SSIF Breaks Records in 2024: $22.7 Billion in Assets, $1.26 Billion in Net Income

The Social Security Investment Fund (SSIF) has unveiled its preliminary 2024 financial results, achieving record-breaking growth and reaffirming its role as a cornerstone of Jordan’s economic development. With a growth rate of 9.1%, the Fund’s assets reached $ 22.7 billion, reflecting its strategic vision and exceptional performance.

SSIF CEO Dr. Ezzeddin Kanakrieh, announced a comprehensive income of $ 1.47 billion, which included $ 1.26 billion in net income, representing a 12% increase compared to 2023. These results were driven by outstanding returns across investment portfolios, with bonds generating $ 769 million, equities contributing $ 223 million, and money market instruments adding $ 211 million.

Dr. Kanakrieh highlighted the Fund’s balanced approach to achieving financial growth while delivering meaningful social impact, ensuring a sustainable future for Jordan. The Fund has made significant strides in various sectors. In real estate, assets reached $ 1.23 billion, supported by BOT agreements and strategic partnerships for land development.

In the development areas, private sector investments in the King Hussein Bin Tala Development Area / Mafraq totaled $ 903 million across 71 projects, creating 1,846 jobs, with 1,800 additional jobs expected from projects under construction. In Irbid Development Area, investments in technology and software reached $ 63.4 million, providing 2,370 jobs.

Tourism development also advanced significantly, with the renovation of the Crown Plaza Petra nearing completion and design work progressing for a beachfront hotel in Aqaba that will be managed by the Intercontinental Hotels Group (IHG). In agriculture, an agreement was signed with a Saudi company to supply locally produced potatoes, creating new opportunities for export and enhancing Jordan’s agricultural sector.

SSIF CEO highlighted the Fund’s strategic acquisition of a 7% stake in Madfooatcom, reflecting a proactive approach to portfolio diversification. Additionally, the Fund is engaged in advanced discussions with Jordan Phosphate Mines and Arab Potash Companies to explore investments in phosphoric acid industries, reinforcing its pivotal role in catalyzing industrial growth and expanding its impact on Jordan’s economic landscape.

He also emphasized that the Fund’s achievements reflect the success of its carefully crafted strategy, which focuses on maximizing returns while creating economic opportunities and promoting sustainable development. “This year’s performance solidifies the SSIF’s position as a key driver of Jordan’s economic future,” SSIF CEO said. “By fostering public-private partnerships and aligning with the Economic Modernization Vision, we are building a brighter future for generations to come”.