Amman, January 21 (Petra) -- The Social Security Investment Fund reported a 9.1% growth in its assets in 2024, amounting to JOD 1.3 billion. The fund’s total assets reached JOD 16.1 billion by the end of the year, compared to JOD 14.8 billion in 2023, according to a statement issued on Tuesday by its Chairperson, Ezzedine Kanakrieh.

Kanakrieh noted the remarkable performance across investment portfolios, supported by the implementation of significant development, tourism, and agricultural projects. This, he emphasized, underscores the fund’s strategic role in driving economic progress and promoting sustainable development.

The growth in assets stemmed from an increase in comprehensive income, which reached JOD 1.04 billion. This figure comprises a net income of JOD 892.7 million, JOD 147 million from evaluating the strategic stock portfolio, and JOD 303.4 million transferred from the Social Security Corporation’s insurance surplus.

The fund’s net income from investments rose to JOD 892.7 million in 2024, a 12% increase from JOD 797.1 million in 2023. The performance was bolstered by returns from bonds (JOD 545.5 million), stocks (JOD 158.3 million), and money market instruments (JOD 149.5 million).

Kanakrieh highlighted the stability of the investment portfolio distribution, noting that bonds represent 57.7% of total assets, followed by stocks at 15.4%, money market instruments at 14.6%, real estate at 5.4%, loans at 3.4%, and tourism investments at 2%.

To enhance the real estate portfolio, now valued at JOD 874.6 million, the fund engaged in land acquisitions and lease contracts, including 10 long-term agreements under the BOT system. Additionally, a memorandum of understanding was signed with the Public Corporation for Housing and Urban Development to develop real estate projects.

Efforts to boost investments in development zones continued, with the Mafraq Development Zone attracting 71 private sector investments worth JOD 641 million, generating 1,846 job opportunities. The Irbid Development Zone focused on technology investments, recording JOD 45 million in private sector contributions and creating 2,370 jobs.

In tourism, the Crowne Plaza Hotel – Petra modernization project is 98% complete, and designs for a new beach hotel in Aqaba, adjacent to the Intercontinental Hotel, are underway.

The fund also expanded its agricultural activities, with Investment funds Social Security Fund cultivating 19,500 dunums of various crops. A partnership was established with a Saudi company to export processed Jordanian potatoes, enhancing the country’s agricultural footprint regionally.

Diversifying its investment portfolio further, the fund acquired a 7% stake in the electronic payment firm MadfoatCom and is negotiating with the Jordan Phosphate Mines Company and Arab Potash Company to enter the phosphoric acid industry.

Kanakrieh underscored the fund’s commitment to balancing financial returns with social impact, fostering public-private partnerships, and advancing the Economic Modernization Vision, ensuring sustainable development for future generations.

//Petra// AJ

21/01/2025 14:38:40