SSIF assets reach JD14.2 billion at end of Q1 2023

AMMAN — The assets of the Social Security Investment Fund (SSIF) continue to grow, reaching JD14.2 billion at the end of the first quarter of 2023, compared with JD13.8 billion at the end of 2022.

SSIF CEO Ezzeddin Kanakrieh said that this growth is attributed to SSIF’s income generated from different investments that amounted to JD225 million, the evaluation increase of strategic equity portfolio that amounted to JD124 million, in addition to SSC’s contribution surpluses that amounted to JD65 million, according to a SSIF statement.

As a result of the good performance during Q1 of 2023, SSIF’s income also grew by 28 per cent compared to the realised income of Q1 of 2022. This growth came mainly from the income realised from fixed income instruments portfolios of JD165.6 million, of which is JD133 million from bonds portfolio, in addition to JD59.4 million from the equity portfolio.

The companies’ dividends of 2022 have highly increased, the fund’s dividends, therefore, hit a historical record of JD152 million, the highest since the fund’s inception in 2003.

The comprehensive income that represents SSIF’s income in addition to the evaluation of strategic equity portfolio also edged up in Q1 of 2023 to reach JD349 million compared with JD330 million for the same period of 2022, signalling a growth of 5.8 per cent.

SSIF CEO said that the main components of the investment portfolios are distributed over investment tools with risk adjusted returns within the specified percentages of SSIF investment policy. The bonds portfolio accounted to 54.8 per cent of SSIF total portfolio, followed by equity 18.4 per cent, money market instruments 13.7 per cent, real estate investments 5.8 per cent, loans 3.2 per cent and tourism portfolio 2.3 per cent.

To enhance the competitiveness of the tourism portfolio under the management of the National Company for Tourism Development (wholly-owned), a number of projects are underway. The company has recently signed a management contract with a Jordanian investor to manage Amman Cham Palace, following up on the renovation of Crowne Plaza Hotel/Petra, calling tenders to renovate Zay Resthouse, in addition to preparing the designs of a new four-star hotel to be established in Aqaba.

Daman for Development Areas Company continues developing the infrastructure and services provided to the investors of King Hussein Bin Talal Development Area/Mafraq and Irbid Development Area to further attract industrial and entrepreneurial investments to these areas. The current investments of both areas stand at JD450 million and has created 3600 jobs.

The SSIF CEO said that Daman Investment and Agricultural Industries Company that manages the multiphased project in the southern region of the Kingdom on an area of 30sq. km, is currently covering part of the local demand of strategic corps such as wheat, potatoes and animal feed.

Kanakrieh concluded that the fund will continue promoting its investments in viable sectors especially the financial, mining, energy, real estate development, tourism, and agriculture sectors, and maintaining its investment directions to achieve sustainable returns. The fund is also keen to seize the opportunity to invest in feasible projects including the Economic Modernisation Vision and public private partnership projects.

The SSIF publishes its financial figures and investments projects briefs on its website (www.ssif.gov.jo) and SSIF’s official social media accounts.