SSIF sends investment letter of intent in the National Carrier project

(Photo: Social Security Investment Fund)
AMMAN — CEO of the Social Security Investment Fund (SSIF) Kholoud Al-Saqqaf said on Sunday that the fund sent an investment letter of intent in the National Carrier project, noting that the expected value of the fund’s contribution to the project amounts to $120 million, according to Al Mamlaka TV.اضافة اعلان

Saqqaf said that the fund is studying making its contribution reach a maximum of 29 percent of the capital of the project in partnership with the winning coalition.

The fund’s assets increased by JD1.1 billion, reaching JD12.3 billion, compared to JD11.2 billion by the end of 2020, Saqqaf said.

She added that “the increase in the fund’s assets since its establishment in 2003 is 54 percent of the insurance surpluses and about 46 percent of investment returns.”

Saqqaf said this growth came out of JD575 million in income, and JD411 million in comprehensive income, which is the result of the high valuation of the existing strategic shares, in addition to JD135 million in insurance surpluses transferred from the Social Security Corporation (SSC).

“The profits from investments amounted to JD575 million, and this is a net profit from interest on bonds, cash dividends from shares, interest on deposits in banks and real estate, and interest on loans,” according to Saqqaf.

“We, as a pension fund, and in accordance with international best practices, must meet three conditions before we invest: achieving an income from this investment, economic feasibility and acceptable risks, and that is why investments are distributed in portfolios that include bonds, shares, real estate, loans, money market, and tourism,” Saqqaf said.

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