Add news
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020
News Every Day |

SSIF assets reach JD11b — Saqqaf

AMMAN — Social Security Investment Fund (SSIF) CEO Kholoud Saqqaf said that the fund had achieved good returns at the end of June 2020 despite unprecedented challenges posed by the  COVID-19 pandemic. 

Saqqaf announced that the SSIF’s total assets almost reached JD11 billion at the end of June 2020, according to a statement from the investment fund.

The SSIF’s income also reached JD251.2 million, compared with JD321.6 million at the end  of June 2019. 

This was mainly due to the delay in dividend distribution of some companies’ and other companies resolution to reduce the percentage of profits, read the statement. 

The SSIF CEO pointed out that most of the income generated in the second quarter of 2020 came from interests on money market instruments, bonds, loans portfolios of JD230.6 million, marking a JD25.2 million increase when compared with the second quarter of 2019.

According to Saqqaf, the SSIF’s management strategy in various investments has helped mitigate the pandemic’s financial impact on the fund's portfolio.

It enabled the fund to provide the necessary liquidity to the Social Security Corporation (SSC) to finance the programmes announced under the defence orders that aim at enhancing job stability and private sector sustainability, noted the statement.

Based on its strategic directions, the SSIF expanded its real estate portfolio  during the first-half of the year by purchasing properties at an estimated cost of JD48 million, which has increased the portfolio value to reach JD707.6 million at the end of June 2020, according to the statement.  

To maximise the portfolio value, the SSIF is currently considering developing the lands owned by the SSC.  

Despite the performance of Amman Stock Exchange, Saqqaf said that the SSIF made stock purchases in a number of public equity companies that are characterised by “solid” financial positions and stability in dividends streams, especially in the banking and manufacturing industries.

Reflecting the role of the fund as a long-term investor, these purchases are “not subject to speculations”, but are made based on the assessment of the companies’ performance, future projections, and the changes in stock price within the required rate of return and the mandated risk levels set in the fund’s investment policy, the statement said. 

Moreover, the SSIF “seizes current opportunities” to acquire those shares at prices below their fair value.

Saqqaf announced that SSIF is at the final stages to establish an agricultural project in the south of the Kingdom that will be managed by a specialised company. 

New tourism and leisure facilities are approved to establish in Aqaba by the National Tourism Company, wholly owned by the SSC, the statement said.   

“It is our duty to properly manage and invest the money of the Social Security Corporation in accordance with international pension fund practices to preserve and sustain SSC assets,” Saqqaf said in the statement.

She also highlighted the vital role of the fund’s investments in the national economy’s growth, job creation and sustainable development. 

The fund has enabled the SSC to  expand the benefits provided to the pensioners and subscribers  such as establishing the unemployment fund and granting JD85 million as personal loans for SSC pensioners, where beneficiaries exceeded 40,000 by the end of June 2020, concluded the statement.

Image Position: 
Full Width

Read also

Jolie, Pitt head back to court

Classy candidate linked with replacing Quique Setien as Barcelona coach

Pregnant Millie Radford left red-faced after rude post and blames her ‘baby brain’

News, articles, comments, with a minute-by-minute update, now on — latest news 24/7. You can add your news instantly now — here