a Cabinet approval, which we will seek soon," he said, indicating that the step will double the IU's external investment from its current level of JD50 million to JD100 million.

"Also, the unit will streamline its investment portfolio," Abu Dheim said.

In 2010, the IU will seek to reduce its investment in stock market speculations, but will increase its "blue chip investment portfolio", with an eye to diversify its investments in all sectors to reduce risk, according to Sharaf, who noted that "most of the corporation's investments will focus on the less risky sectors such as bonds and real estate".

"Our objective is to reduce the SSC's trading in the stock market and instead rely on strategic stocks."

The unit will also develop certain projects as part of its overall plan to increase investment within the Kingdom, Sharaf added.

Financing the development zones in Mafraq, Irbid and Dabouq are among the local projects on the unit's agenda for 2010, in addition to developing a beach club in Aqaba.

The IU also plans to get involved in certain strategic projects in various sectors including energy, water and mining, and hopes to be part of the restructuring project for the Jordan Petroleum Refinery Company, according to Sharaf.