Social Security Investment Fund of Jordan Surpasses $ 22.14 Billion in Q3 2024 Amid Strong Income Growth

Social Security Investment Fund of Jordan Surpasses $ 22.14 Billion in Q3 2024 Amid Strong Income Growth

Net Income Soars to $ 984.2 Million, Signaling Resilient Financial Performance

Dr. Ezzedine Kanakrieh, CEO of the Social Security Investment Fund (SSIF) of Jordan reported robust financial growth in the third quarter of 2024, achieving a net income of $ 983.6 million, an increase from $ 861.37 million in the same period of 2023.

This performance reflects a strategic approach to asset management, driving an approximate $ 1.2 billion increase in total assets, which now stand at $ 22.14 billion as of September 30, 2024, a 6.1% growth since the year’s outset.

The Fund’s 14.2% year-over-year increase in net income for Q3 was fueled by returns from its bond portfolio, which contributed $ 566.82 million, equity portfolio gains of $ 221.17 million, and the money market portfolio adding $ 156.51 million. These results underscore SSIF’s diversification strategy, which balances risk and reward across asset classes, including loans and real estate investments.

The Fund’s portfolio breakdown demonstrates this balanced approach, with bonds comprising 56.8% of assets, the money market at 16%, equities at 14.6%, real estate at 5.6%, loans at 3.4%, and tourism investments at 2%.

As of Q3 2024, SSIF’s equity portfolio is valued at approximately $ 3.24 billion, with investments on the Amman Stock Exchange amounting to $ 2.96 billion representing 12.5% of the bourse’s total market capitalization. These holdings span core sectors such as banking, industry, services, and insurance, underscoring the fund’s commitment to fostering sustainable growth across vital areas of Jordan’s economy.

In the tourism sector, the Fund’s fully-owned National Tourism Development Company is nearing the completion of renovations at the Crowne Plaza Hotel in Petra, with a 97% completion rate.

 Additionally, SSIF’s subsidiary, Daman Company Investment and Agricultural Industries, is expanding cultivation of strategic crops such as wheat and processing-grade potatoes, with recent partnerships aimed at exporting produce to Gulf markets.

A Future-Oriented Strategy for Resilience and Socioeconomic Impact; SSIF CEO highlighted the Fund’s ongoing efforts to enhance the financial resilience of Jordan’s Social Security Corporation. By maximizing the value of existing investments and pursuing new opportunities across multiple sectors, the fund seeks to foster sustainable development with a particular focus on Jordan’s regional provinces. This strategy aims to strengthen infrastructure, create quality job opportunities, and improve local services, generating a positive and lasting socioeconomic impact.

Through this commitment, SSIF not only bolsters Jordan’s financial security but also solidifies its role as a catalyst for economic growth, making a significant contribution to Jordan’s long-term prosperity.