SSIF Assets Surpass JD 15 Billion

The Social Security Investment Fund (SSIF) CEO Dr. Ezzeddin Kanakrieh announced that the Fund's assets exceeded JD 15 billion by the end of the first quarter of 2024.

He highlighted that the Fund accrued investment income from various instruments totaling JD 216 million, compared to JD 205 million for the same period the previous year, an increase of JD 11 million. This income primarily stemmed from bond portfolio profits of JD 130 million, money market instruments of JD 34 million, and JD 43 million from cash dividends of companies whose general assembly meetings were held throughout the first quarter.

The cash dividends of the 2023 are expected to reach JD 160 million, marking the highest distribution since the Fund's inception, according to Kanakrieh. However, the impact of this increase will primarily reflect in the fund's profits from the equity portfolio during the second quarter, as most companies held their general assembly meetings after the first quarter, and therefore some dividends were not included in the first quarter's financial statements.

The components of the investment portfolios maintained stability according to the specified ratios in the investment policy. The bond portfolio constituted 57.3% of the total Fund’s portfolio, equities 15.6%, money market instruments 14%, real estate investments 5.7%, loan portfolio 3.6%, and tourism investments 2.1%.

Dr. Kanakrieh reiterated that the Royal Visions serve as a compass for elevating the national economy. The Fund pursues these visions by establishing sustainable investments in economically promising areas, creating quality job opportunities for local communities, and enhancing service levels across provinces.

In this regard, Kanakrieh reviewed the projects being implemented through the Fund’s investment arms. Among these projects is the development of a Multi-Themed Market in a 40-dunam area in Aqaba, addressing the need to diversify the tourist offerings to meet visitors' desires and extend their stay.

The Fund also continues to attract new investments and improve services for investors in the King Hussein bin Talal Development Area – Mafraq and the Irbid Development Area, which have so far drawn pioneering industrial and technological investments worth approximately JD 540 million, providing over 3600 permanent job opportunities primarily for local communities.

Kanakrieh also mentioned the agricultural project managed by Daman for Investment and Agricultural Industries Company, currently in its second phase, which focuses on producing and supplying wheat, table and processing potatoes, watermelons, animal feed, and other crops to the local and some Arab markets, creating over 110 jobs, 90% of which are for residents of the Mudawara area and southern provinces.

In a move aimed at boosting confidence in the Jordanian economy, the Fund initiated a series of meetings with financial investors and private sector experts to expand investments and establish new projects according to international standards and best practices, involving regulatory and supervisory bodies.

As the Kingdom celebrates the Silver Jubilee of His Majesty the King’s constitutional mandate, the fund is finalizing announcements for several new investments in vital sectors, continuously achieving remarkable financial and operational results, and striving to ensure its investments have a tangible and value-added impact on the social security system and the Jordanian economy as a whole.