Less than 1% of investments were liquidated or are under liquidation
AMMAN (Petra) -- The Social Security Corporation (SSC) is trying at present to invest directly in the market and to enter with the private sector into real estate projects.
Mohammad Udeinat, chairman of the SSC's investment unit, referred in this regard to a memo of understanding signed recently with the Dubai-based Real Estate Development Company (EMAAR) to establish a real estate development company in Jordan and to participate in a unique housing project to be built on a plot of land near Zeitouneh, on the road to Madaba .
In addition, the SSC has invested in new financial tools and developed its performance measuring criteria within a lower-risk plan to be followed till the end of 2005.
Udeinat stressed that 98 per cent of the corporation's investments are directed to the local market in light of the low risk involved and the good returns besides the creation of job opportunities that serve the corporation's interests.
He pointed out that the corporation has invested JD17 million in four different types of capital-guaranteed securities in well-known funds run by the Arab Bank in Switzerland. Udeinat expected the securities to yield JD5 million annually.
According to Udeinat, less than one per cent of the SSC investments were liquidated or are under liquidation.
He noted that a specialised finance team is entrusted with the decision making regarding investments, pointing that the decision making is based on criteria that ensure the highest potential revenues.
Since its establishment at the beginning of 2003, the SSC channelled JD1.6 billion of subcribers money to its investment portfolio, Udeinat concluded.
© Jordan Times 2004
