Social Security Investment Fund reports strong growth in 2024

The Social Security Investment Fund (SSIF) has announced its preliminary financial results for 2024, revealing significant growth across its investment portfolios.

The fund's total assets grew by JD 1.3 billion, reaching JD 16.1 billion by the end of 2024, compared to JD 14.8 billion at the close of 2023, marking a 9.1 percent growth rate.

This growth was driven by a comprehensive income of JD 1.04 billion, which included a net income of JD 892.7 million, as well as gains from the revaluation of strategic equity portfolios and surpluses transferred from the Social Security Corporation (SSC).

Investment performance

SSIF Chairman Dr. Ezzedine Kanakrieh highlighted a 12 percent increase in net income from various investment tools compared to 2023.

The bond portfolio generated JD 545.5 million in profits, followed by the equity portfolio with JD 158.3 million and the money market instruments portfolio with JD 149.5 million.

Dr. Kanakrieh emphasized the stability of the fund's diversified investment components, which include bonds, equities, money market instruments, real estate, loans, and tourism-related investments.

Real estate and development initiatives

The SSIF continues to expand its real estate investments, now valued at JD 874.6 million, through land acquisitions and long-term leasing agreements. The fund also signed a memorandum of understanding with the Housing and Urban Development Corporation to develop lands for real estate projects.

In the realm of developmental investments, the fund has expanded its projects in the King Hussein Bin Talal Development Zone in Mafraq and the Irbid Development Zone. Private sector investments in Mafraq have reached JD 641 million across 71 projects, while investments in Irbid, particularly in the information technology sector, have risen to JD 45 million.

Tourism and strategic investments

The SSIF continues to support Jordan's tourism sector with key projects, including a 98 percent completed upgrade of the Crowne Plaza Hotel in Petra and plans for a beachfront hotel in Aqaba.

To strengthen its portfolio, the fund acquired a 7 percent stake in Madfooatcom, a leading e-payment company, and is in negotiations with the Arab Potash Company and Jordan Phosphate Mines Company to invest in phosphoric acid production industries.

Economic contributions

Dr. Kanakrieh concluded by affirming the SSIF's critical role in supporting Jordan’s national economy. He highlighted the fund’s balanced approach to achieving financial returns while contributing to sustainable development in the Kingdom.