Latest news with #EzzeddinKanakrieh
Zawya
28-04-2025
- Business
- Zawya
Jordan: SSIF assets reach $23bln at end of Q1 2025
AMMAN — The total assets of the Social Security Investment Fund (SSIF) reached JD16.7 billion as of the end of the first quarter of 2025, compared to JD16.2 billion at the end of 2024. In a statement to The Jordan Times, SSIF CEO Ezzeddin Kanakrieh said that the'strong performance was driven by investment income totaling approximately JD240 million, the appreciation in the valuation of strategic equity investments amounting to JD243 million, and the surplus transferred from the Social Security Corporation totaling JD57 million.' Kanakrieh said that these results directly reflect the fund's investment strategy, which focuses on diversifying portfolios and maximizing returns within calculated risk levels. He emphasised that the fund is committed to enhancing its ability to deliver sustainable financial performance that supports the growth of social security assets and strengthens the resilience of the national economy. Kanakrieh that the SSIF's income grew by11.2 per cent during the first quarter of this year, compared to the same period in 2024. The bond portfolio contributed around JD145.1 million in income, while the money market instruments portfolio generated JD34.9 million, he said. The equity portfolio recorded JD51.8 million, including JD47 million from cash dividends distributed by companies that held their general assembly meetings during the first quarter. 'The strength of Jordan's economic performance and the improvement in its investment appeal, thanks to national economic policies, helped achieve record-breaking results,' he said. Kanakrieh added that this performance reflects the quality of the fund's investments and the robustness of its strategic contributions across vital sectors of the Jordanian market. 'The rise in cash dividends serves as a clear indicator of the financial efficiency of the companies in which the fund invests.' Kanakrieh said that, in line with its future vision and the objectives of the Economic Modernisation Vision, the fund is currently studying new investment opportunities in the mining, transport, and infrastructure sectors, in addition to the National Water Carrier Project. These efforts aim to enhance the SSIF's pivotal role in managing the savings of social security contributors and retirees, turning them into engine of economic growth that supports the Kingdom's financial and economic stability, he said. Kanakrieh said that the real estate portfolio continued to show an upward trend, reaching about JD888 million by the end of the first quarter. 'The fund is working to further develop this portfolio by purchasing land and properties in strategic locations and implementing long-term leasing contracts, particularly through the Build-Operate-Transfer (BOT) system.' Under BOT system, he said, investors will establish a range of diverse and long-term projects on these lands, creating added value and strengthening real estate as a sustainable and effective investment component within the Fund's overall portfolio. He also said that preparations are currently underway for the engineering designs of the first four-star beachfront hotel in Aqaba, to be operated under the VOCO brand by the InterContinental Hotels Group.
Jordan Times
27-04-2025
- Business
- Jordan Times
SSIF assets reach JD16.7 billion at end of Q1 2025
Social Security Investment Fund (SSIF) Chairman Ezzeddin Kanakrieh says the fund's total assets each around JD16.7 billion by the end of the first quarter of 2025, compared to JD16.2 billion during the same period in 2024 (JT file) AMMAN — The total assets of the Social Security Investment Fund (SSIF) reached JD16.7 billion as of the end of the first quarter of 2025, compared to JD16.2 billion at the end of 2024. In a statement to The Jordan Times, SSIF CEO Ezzeddin Kanakrieh said that the'strong performance was driven by investment income totaling approximately JD240 million, the appreciation in the valuation of strategic equity investments amounting to JD243 million, and the surplus transferred from the Social Security Corporation totaling JD57 million.' Kanakrieh said that these results directly reflect the fund's investment strategy, which focuses on diversifying portfolios and maximizing returns within calculated risk levels. He emphasised that the fund is committed to enhancing its ability to deliver sustainable financial performance that supports the growth of social security assets and strengthens the resilience of the national economy. Kanakrieh that the SSIF's income grew by11.2 per cent during the first quarter of this year, compared to the same period in 2024. The bond portfolio contributed around JD145.1 million in income, while the money market instruments portfolio generated JD34.9 million, he said. The equity portfolio recorded JD51.8 million, including JD47 million from cash dividends distributed by companies that held their general assembly meetings during the first quarter. 'The strength of Jordan's economic performance and the improvement in its investment appeal, thanks to national economic policies, helped achieve record-breaking results,' he said. Kanakrieh added that this performance reflects the quality of the fund's investments and the robustness of its strategic contributions across vital sectors of the Jordanian market. 'The rise in cash dividends serves as a clear indicator of the financial efficiency of the companies in which the fund invests.' Kanakrieh said that, in line with its future vision and the objectives of the Economic Modernisation Vision, the fund is currently studying new investment opportunities in the mining, transport, and infrastructure sectors, in addition to the National Water Carrier Project. These efforts aim to enhance the SSIF's pivotal role in managing the savings of social security contributors and retirees, turning them into engine of economic growth that supports the Kingdom's financial and economic stability, he said. Kanakrieh said that the real estate portfolio continued to show an upward trend, reaching about JD888 million by the end of the first quarter. 'The fund is working to further develop this portfolio by purchasing land and properties in strategic locations and implementing long-term leasing contracts, particularly through the Build-Operate-Transfer (BOT) system.' Under BOT system, he said, investors will establish a range of diverse and long-term projects on these lands, creating added value and strengthening real estate as a sustainable and effective investment component within the Fund's overall portfolio. He also said that preparations are currently underway for the engineering designs of the first four-star beachfront hotel in Aqaba, to be operated under the VOCO brand by the InterContinental Hotels Group. Page 2
Zawya
09-04-2025
- Business
- Zawya
Jordan: SSIF, Morocco's CDG sign MoU to build joint investment, development partnerships
AMMAN — CEO of the Social Security Investment Fund (SSIF) Ezzeddin Kanakrieh and Director-General of Morocco's Deposit and Management Fund (CDG) Khalid Safir on Tuesday signed a memorandum of understanding aimed at establishing joint investment and development partnerships between the two countries. The signing took place in the presence of Chairman of the SSIF Investment Board Umayya Toukan, Moroccan Ambassador to Jordan Fouad Akhrif, Jordanian Ambassador to Morocco Jumana Ghunaimat, and several senior officials from both countries, the Jordan News Agency, Petra, reported. Toukan stressed that this cooperation represents a 'practical' model of Arab integration built on shared interests, and aims to boost investment relations, stimulate growth in value-added sectors, and support the real economy in both nations. Kanakrieh stressed the importance of this partnership at a time when the region is striving to enhance economic stability and confront challenges through expanded investment cooperation. He noted that the memorandum reflects a 'comprehensive vision that goes beyond traditional bilateral cooperation to establish a participatory system based on integration.' The CEO stressed that realising the concept of 'impact investing' requires 'strong' institutional partnerships that create added economic and social value, an objective the fund will work towards with its Moroccan counterpart. Safir said that the signing of the MoU aligns with CDG's strategy to enhance Arab economic relations and explore investment opportunities in vital sectors, stressing that cross-border partnerships are an 'important' driver of sustainable development. He expressed hope that the MoU will lead to 'successful and tangible' investment programmes and projects. The director-general added that the memorandum will include the exchange of information and expertise, building joint institutional capacities through training programmes, exchange visits, and coordinated participation in regional and international economic events. SSIF is one of the 'largest' investment funds in Jordan, with assets exceeding JD16 billion. It invests in strategic sectors including banking, energy, mining, telecommunications, tourism, pharmaceuticals, agriculture and real estate. Meanwhile, Morocco's CDG is considered one of the country's 'most prominent' public financial and investment institutions, with assets totalling some $35 billion. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
08-04-2025
- Business
- Jordan Times
SSIF, Morocco's CDG sign MoU to build joint investment, development partnerships
CEO of the Social Security Investment Fund Ezzeddin Kanakrieh and Director-General of Morocco's Deposit and Management Fund Khalid Safir on Tuesday sign a memorandum of understanding aimed at establishing joint investment and development partnerships between the two countries (Petra photo) AMMAN — CEO of the Social Security Investment Fund (SSIF) Ezzeddin Kanakrieh and Director-General of Morocco's Deposit and Management Fund (CDG) Khalid Safir on Tuesday signed a memorandum of understanding aimed at establishing joint investment and development partnerships between the two countries. The signing took place in the presence of Chairman of the SSIF Investment Board Umayya Toukan, Moroccan Ambassador to Jordan Fouad Akhrif, Jordanian Ambassador to Morocco Jumana Ghunaimat, and several senior officials from both countries, the Jordan News Agency, Petra, reported. Toukan stressed that this cooperation represents a 'practical' model of Arab integration built on shared interests, and aims to boost investment relations, stimulate growth in value-added sectors, and support the real economy in both nations. Kanakrieh stressed the importance of this partnership at a time when the region is striving to enhance economic stability and confront challenges through expanded investment cooperation. He noted that the memorandum reflects a 'comprehensive vision that goes beyond traditional bilateral cooperation to establish a participatory system based on integration.' The CEO stressed that realising the concept of 'impact investing' requires 'strong' institutional partnerships that create added economic and social value, an objective the fund will work towards with its Moroccan counterpart. Safir said that the signing of the MoU aligns with CDG's strategy to enhance Arab economic relations and explore investment opportunities in vital sectors, stressing that cross-border partnerships are an 'important' driver of sustainable development. He expressed hope that the MoU will lead to 'successful and tangible' investment programmes and projects. The director-general added that the memorandum will include the exchange of information and expertise, building joint institutional capacities through training programmes, exchange visits, and coordinated participation in regional and international economic events. SSIF is one of the 'largest' investment funds in Jordan, with assets exceeding JD16 billion. It invests in strategic sectors including banking, energy, mining, telecommunications, tourism, pharmaceuticals, agriculture and real estate. Meanwhile, Morocco's CDG is considered one of the country's 'most prominent' public financial and investment institutions, with assets totalling some $35 billion.
Jordan Times
25-02-2025
- Business
- Jordan Times
National economy shows positive indicators since beginning of 2025 — Experts
Experts say that despite many challenges, which affected various aspects of life, especially tourism, investment and finance, the national economy achieved many positive indicators in 2025 (JT file) AMMAN — Economists have stressed that the national economy is based on its stability and flexibility, including the geographical location of the Kingdom, prudent monetary policy, economic relations with many major world markets, and the presence of qualified and young human wealth. They pointed out that despite many challenges, which affected various aspects of life, especially tourism, investment and finance, the national economy achieved many positive indicators, the Jordan News Agency, Petra, reported. The Central Bank of Jordan's (CBJ) foreign reserves exceeded $21 billion, while the dollarisation rate dropped to 18.4 per cent by the end of last year, and the inflation rate decreased to 1.6 per cent and is expected to stabilise at around 2 per cent this year. The real estate market recorded an increase in trading volume by 9 per cent during January, compared with the same month last year, where the total trading volume reached around JD545 million. The GDP in the first quarter of the current century increased by five folds, recording in 1999 a value of JD7.12 billion, while in 2023 it reached about JD36 billion at current prices. GDP per capita rose from JD1,235 in 2000 to JD3,133 in 2023, and the Kingdom's foreign currency balance reached a record of some $21 billion, compared with $4.7 billion in 2000. Social Security Investment Fund CEO Ezzeddin Kanakrieh said that the recently announced annual results of the fund, which show a growth in comprehensive income last year to nearly JD1 billion, and the increase in the fund's assets to JD16 billion at the end of 2024, which is equivalent to about 40 per cent of GDP, highlight that the national economy, despite the multiple challenges and unstable conditions in the region, has achieved positive economic returns and indicators. Former minister of finance Mohammad Abu Hamourpointed out that the Kingdom's economy maintained low inflation rates of less than 2 per cent during the past year, despite the wave of unbridled inflation witnessed by many countries in the region. He attributed this stability to CBJ's measures to keep pace with regional and global developments related to the interest rate, in addition to the prudent policies of the CBJ, which maintained price stability and the stability of the dinar exchange rate. President of the Society of East Amman Industrial InvestorsEyad Abu Haltam said that there are strengths in the national economy, the most important of which are political stability and the high credit rating. He explained that Jordan's monetary policy has been prudent since the 1990s, which has maintained the stability of the dinar exchange rate. Associate Professor of Economics at Mutah UniversityAhmad Majali considered that "the role of the economic policies adopted by the government in enhancing the ability to adapt cannot be denied. Over the past years, the state has pursued a strategy that combines controlling the fiscal deficit and rationalising spending." Economist Hussam Ayesh stressed that financial and monetary stability of the Kingdom is an "exceptional case" in the region for a small economy like Jordan, especially if it is compared with regional countries.
