SSIF achieves 'record-breaking growth' with JD16.1 billion in assets, JD892.7 million in net income

AMMAN — The Social Security Investment Fund (SSIF) has unveiled its preliminary 2024 financial results, announcing what it described as a "record-breaking growth and reaffirming its role as a cornerstone of Jordan’s economic development."

 With a growth rate of 9.1per cent, the fund’s assets reached JD16.1 billion, reflecting its strategic vision and exceptional performance, according to a statement to The Jordan Times.

SSIF Chairman Ezzeddin Kanakrieh announced an income of JD1.04 billion , which included JD892.7 million in net income, representing a 12per cent increase compared to 2023. "These results were driven by outstanding returns across investment portfolios, with bonds generating JD545.5 million, equities contributing JD 158.3 million, and money market instruments adding JD 149.5 million."

 Kanakrieh highlighted the fund’s balanced approach to achieving financial growth while delivering meaningful social impact, ensuring a sustainable future for Jordan.

In real estate, the fund's assets reached JD874.6 million, supported by BOT agreements and strategic partnerships for land development. In the development zones, private sector investments in the Mafraq Zone totaled JD 641million across 71 projects, creating 1,846 jobs, with 1,800 additional jobs expected from projects under construction. In Irbid, investments in technology and software reached JD 45 million, providing 2,370 jobs, the statement said.

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. In agriculture, the SSIF expanded its cultivated lands to 19,500 dunums and signed a partnership with a Saudi company to supply locally produced potatoes, creating new opportunities for export and enhancing Jordan’s agricultural sector. Furthermore, the Fund acquired a 7 per cent stake in Madfooatcom, demonstrating its commitment to diversifying its portfolio and embracing innovation, according to the statement. 

Kanakrieh also revealed ongoing discussions with leading mining companies to explore investments in phosphoric acid industries, underscoring the SSIF’s role in driving industrial growth.

“This year’s performance solidifies the SSIF’s position as a key driver of Jordan’s economic future,” Kanakrieh said. “By fostering public-private partnerships and aligning with the Economic Modernization Vision, we are building a brighter future for generations to come.”