SSIF’s assets reache approximately JD14.9 billion by end of 2023 — Kanakrieh

AMMAN — Social Security Investment Fund (SSIF) CEO Ezzeddin Kanakrieh said on Wednesday that the SSIF, since its establishment in 2003, has made "significant strides" in preserving asset value and securing liquidity for the Social Security Corporation.

Kanakrieh highlighted that the SSIF’s assets reached approximately JD14.9 billion by the end of 2023, accounting for about 40 per cent of the country’s Gross Domestic Product (GDP), the Jordan News Agency, Petra, reported.

The CEO also said that the fund has received considerable Royal attention over the past 25 years, underscoring the importance of Social Security and its investment fund in providing social protection for citizens.

Kanakrieh also highlighted the fund’s diversified investment portfolios, which include bonds, stocks, cash market instruments, real estate, loans, and tourism investments, noting that the fund’s assets have grown from JD1.6 billion in 2003 to around JD14.9 billion by the end of 2023.

Kanakrieh also said that the fund generated an income of JD802.3 million at the end of 2023, marking an increase of approximately 17.3 per cent from JD684.2 million at the end of 2022.

He also highlighted that the SSIF invests in several public shareholding companies in the services sector, including Jordan Telecommunications company and Jordan Free Zones Company, in addition to investments in insurance companies and financial services. The fund also owns hotels managed by the InterContinental Hotels Group (IHG).

Kanakrieh also said that all fund properties are supervised by the National Company for Tourism Development, a wholly-owned subsidiary of the Public Institution for Social Security, established in 1999.