SSIF assets edged up reaching JD 11.4 billion and income reached JD 137 million ‎at the end of the first quarter of 2021‎

Social Security Investment Fund ( SSIF ) CEO Kholoud Saqqaf said that the Fund retained a good performance throughout the first quarter of 2021 as  total assets kept growing to reach around JD 11.4 billion, in comparison with JD 11.2 million as at the end of 2020.
These assets were distributed over money market instruments that constituted 11.4 % of the total portfolio, bonds 58.7 %, loans 3.5 %, equity 14.7 %, real estate investments 6.4 % and tourism investments 2.6 %.
Saqqaf said that the Fund’s income also grew to reach JD 137 million in comparison with JD 112 million for the same period of 2020, representing a growth of 22%   . This was attributed to the growth in the returns from bonds, money market instruments, loans, and the dividends streams from the companies in which SSIF invests. 
SSIF CEO pointed out that as one of the biggest institutional investors in the national economy, the Fund has seized the investment opportunities in many vital sectors. Since beginning of the year, the Fund increased its ownership on selective grounds in some strategic companies in the banking and pharmaceutical industries, given also the current decline in stock prices. Several companies in which SSIF invests have announced dividends distribution   from beginning of the year, of which the Fund's share was approximately JD 32 million. Saqqaf added that the Fund registered around JD 74 million unrealized   book profits in the as at the end of the first quarter.
The Fund has also accomplished establishing three solar stations to provide power to the Social Security Corporation (SSC) hotels, SSIF and SSC headquarters and branches with a total capacity of 15 MW and a total cost of JD 17 million, with a payback period of 3 years. This project will reduce SSC utility bill by JD 5 million annually. The project also created 300 jobs for Jordanian engineers and workers throughout the construction phases. 
To complement best practices in corporate governance, the Fund issued an updated version of the corporate governance manual for the representatives on   the companies’ boards of directors in which SSC invests.   The manual outlines a comprehensive monitoring system that seeks to strengthen governance, improve financial performance and promote responsible business practices in these companies.
Saqqaf said that SSIF pursued many projects that were launched last year. Crowne Plaza Hotel/ Petra is still under renovation process and will be to visitors at the end of this year. The hotel is expected to create 200 permanent jobs.
Last year, Saqqaf added, Daman Company for Investment and Agricultural Industries that  the Fund established    last year has recently signed an agreement  with specialized company that has the expertise and track record in developing and marketing such projects. Daman company will manage SSIF  first agricultural project, at a total cost of JD 13 million in the southern region of the Kingdom on an area of 25,000 dunums to produce vegetables and animal feed (fodder). The project is expected to create 130 permanent jobs. 

According to Saqqaf,  the National Infrastructure Investment Company , that SSIF established last year in partnership with the Commercial Banking Company, is currently studying some mega projects including PPP projects  .
SSIF CEO  concluded    that the Fund  deeply believes that the best way to pursue good business is through cooperating with the private sector  that is based on well-structured partnerships, with an appetite to consider major projects launched at a national level. “This will enable SSIF augment its assets. Furthermore, it , without a doubt, is  the key engine for economy growth, and job creation and promote business environment. Saqqaf added  that the Fund follows that best international practices in disclosure as it publishes its financial reports quarterly on the Fund’s website: www.ssif.gov