SSIF assets reach JD10.9b, revenues grow by 27%

AMMAN — The Social Security Investment Fund's (SSIF) total assets grew by 7 per cent by the end of September 2019  to reach JD 10.9 billion, compared with JD 10.19 billion at the beginning of the year, according to a statement from the fund.

SSIF’s revenues increased to reach JD442.6 million by the end of September, compared with JD347.9 million during the same period of 2018, constituting a 27-per cent growth, according to the statement.

The fund attributed the growth to the increase in the fixed-income instruments' returns, including mainly bank deposits and bonds, in addition to the return on the real estate portfolio.

SSIF CEO Kholoud Saqqaf was quoted in the statement as saying that the fund is "continuously seeking strategic partnerships with national and international partners to investigate the Kingdom's potential investment opportunities and to promote the business environment".

As per the fund's endeavours to enhance its direct and indirect  investments in the tourism sector, Saqqaf said that the SSIF and InterContinental Hotels Group have recently renewed a ten- year management agreement to manage three hotels wholly owned by the Social Security Corporation.

 "The fund also started the renovation of Crowne Plaza/ Petra, which is expected to open to visitors towards the end of next year," Saqqaf said.

She also said the fund signed an agreement in April 2019 to establish two out of four solar farms to provide electricity to the hotels owned by the Social Security Corporation. 

A large part of the work in those stations has been completed at the capacity of 10MW, which will be officially launched during the first half of 2020, the statement said.