Social Security Investment Fund Achieves JD514 Million Profit In H1 2024

(MENAFN- Jordan News Agency)

Amman, July 21 (Petra) - The Social Security investment Fund achieved profits amounting to approximately JD514 million at the end of the first half of this year, compared to about JD447 million for the same period of the previous year, marking a 15 percent increase, according to the Fund's Chairperson, Ezzeddine Kanakrieh.
The fund's assets increased to JD15.5 billion at the end of the first half of this year, compared to JD14.8 billion at the end of last year, due to realizing profits and transfers of insurance surpluses from the Social Security Corporation amounting to about JD146 million, considering the periodic evaluation of the strategic stock portfolio.
In a statement issued by the fund on Sunday, Kanakrieh said that the fund's profits mainly came from the bond portfolio worth JD265 million, the fund's share of cash dividends from companies amounting to JD164 million, and the money market instruments portfolio worth JD70 million, in addition to income generated from loan and real estate investment portfolios.
The strong performance of companies was also reflected in their cash dividends for the 2023 results, with the Fund's share being historically the highest since its founding.
Kanakrieh highlighted that the fund's portfolio of public joint-stock companies listed on the Amman Stock Exchange constitutes about 12.5 percent of the market value of the stock exchange, distributed among the banking, industry, services, and insurance sectors.
He noted that the basic components of the investment portfolios maintained their stability under the ratios specified in the investment policy. The bond portfolio constituted 57.5 percent of the total portfolios, stock portfolios 15 percent, money market instruments 14.8 percent, real estate investments 5.7 percent, loans 3.5 percent, and tourism investments 2.1 percent.
Kanakrieh stated that the fund finances infrastructure projects through the Social Security Corporation's Financial Leasing Company, including two projects recently opened under royal patronage. The "Amman-Zarqa" rapid bus project has a total funding value of JD148 million, and the "New Amman / Madouna" customs center has a total funding value of JD96 million, aiming to improve the financial performance of the Fund and the Jordanian economy in general.
He noted that the volume of investments in the King Hussein bin Talal/Mafraq and Irbid development zones rose to JD655 million. Investments in the "Al-Hussein - Mafraq" region increased to 64 investments, including existing factories and those under design and construction, valued at JD610 million. These existing factories provide 1,300 job opportunities.
It is also expected that factories under construction will provide about 1,880 job opportunities, with investments distributed across various industrial sectors, including air conditioner manufacture and assembly, aluminum extrusion and shaping, human and veterinary medicine production, natural fertilizers, and plastic and chemical industries.
Kanakrieh added, "The value of the 10 existing investments in the Irbid Development Zone has reached JD45 million, providing 2,370 job opportunities across the information technology and software sectors, call centers, and entrepreneurship incubators, in addition to a technical college for vocational training."
He presented the projects currently being completed, including the expansion and rehabilitation project of the Crowne Plaza Hotel/Petra, which has reached 93 percent completion and will provide more than 200 job opportunities upon opening.
He said that recently, through the Social Security Corporation-owned National Tourism Company for Tourism Development, the Karak Tourist Hotel and Rest House has been re-opened. The hotel, located at the entrance to Karak Castle, is managed by Jordanian investors and consists of 17 hotel rooms and a restaurant, providing 100 job opportunities. During the past year, the Amman Paradise Hotel (formerly Amman Cham Palace), managed by a local investor, was also re-opened, providing 100 job opportunities.
He added that the Zay tourist rest house will soon be re-opened after necessary maintenance, with a tender issued for leasing the rest house. All tourist rest houses owned by the guarantee and located in Azraq, Jerash, Ajloun, Zay, Karak, and Rum have been leased.
Kanakrieh said that the Social Security Corporation's Company for Investment and Agricultural Industries is continuing the second phase of an agricultural project to produce wheat, potatoes, watermelon, animal feed, and field crops, noting that the company's crops are supplied to local and Gulf markets.
Regarding investment in renewable energy, Kanakrieh stated that there are three solar energy stations with a capacity of 15 megawatts that feed the hotels owned by the Social Security Corporation, in addition to the investment fund building and the corporation's buildings, achieving financial savings on the energy bill. Currently, work is underway to study tender offers to implement the fourth station in the Shoubak area with a capacity of 1 megawatt.
Regarding future projects, the head of the fund said that preparations are being made to establish projects in Aqaba through the National Tourism Company for Tourism Development in line with the comprehensive development plan for the city. This includes, as a first stage, the establishment of a diversified commercial market (Multi-Themed Market) on a building area of 40 dunums on the Muthalathiya land, which spans 123 dunums. Design work is also being completed for a 4-star hotel to be built on the beach land adjacent to the InterContinental Aqaba Hotel.
He said that the fund is also exploring promising investment opportunities in the mining and real estate sectors while focusing on major national projects such as the National Water Carrier Project. Coordination with the Oman Investment Authority is ongoing to promote joint investment in various sectors.
He added that in light of these achievements and continuous expansion across various sectors, the fund remains committed to growth and enhancing the value of its investments. The fund aspires to open new horizons for innovative investments that will strengthen the national economy and create job opportunities. These successes enhance confidence among investors as potential partners for the fund, aiming for a future based on financial sustainability.

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