SSIF assets reach JD11.06b — Saqqaf

AMMAN — The Social Security Investment Fund's (SSIF) total assets by the end of the third-quarter of 2020 reached JD11.06 billion, while the fund's income reached JD375 million, according to a statement from the investment fund.

SSIF CEO Kholoud Saqqaf on Wednesday pointed out that most of the income generated by the end of September 2020 came from interests on money market instruments, bonds and loans portfolios of JD340.4 million, marking a JD35.4 million increase when compared with the third-quarter of 2019.

The delay in dividend distribution of a range of companies and other companies' reduction of profit percentage have affected the achieved income of JD375 million, compared with JD442.6 million by the end of September 2019, read the statement.

According to Saqqaf, the SSIF’s early measures have enabled the Social Security Corporation to launch social protection programmes under the defence orders, adding that the strategic distribution of investments in various vital sectors contributed in strengthening the fund's resilience against the impact of the pandemic through maintaining the volume of its assets.

The investment portfolios included the monetary market instruments at 11.2 per cent, bonds 60 per cent, loans 3.3 per cent, shares 14.7 per cent, real estate investments 6.5 per cent and tourism investments 2.7 per cent, the statement said.

In implementation of the fund's 2019-2021 strategic plan, which identified the targeted sectors for establishing viable investments with direct impact on citizen's lives, the SSIF by the end of August established an agribusiness company, the Social Security Company for Investment and Agricultural Industries, to invest in its first agricultural project, at a total cost of JD13 million and on an area of 25,000 dunums, according to the statement.

As part of its plans to switch to clean energy and reducing electricity costs, the first station, part of three solar energy stations project, was inaugurated last August to provide electricity to the hotels owned by the SSC, its branches and the SSIF headquarters.

The project will reduce the SSC’s annual utility bill by JD7 million, she added, noting that the second station will be launched soon.