Ammon News - Social Security Investment Fund (SSIF) CEO, Ezzeddin Kanakrieh, said the fund's total assets continued to increase, reaching about JD14.3 billion at the end of the second quarter of 2023, compared to JD13.8 billion at the end of last year, marking a growth rate of about 4%.

In a statement on Sunday, Kanakrieh noted the SSIF's net income increased by about 20% to reach JD447 million at end of the second quarter of 2023, compared to JD371 million for the same period last year.

This increase mainly came from the SSIF's bonds portfolio income with a value of JD231 million, then its stock portfolio, which generated JD146.5 million, while income made by money market instruments portfolio stood at JD56.6 million, in addition to returns of loans portfolios and real estate investments, the statement said.

Kanakrieh announced the recent reopening of a hotel owned by Social Security Corporation (SSC) in the city of Amman came after the SSC-owned National Tourism Development Company signed a hotel management and operation contract with a local investor.

He also said the completion rate of the project to expand and rehabilitate Crowne Plaza Petra Hotel reached 80%, noting that its expansion works mainly focus on construction of the first conference hall in the city of Petra with international specifications.

Kanakrieh added that the hotel's rehabilitation process targets 145 rooms and chalets, and its re-operation will provide 200 direct job opportunities.

He noted SSC-owned hotels achieved "high" growth rates in operating profits for the first half of 2023, pointing out that these "positive" results were due to improved operational performance of SSC's hotels and efforts aimed at enhancing competitiveness of the SSIF's tourism investments, by providing hotels with clean energy from SSIF-launched solar power plants.

With regard to the agricultural project in Mudawara area, he noted Al Daman Company for Investment and Agricultural Industries has started implementing its second phase, during which cultivated area is intended to surge, to reach about 18, 000 dunums, aimed to increase volume of strategic crops currently produced by the project, most notably wheat, silage corn, table and industrial potatoes, and animal fodder.