Saqqaf : SSIF assets grew by 7.8% to reach JD 10.98 at the end of 2019

Social Security Investment Fund ( SSIF ) CEO Kholoud Saqqaf said that according to the preliminary financial statements , the Fund’s total assets grew by 7.8% at the end 2019  to reach JD 10.98 billion compared to JD 10.19 billion as at the beginning of 2019.
SSIF’s income also  increased to reach JD 559 million by the end of 2019, compared to JD 434 million at the end  of 2018, constituting a 29%  growth. According to Saqqaf, this was due to the growth of dividends  , returns on fixed income instruments, financial lease loans and real estate investments.
Based on SSIF strategy, SSIF expanded its real estate investments portfolio  during 2019 by purchasing many properties at an estimated cost of JD  70 million. As a result,  the real estate portfolio total value grew to reach around JD 667 million at the end of 2019  and the portfolio realized  profits of JD 126 comparing to the purchase price.
 SSIF also expanded its investments in a number of public shareholding companies that are characterized by solid financial positions  and stability in dividends streams such as Arab Bank, Etihad Bank, Jordan Islamic Bank and Safwa Islamic Bank .
Saqqaf said that the return on the bonds portfolio amounted to JD 345 million with a rate of return of 5.9%, which is the highest rate of return achieved by the Fund’s investment instruments in comparison with the associated low risk level. 
Throughout last year, SSIF started the renovation of the Crowne Plaza/Petra that is expected to open mid next year. Furthermore, the Fund revisited the management agreements with its 5 and 4 stars hotels operator, InterContinental Hotels Group, and improved the contractual terms to ensure that these hotels become more competitive, provide better services, and achieve better returns.
 SSIF established 3 solar energy stations with a capacity of 15 megawatts  to provide electricity to the hotels owned by the Social Security Corporation (SSC), SSC branches and the SSIF headquarter. The project will reduce the SSC’s annual utility bill by $10 million.  The Fund is also financing  a number of infrastructure projects through financial lease with a total investment of JD 320 million : Amman new customs center, Tafilah public hospital, Ma’an military hospital and BRT between Amman and Zarqa.   
SSIF CEO said that  a number of MoUs  have been signed  with different parties  to  explore and study establishing new projects in vital sectors and to exchange experiences , SSIF signed MoUs with the Palestinian Pension Authority , Meridiam / Jordan, the Investment Commission, Investments Management Company (previously Shareholdings Management Company) and Islamic ‎Awqaf Directorate  in addition to an MoU with the Ministry of Tourism, the Investment Commission , the Jordan Tourism Board and the Royal Society for the Conservation of Nature .
In alignment with the SSIF’s efforts to entrench the concept of governance for representatives at companies’ board of directors, Saqqaf said that SSIF has set an extensive capacity building program to enhance the abilities and performance of these representatives  in accordance with   corporate governance best practices . SSIF also originated a corporate governance manual that outlines a comprehensive monitoring system that seeks to strengthen governance, improve financial performance and promote responsible business practices in these companies.
Moreover, SSIF granted JD 70 million as personal loans for Social Security Corporation pensioners, as part of a the Corporation’s program to promote small development projects of pensioners, where beneficiaries exceeded 28 thousand   by the end of 2019.
SSIF CEO said that a number of potential investment opportunities are under study  in infrastructure, energy, healthcare and education in partnership with the private sector.
Saqqaf  concluded that the reports of the Fund’s financial performance and its investments are available on the Fund’s website: www.ssif.gov.jo.