Al-Bakkar Praises Social Security Investment Fund's Role in Strengthening Financial Position and Maximizing Investments

The Minister of Labor/ Chairperson of the Social Security Corporation (SSC) Board of Directors Dr. Khaled Al-Bakkar said that Social Security Investment Fund (SSIF) plays a vital role in strengthening the social security system through profitable investments that are managed with prudence, while adhering to corporate governance standards and decisions based on professional foundations.

Al-Bakkar directed action to outline a comprehensive plan that aims to achieve several goals, including proactively seeking for investment opportunities and participating in major projects to maintain the growth rate of investment returns, this plan also aims to identify anticipated future challenges.

During the meeting attended by the directors of the Social Security Investment Fund, Al-Bakkar praised the efforts of the Social Security Investment Board and the executive management in enhancing the role of the Social Security Investment Fund as one of the key pillars in strengthening the financial position of the Social Security Corporation and maximizing the value of its investments. He emphasized the ongoing collaboration to achieve further success and excellence in its investment journey.

The Social Security Investment Board Chairman, Dr. Umayya Toukan, stressed the importance of joint collaborative action between the Social Security Investment Board and Social Security Corporation Board of Directors to achieve institutional goals and enable the Social Security Corporation to fulfill its future obligations towards subscribers and retirees.

During the meeting, the Social Security Investment Fund Chief Executive Officer Dr. Ezzeddin Kanakrieh, reviewed the operational mechanisms of the Social Security Investment Fund and highlighted its financial performance. He noted that the Social Security Investment Fund achieved an increase in its assets by $ 1.269 billion to reach about $ 22.14 billion as at the end of the third quarter of this year. Additionally, it realized net profits of $ 983.6 million during the same period.

Kanakrieh also reviewed the fund's key investments in various sectors and projects under study, emphasizing that the fund regularly updates its investment strategy to account for any developments.
Furthermore, the Social Security Investment Fund initiated a series of meetings that bring together financial investors and experienced individuals from the private sector to expand existing investments and projects and establish new ones.

The attendees emphasized the Fund’s continued application of prudent investment practices to manage the social security funds and invest in projects that are proven to have economic viability with acceptable levels of risk. This aligns with the objectives of the Social Security Corporation, which reflect the enhancement of economic growth and the improvement of social security.