Latest news with #Kanakrieh
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
Jordan News
22-02-2025
- Business
- Jordan News
The National Economy Shows Positive Indicators Since the Beginning of the Year - Jordan News
Despite regional challenges and their local impacts on the national economy, the Jordanian economy has demonstrated its preparedness to cope with changing circumstances and economic developments. It has achieved stable growth rates, reflecting its strength and resilience. اضافة اعلان Economic indicators in the Kingdom have shown an upward trend since the beginning of the year, benefiting from the confidence of various economic sectors. This confidence has been fostered by the government's efforts and its commitment to implementing the Economic Modernization Vision and simplifying procedures, which has positively impacted the business environment. Economists have emphasized that the national economy has strengths that support its stability and resilience, including Jordan's strategic geographical location, prudent monetary policy, strong economic relations with major global markets, and a young, skilled workforce. They pointed out that despite numerous challenges affecting various sectors, particularly tourism, investment, and finance, the economy has achieved several positive indicators, confirming its robustness and its ability to continue progressing. The Central Bank's foreign reserves have exceeded 21 billion dollars, while the dollarization rate (the process of replacing the local currency with the dollar) dropped to 18.4% by the end of last year. The inflation rate also decreased to 1.6%, with expectations for it to stabilize around 2% this year. The real estate market saw a 9% increase in trading volume in January, compared to the same period last year, reaching a total of approximately 545 million dinars. The Gross Domestic Product (GDP) of the Kingdom has quintupled since the beginning of this century. In 1999, it was around 7.12 billion dinars, and by 2023, it had risen to about 36 billion dinars at current prices. Per capita GDP increased from 1235 dinars in 2000 to 3133 dinars in 2023, and Jordan's foreign currency reserves reached a record high of nearly 21 billion dollars, compared to 4.7 billion dollars in 2000. Dr. Ezzedine Kanakrieh, former Minister of Finance and Head of the Social Security Investment Fund, highlighted that despite the region's instability, which has significantly impacted tourism, investment, and finance, the national economy has achieved positive growth indicators, including GDP growth and an increase in foreign currency reserves. Dr. Kanakrieh added that many public shareholding companies have reported annual profits, with several of them showing growth compared to previous years, signaling that investing in Jordan yields positive returns. Recent reports from the Social Security Investment Fund show growth in total income, reaching nearly one billion dinars in the past year, with the fund's assets rising to approximately 16 billion dinars by the end of the year, which represents about 40% of the national GDP. This reflects the economy's positive performance despite regional instability. Former Finance Minister and economic expert Dr. Mohammad Abu Hammour noted that Jordan's ability to adapt to and cope with various developments and crises is based on fundamental factors such as political and security stability, the Kingdom's distinguished relations with many countries, and the sound policies of the Central Bank of Jordan. Dr. Abu Hammour emphasized that Jordan has maintained low inflation rates of under 2%, despite high inflation in many countries in the region. The Central Bank's policies have played a key role in stabilizing prices and maintaining the stability of the Jordanian dinar. He also highlighted that Jordan's credit rating was upgraded by international rating agencies last year, and the ongoing financial and economic reforms in cooperation with the International Monetary Fund demonstrate the economy's resilience in facing difficulties. Dr. Iyad Abu Hletem, Head of the East Amman Industrial Investors Association, described Jordan's economy as strong and resilient, capable of overcoming external shocks. He emphasized Jordan's political stability, high credit rating, and effective monetary policies that have maintained the stability of the dinar and raised foreign reserves to record levels. Dr. Ahmed Al-Majali, an economic researcher, stated that despite political and economic storms in the region over the past two decades, the national economy has adapted to these challenges and achieved acceptable growth rates. He credited Jordan's flexible economic structure, which includes vital sectors such as financial services, tourism, technology, and manufacturing, for this success. He acknowledged that while the economy has remained resilient, challenges such as high unemployment rates, energy costs, and low productivity in some sectors still need deeper reforms to ensure sustainable growth. Economic expert Hossam Ayash concluded that despite the regional challenges, Jordan's economy has continued to grow at stable rates, which, although lower than expected, are still better than many other economies in the region. He also noted that the stable financial and monetary conditions in Jordan are rare exceptions in the region, providing the country with an advantage in sustaining growth. Ayash emphasized that Jordan's economic policies have created a secure banking environment, promoting growth in the economy. With strategic investments in human resources, production efficiency, exports, and reducing the trade deficit, Jordan is poised to continue its growth trajectory.
