Local News

The assets of the Social Security Fund increased to 12.4 billion dinars

Amman Today

publish date 2023-05-02 16:50:00

The assets of the Social Security Investment Fund increased to about 14.2 billion dinars at the end of the first quarter of this year, compared to 13.8 billion dinars at the end of 2022.

The head of the fund, Dr. Ezz El-Din Kanakreh, said in a press statement today, Tuesday, that the growth in assets came as a result of the income generated for the fund from various investments, amounting to about 225 million dinars, and the high valuation of the strategic stock portfolio, which amounted to about 124 million dinars, in addition to the insurance surplus transferred from the Insurance Corporation, amounting to About 65 million dinars.

He added that the fund recorded an income growth of 28 percent over the income achieved during the same period of 2022, as a result of the good performance of investment portfolios during the first quarter of this year, as this growth came mainly from the income generated from fixed income portfolios with a value of about 166 million. Dinars, of which 133 million dinars are returns from the bond portfolio, and about 59 million dinars from the stock portfolio.

Kanakreh indicated that most of the strategic companies to which social security contributes recently announced high cash dividends for their business results last year compared to previous years, and the fund’s share of them during this year will reach about 152 million dinars, which is the highest historically since the fund’s inception.

He added that the comprehensive income, which represents the fund’s income from the profits of various investments, in addition to the increase in the valuation of the strategic stock portfolio, rose to about 349 million dinars at the end of the first quarter of this year, compared to about 330 million dinars for the same period last year, with a growth rate of 5.8 percent.

The Fund’s portfolios are distributed in investment instruments with good and stable returns and with acceptable levels of risk, and within the ratios specified in the investment policy, most notably the bond portfolio, which constituted 54.8 percent of the Fund’s total portfolio, the stock portfolio 18.4 percent, the money market instruments portfolio 13.7 percent, the portfolio Real estate investments 5.8 percent, loan portfolio 3.2 percent, and tourism investment portfolio 2.3 percent.

Regarding the existing projects, Kanakreh said that work is currently underway to enhance the competitiveness of the tourism portfolio through the National Tourism Development Company, which supervises hotels owned by social security in Amman, the Dead Sea, Petra and Aqaba, and rest houses spread across various tourist destinations in the Kingdom.

He pointed out that an investment contract for the Amman Cham Palace Hotel was recently signed with a local investor to operate and manage the hotel, and is currently completing the project to rehabilitate the Crowne Plaza Hotel in Petra, and design work for a four-star beach hotel project in the Aqaba region, in addition to initiating procedures for issuing tenders for the maintenance of a lounge. to be rehabilitated and offered as an investment opportunity for Jordanian investors.

And he indicated that the Daman Company for the Development of Development Areas, through the Mafraq Development Company and the North Development Company, is investing in the implementation of infrastructure development plans, services and marketing for the King Hussein Bin Talal Development Zone / Mafraq and the Irbid Development Zone with the aim of attracting new industrial and entrepreneurial investments for the two regions, pointing out that the volume of existing investments in The two regions amount to 490 million dinars, and provide 3,600 quality job opportunities for Jordanians and entrepreneurs in various fields.

With regard to social security investments in the agricultural sector, he referred to the Daman Company for Investment and Agricultural Industries, which has completed the completion of the first phase of its project in the Mudawara area, on a total area of ​​30,000 dunums.

Kanakreh indicated that the project has actually started producing and meeting part of the local consumption needs of strategic agricultural crops such as wheat, industrial potatoes and fodder crops, indicating that work is underway to complete the subsequent stages of the project, in a way that contributes to enhancing national food security and providing quality job opportunities in the southern governorates.

Kanakreh explained that the Fund will continue to enhance its investments in vital and beneficial sectors, especially the financial sector, mining, energy, real estate development, tourism and agriculture, and maintain a balance of its investment orientations with the aim of achieving good returns for the Fund, and benefiting from promising investment opportunities, including partnership projects between the public and private sectors and projects of the vision of economic modernization.

It is noteworthy that the fund will publish quarterly financial performance reports of investment portfolios, in addition to information on investments and projects in various sectors through the website (www.ssif.gov.jo), and the fund’s official pages on social networking sites.

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Jordan News

Source : اخبار الاردن

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