(MENAFN- Jordan News Agency)
Amman, Oct. 28 (Petra) -- The Social Security
investment Fund (SSIF) has reported an increase in its assets to JD 15.7 billion by the close of the third quarter of 2024, attributed to a net income of JD 697.6 million, up from JD 610.9 million in the same period last year.
This growth reflects a 6.1 percent increase in assets, driven by strategic income sources and surplus transfers from the Social Security Corporation, which contributed JD 213 million.
SSIF CEO Ezzedine Kanakrieh highlighted the impact of this income surge, noting that revenue was primarily generated from bonds totaling JD 402 million, equities amounting to JD 157 million, and money market instruments worth JD 111 million. Additional returns from loan and real estate portfolios further contributed to the fund's robust performance, resulting in a 14.2 percent increase over the third quarter of 2023.
The SSIF's diverse investment portfolio focuses on long-term stability, with allocations of 56.8 percent in bonds, 16 percent in money market instruments, 14.6 percent in equities, 5.6 percent in real estate, 3.4 percent in loans, and 2 percent in tourism investments. Notably, the equities portfolio, valued at JD 2.3 billion, includes significant holdings in the Amman Stock Exchange, accounting for approximately 12.5 percent of the market's total value, with investments spread across banking, industrial, service, and insurance sectors.
In the tourism sector, the National Tourism Development Company, wholly owned by SSIF, is nearing the completion of the Crowne Plaza Petra Hotel renovation, achieving 97 percent progress. Meanwhile, the Social Security Company for Agricultural Investment and Industry is expanding its agricultural production, focusing on strategic crops such as wheat and industrial potatoes, while also establishing new partnerships to enhance market reach in Gulf countries.
Kanakrieh affirmed SSIF's ongoing efforts to support the financial resilience of the Social Security Corporation through growth-oriented investments across key sectors. He emphasized the fund's commitment to sustainable development, particularly through regional initiatives that bolster infrastructure, generate high-quality employment opportunities, and elevate service standards in governorates across Jordan.
MENAFN28102024000117011021ID1108825634
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.