Amman: According to Kanakrieh, the Fund established the SSC Company for Development of Developmental Areas in 2009 as a private joint stock company wholly owned by the General Organization for Social Security, to be the investment arm of the Investment Fund for infrastructure, services, and marketing for the King Hussein bin Talal Development Area/Mafraq, and the Irbid Development Area, declared as areas of economic development through royal initiatives. This company owns 80% of the capital of the Mafraq Development Company, developing the King Hussein bin Talal Development Area, covering 21,000 dunums. Its investments focus on logistics services and renewable energy in various industrial sectors.
Jordanian, Arab, and foreign investments in the region total about JD 500 million, with 58 operating factories and under-construction units in various industrial sectors. Existing factories provide approximately 1,300 permanent jobs, and those under design and construction will offer about 1,780 permanent positions
.
The region attracted 4 solar energy projects totaling 175 megawatts, with an investment of JD 165 million, generating about 200 job opportunities during implementation.
The SSC Company for Development of Developmental Areas wholly owns the Northern Development Company in Irbid, the main developer of the Irbid Development Area covering 1.8 km². Investments focus on information technology, communications, and support services, attracting 8 investments totaling JD 40 million, providing 2,300 job opportunities.
In 2016, the Fund established the SSC Financial Leasing Company for financing major infrastructure projects in various governorates in the health, transportation, and services sectors, contributing to creating training and employment opportunities.
The company finances projects like the Tafila Governmental Hospital, the Amman Customs Building Project – Al Madouna, the Ma’an Military Hospital, and the Bus Rapid Transit project linking Amman and Zarqa.
The pharmaceutical industry is vital to the Jorda
nian economy, enhancing research and development. The SSIF holds strategic shares in leading pharmaceutical companies such as Al-Hikma and Dar Al-Dawaa, contributing to about 80 public and private joint-stock companies. The Fund is represented on their boards by 119 delegates, with 13% being women.
The Fund, through its representatives on company boards, supports enhancing their developmental role by financing pioneering projects and small businesses, and backing social responsibility and sustainable development initiatives.
It ensures its representatives adhere to corporate governance standards and effective oversight controls, recognizing their importance in improving financial performance and shareholder interests, including Social Security. Periodic specialized forums enhance their skills, keeping them updated on legislation, global economic developments, and best practices in institutional governance.
Since 2018, the Fund has developed a social responsibility document outlining strategies and practice
s for economic, social, and environmental development.
To promote responsible investment and contribute to national modernization, the Fund’s strategic plan (2022-2024) includes Sustainable Development Goals like economic growth, poverty eradication, gender equality, and climate action.
Since 2017, the Fund voluntarily issues sustainability reports highlighting achievements in financial, institutional, environmental, and societal sustainability. It emphasizes transparent impact assessment on financial sustainability, social security, the national economy, the environment, and society.
In 2018, the Fund issued a Women’s Empowerment Document to enhance female employees’ skills and opportunities for career advancement on par with male colleagues.
In 2022, it participated in women’s economic empowerment initiatives, proposing strategies for increasing female economic participation, transitioning women from the informal to the formal economy, and facilitating women’s leadership in the private sector.
The Fund
‘s investments span vital sectors such as banking, mining, tourism, communications, energy (traditional and renewable), pharmaceuticals, agriculture, development areas, and real estate. These investments boost the Fund’s portfolio value, ensure financial sustainability for Social Security, stimulate economic activity, create quality jobs, and contribute to comprehensive sustainable development.
Source: Jordan News Agency
