JD 1.1 Billion Growth in SSIF Assets to Reach JD 14.9 Billion in 2023

Social Security Investment Fund (SSIF) CEO Dr. Ezzeddin Kanakrieh announced that the size of the Fund’s assets at the end of 2023 amounted to around JD 14.9 billion, compared to JD 13.8 billion at the end of 2022, marking a growth rate of around 7.6%, as per preliminary financial statements for 2023.

Kanakrieh stated in a press statement that the commendable performance of the investment portfolios in 2023 led to a growth in net income by 17.3 % to around JD 802 million at the end of 2023, compared to around JD 684 million for the same period in 2022. This income stemmed from the income generated by bonds portfolio  worth JD 483.7 million, stock portfolio worth JD 147.5 million, money market instruments portfolio worth JD 119.9 million, alongside income generated from real estate and loan portfolios.


The increase in asset size, amounting to JD 1.1 billion, derived from a comprehensive income of JD 667 million, representing the Fund’s income from investment instruments worth JD 802 million, minus a decline in the stock valuation reserve of JD 135 million, in addition to the Social Security Corporation’s surpluses, totaling around JD 380 million.

Kanakrieh stated that the investment portfolios' key components maintained stability in line with specified ratios in the investment policy, distributed among financial instruments with stable returns and low-risk levels. The bonds portfolio comprised 57.2 % of the Fund’s total portfolio, the equity portfolio 15.9 %, the money market instruments portfolio 13.7 %, real estate investment portfolio 5.7 %, loan portfolio 3.7 %, and tourism investment portfolio 2.2 %.


He noted that the value of the stock portfolio of public and private equity companies amounted to around JD 2.3 billion, with around JD 2.1 billion invested in companies listed in the Amman Stock Exchange ( ASE) , representing around 12.4 % of ASE total market value. The Fund's share of cash dividends distributed in 2023 for 2022 amounted to JD 152 million, marking the highest in the Fund’s history.

Furthermore, the Fund continued to expand its real estate investment portfolio through land and real estate acquisitions, alongside signing new leasing and investment contracts. Under international accounting standards, the book profits of the real estate portfolio for 2023 exceeded JD 180 million compared to historical possession cost.


Regarding SSIF projects, Daman Company for Investment and Agricultural Industries planting over 19,000 dunums in the Mudawara area, creating  more than 110 job opportunities for engineers and agricultural workers, 90% of which were for residents of Mudawara area and other southern governorates, in addition to 80 seasonal job opportunities, 50% of which were for local community women.

In tourism, Amman Paradise Hotel resumed operations, providing permanent 100 job opportunities, while the National Tourism Company for Tourism Development leased Karak Resthouse and continue the maintenance work at Zay Resthouse. Moreover, the expansion and renovation work at Crowne Plaza Petra Hotel continue and include constructing the first grand conference hall in the South.

As part of the efforts to diversify its energy resources and reduce the operational cost, SSIF preparations to establish the fourth solar power generation station in Shoubak are ongoing.

The Fund reported increased investments in King Hussein bin Talal Development Area /Mafraq to approximately JD 500 million, creating more than 1300 job opportunities through operating factories whereas the new factories under construction and design are expected to create around 1780 permanent job opportunities. In 2023, the Area’s master developer “Mafraq Development Company” attracted seven investments worth JD 55 million and expected to create more than 400 permanent jobs.


In the framework of the Fund's efforts in institutionalizing corporate governance and adhering to best practices, the Fund continued to organize governance forums for representatives on boards of companies it invests in. These forums aim to exchange experiences with partners and update representatives on the latest legislative and economic developments to ensure their role in enhancing the value of Social Security's investment in these companies, in cooperation with other shareholder representatives.

Concluding , SSIF CEO expressed the Fund's aspiration to achieve its long-term goals through adopting a flexible institutional investment approach, maintaining diversification in the investment portfolio components to achieve meaningful and sustainable returns for Social Security, and contributing to projects under the Economic Modernization Vision. He confirmed that this enhances the Fund's financial position, the performance of the national economy, investor confidence, and the significant role of the Fund's investments in achieving community and environmental sustainability and establishing strong corporate governance foundations. In this regard, the Fund is currently evaluating the feasibility of several new investment opportunities in the mining, energy, and real estate development sectors.