2023-12-12 15:18:06
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December 12, 2023
Watan Al-Youm: Today, Tuesday, the Parliamentary Economy and Investment Committee, headed by Representative Omar Naber, discussed the investment policy and strategic plan for the Social Security Fund Investment Fund.
During the meeting, which was attended by the Fund’s President, Izz al-Din Kanakrieh, and Representatives Farid Haddad, Adnan Mashouqa, Suleiman Abu Yahya, Firas al-Ajarma, Amghir al-Hamlan, Hayel Ayyash, and a number of the Fund’s managers, Naber stressed the importance of completing the investment projects implemented by the Fund as quickly as possible to achieve the necessary financial returns. .
He pointed out the need for the Fund to continue implementing a system of monitoring and diligent follow-up of its investments to ensure that the targeted results are achieved and its financial and operational objectives are achieved.
He stressed the importance of the Fund continuing its approach of transparency and disclosure of the performance of the investment portfolios and the projects it is implementing and its multiple projects, and highlighting the importance of the partnerships it undertakes in its various investments.
He stressed the importance of implementing the national carrier project, which the Fund intends to contribute and participate in its implementation.
He pointed out the feasibility of the fund investing in treasury bonds due to the high returns achieved from them and the fact that they are investment tools with a low level of risk.
Al-Naber stressed the importance and role of the Fund as an institutional investor in enhancing the business environment in the Kingdom and attracting investors through the Fund’s presence as a reliable strategic partner in major national projects, partnership projects and the economic modernization vision, in addition to creating quality job opportunities and achieving sustainable development in accordance with best international practices.
For their part, the MPs attending stressed the Fund’s role in consolidating national investment and contributing to enhancing and providing a supportive environment for investment work, and the Fund’s positive performance according to the published financial statements.
They called on the Fund to expand its investments in the governorates by establishing and implementing new investment development projects, especially in the tourism and real estate sectors, to contribute to alleviating unemployment and providing job opportunities.
In turn, Kanakreh indicated that the fund achieved positive performance indicators according to the latest official data as at the end of the third quarter, where the size of the fund’s assets reached about 14.5 billion dinars compared to 13.8 billion dinars at the end of last year, with a growth rate of about 5.2%.
The fund also achieved a growth in income of 21%, reaching 611 million dinars at the end of the third quarter of this year, compared to 504.8 million dinars for the same period last year.
Kanakreh pointed out that the fund works in accordance with the investment policy controls that determine the investment tools, the targeted returns for these tools and the acceptable level of risks, stressing that the investment policy gives priority to feasible national investment, which benefits the fund and the Jordanian economy as a whole.
He presented the Fund’s most prominent investments and projects under implementation, indicating that during the past year it sent a letter of interest through participation in a number of partnership projects, including the National Carrier Project, and that the Fund is currently communicating with the only coalition that submitted an offer to the Ministry of Water and Irrigation to implement and manage the project.
He stated that the fund seeks to acquire a share of the ownership rights of the project company.
He explained that Al-Daman Company for Investment and Agricultural Industries began this year the work of the second phase of the agricultural project in the Al-Mudawara area, and a number of crops are currently being produced, most notably wheat, table potatoes, industrial potatoes, animal feed, and onions.
He stated that the company is studying investing in elements of the food production chain and food industries, and cultivating specific crops with high economic feasibility, and other crops for export purposes.
He pointed out that work is continuing on the expansion and rehabilitation project of the Crowne Plaza Petra Hotel, and the expansion work includes the construction of the first conference hall in the city with international standards, and 145 hotel rooms and chalets, as the restarting of the hotel will contribute to providing 200 direct job opportunities and operating sectors related to the tourism sector. And make the city of Petra a major destination for conference tourism in the south.
Regarding the development areas owned by Social Security, Kanakreh pointed out that the Mafraq Development Company, affiliated with the Security Company for the Development of Developmental Areas, attracted Jordanian, Arab and international investments worth about 500 million dinars, including 58 operating factories and under construction and design in the sectors of engineering and construction industries, chemicals and fertilizers, and food industries. Agricultural manufacturing, clothing and textiles, aluminum and iron extrusion and forming factories, production of sterilizers, cleaning materials, and sanitary paper.
Operating factories provide about 1,300 permanent job opportunities, while factories under construction provide about 1,780 permanent job opportunities.
The company is currently setting terms of reference for launching a tender to establish an integrated logistics services center in Mafraq on an area of 3,700 dunums, leading to the establishment of a land port to transport goods to neighboring countries and converting the King Hussein Air Base (formerly) into a commercial airport.
The Irbid Development Zone also attracted Jordanian and Arab investments worth 40 million dinars in the sectors of information technology, software, call centers and entrepreneurship incubators, in addition to a technical college for vocational training. These investments provide 2,300 job opportunities for Jordanians, and plans are currently being implemented to attract new entrepreneurial investments to the Irbid region. Development to contribute to enhancing the Kingdom’s distinguished regional position in the field of entrepreneurship and innovation.
Kanakreh reviewed the most prominent features of the Fund’s strategic plan in the coming period and the targeted sectors, as a number of investment opportunities are currently being studied in the mining, energy, real estate development and communications sectors, and the establishment of new tourism, entertainment and commercial projects in the city of Aqaba, and financing new projects through financial leasing, in addition to interest in… The Fund participates in major national projects, including partnership projects and economic modernization vision projects.
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