Irbid District Electricity Company reviews future projects

AMMAN — Social Security Investment Fund’s (SSIF) CEO Kholoud Saqqaf has had a firsthand look at various projects and future plans of the Irbid District Electricity Company (IDECO), during a follow-up visit to the company. 

Saqqaf highlighted the importance of investment in the sector to achieve energy security and realise their sustainable development goals through maintaining uninterrupted power supply to subscribers, according to an SSIF statement.

IDECO Deputy Chairman Abdulkarim Malahmeh said that the company plans to implement projects and programmes that aim to develop the level and efficiency of services, while also swiftly responding to subscribers’ complaints during power outages.

The IDECO director general reviewed the company’s future plans, which includes completing the automation of IDECO works, the billing system and the use of e-gauges, and adopting the SCADA monitoring and control system, according to the statement. 

It also added that in partnership with local and foreign investors, the SSIF owns direct and indirect investments in the fields of electricity generation and distribution, and renewable energy schemes with a total investment volume exceeding JD100 million. 

SSIF’s assets grew by 5 per cent by the end of June to reach JD10.72 billion, as compared to JD10.19 billion at the beginning of 2019, according to figures released in July.

SSIF’s revenues reached JD321.6 million by the end of June, as compared to JD260 million during the same period of 2018, constituting a 24 per cent growth, the statement said. 

As part of its strategy to expand its long-term investments, the fund has increased its shares in a number of public equity companies in vital sectors since the beginning of the year. 

In addition, the SSIF expanded its real estate investments to constitute 6 per cent of its total assets, the statement said.