SSIF Assets Reach JOD 15.5 Billion, Reports JOD 514 Million Profit in Q2-2024

Chief Executive Officer of the Social Security Investment Fund (SSIF), Dr. Ezzeddin Kanakrieh announced the Fund's robust financial performance for the first half of 2024, achieving profits of approximately JOD 514 million, up 15% from the previous year's JOD 447 million. The increase was driven by strong returns across its investment portfolios, including a record JOD 164 million dividend from its equity holdings.


The Fund's total assets rose to JOD 15.5 billion by mid-year, bolstered by income from its bond portfolio; JOD 265 million, cash dividends; JOD 164 million, money market instruments; JOD 70 million and other strategic investments.


SSIF's investment strategy maintains a diversified portfolio, with bonds constituting 57.5%, equities 15%, money market instruments 14.8%, real estate 5.7%, loans 3.5%, and tourism 2.1%.


Highlighting SSIF's commitment to sustainable development, Kanakrieh noted the financing of significant infrastructure projects, including Amman-Zarqa Rapid Bus and Madouna Customs Center, totaling JOD 244 million.


Kanakrieh highlighted that investments in the King Hussein Bin Talal / Mafraq and Irbid development areas have reached JOD 655 million. In King Hussein Bin Talal / Mafraq area alone, there are 64 projects, valued at JOD 610 million, involving operational and under-construction factories. These projects currently generating 1,300 jobs, with an additional 1,880 jobs expected from ongoing construction. Industries represented include air conditioner manufacturing, aluminum extrusion, pharmaceuticals, natural fertilizers, and plastics.


In Irbid development area, the currents investments have increased to JOD 45 million, generating 2,370 jobs across sectors such as IT, software, call centers, entrepreneurship incubators, and vocational training.


SSIF CEO provided updates on current projects, including the ongoing renovation of Crowne Plaza Hotel / Petra, nearing completion at 93% and expected to create over 200 jobs upon its reopening.


In support of small and medium-sized enterprises, SSIF recently reopened Karak Tourism Hotel under local management, generating 100 jobs. Last year, Amman Paradise Hotel was also reopened locally, generating another 100 jobs.


SSIF plans to reopen Zay Tourism Rest House soon after necessary maintenance and has initiated its lease. Additionally, all SSIF-owned tourism rest houses in various tourist destinations and Rum are now leased.


Regarding agriculture, SSIF continues its second phase of agricultural investments, cultivating crops like wheat, potatoes, watermelon, and animal feed for local and Gulf markets.


In renewable energy, SSIF operates three solar power plants with a total capacity of 15 MW, providing energy to its hotels and buildings, resulting in significant energy cost savings. A fourth 1 MW plant in Shobak is currently under process.
Looking ahead, SSIF is preparing to launch several projects in Aqaba through its tourism development arm. These include a multi-themed market spanning 40 dunums and a new four-star hotel adjacent to the InterContinental Aqaba.


SSIF is actively investigating investment prospects in mining and real estate sectors, and national initiatives like the national carrier project. Furthermore, SSIF is collaborating with Oman Investment Authority on joint ventures spanning diverse sectors.


Kanakrieh underscored that SSIF is dedicated to continual growth and enhancing investment value through its expanding portfolio, exploring fresh opportunities to contribute to the national economy and generate employment. These accomplishments reinforce SSIF's credibility among investors as prospective partners, aiming for a promising future anchored in financial sustainability.