Social Security Corporation (SSC)Social Security Corporation (SSC)

President of the SSC's Investment Unit Mefleh Aqel was quoted by the Jordan News Agency, petra, as saying that, subsequently, the value of the unit's assets dropped from its highest level in July 2008, when it stood at JD6.2 billion, to JD5.7 billion by the end of September 2008.

He said it is important to note that the concentration of the unit's investments in shares was a reason for realising the largest portion of returns although it "entailed and will continue to entail high risks".

But the assets grew by 16 per cent in the January-September period, valued at JD4.9 billion by the end of last year. The value of hotels and tourism facilities and the estimated increase in the value of real estate was not calculated, Aqel told Petra.

The unit's assets grew by 262 per cent between January 2003, when they were valued at JD1.56 billion, to September 30, 2008, when they amounted to JD5.65 billion.

He announced that profits by the end of the third quarter this year stood at JD189 million.

Aqel added that the total volume of realised and unrealised profits during the first nine months of this year stood at JD712 million.

In terms of investments, the unit approved extending a three-year JD100 million loan to the Housing and Urban Development CorporationHousing and Urban Development Corporation to finance the Decent Housing for the Decent Living initiative, Petra reported.

© Jordan Times 2008

 

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