The Social Security Investment Fund plays a crucial role in ensuring the sustainability of the institution’s financial resources while maximizing returns for its contributors. The fund operates under a clear legal framework that defines the responsibilities of each entity and establishes investment mechanisms, ensuring a strict separation between executive functions and oversight. The highest authority overseeing the fund’s investment policies is the Board of Directors of the Social Security Corporation, which approves the overall investment strategy and plans. The fund itself is responsible for executing these policies in a manner that maximizes assets and generates returns within acceptable risk levels.

 

The fund invests its resources through a diversified portfolio that includes money market instruments, debt instruments, and equity investments. Money market instruments consist of bank deposits and Treasury bills issued by the Central Bank. Debt instruments include government bonds and loans provided for major national projects or independent government institutions outside the state budget, backed by government guarantees. Equity investments encompass shares listed on the Amman Stock Exchange, unlisted companies, real estate, buildings, and tourism projects such as hotels and resorts, ensuring diversification across asset classes.

 

As of October 31, 2025, the fund’s total assets amounted to 18.2 billion Jordanian dinars, allocated as follows: 2.03 billion in money market instruments, 10 billion in debt instruments, 560 million in the loan portfolio, 3.5 billion in equities, 890 million in real estate, and 320 million in tourism projects. Debt instruments currently represent 56.8 per cent of total assets, which is within the allowed range of 50–60 per cent. However, future investment policies aim to reduce this exposure to around 30 per cent, enabling better risk distribution and expanding opportunities in other asset classes, in alignment with the average age of contributors.

 

Aligning investments with the demographics of contributors is a key principle for the fund. With an average participant age of approximately 30–32 years, the fund can pursue long-term investments such as real estate and development projects. In contrast, funds with older participants focus on shorter-term instruments to maintain liquidity. For example, the California Public Employees’ Retirement invests 50 per cent of its assets in equities despite an average age of 55, while Canada’s fund allocates 59 per cent to equities, Malaysia 42 per cent, Thailand 22 per cent, Chile 30 per cent and Jordan 16 per cent.

 

The fund also emphasizes strategic development projects that align with its long-term investment policies. A notable example is the National Water Carrier Project, with a total cost of approximately 6 billion dinars. Financing comes from a combination of concessional international funding, grants, and domestic financing through a syndicated bank loan of roughly 1.2 billion dinars. Expected returns during the first three years reach 8.5 per cent, with the fund holding approximately 450 million dinars, and a 15 per cent ownership alongside a French partner managing the project.

 

Additionally, the fund is evaluating potential participation in the Risha Gas Carrier Project, based on expected returns and alignment with its investment policies. Another major initiative is the New Amra City Project, where the fund acquired 12 per cent of the development, equivalent to 172.5 million dinars, covering 56,000 dunums. Of this, 16,000 dunums were purchased at a 30 per cent discount from administrative value (approximately 5,600 dinars per dunum), and the remaining 40,000 dunums at 2,100 dinars per dunum. This long-term developmental investment may be monetized later through BOT projects, leasing, or sale, providing sustainable and diversified returns.

 

Investment decisions are guided by the fund’s contributors’ demographics, ensuring a planning horizon of up to 30 years, consistent with long-term projects such as real estate and strategic development initiatives. While debt instruments offer secure returns, the fund recognizes that maintaining 56 per cent exposure is excessive; future strategies aim to reduce this share to no more than 30 per cent, balancing safety with growth potential. Despite this, Jordanian government bonds remain highly reliable, with no history of default on principal or interest payments.

 

SSIF exemplifies prudent and strategic asset management. By combining risk-aware decision-making with smart long-term investments, the fund maximizes returns, grows assets sustainably, and contributes to national economic development through major capital and development projects.