The Chairperson of the Social Security Investment Fund, Kholoud Al-Saqqaf, and the Mayor of Amman and Chairman of the Board of Amman Vision Investment and Development, Dr. Yousef Al-Shawarbeh, today signed a memorandum of understanding to study investment in the opportunities available across a number of vital sectors in the city of Amman.
On the sidelines of the signing ceremony, attended by a number of directors from the Fund and the company, the Mayor of Amman and Chairman of the Board, Dr. Yousef Al-Shawarbeh, said the signing of the memorandum reinforces the concept of partnership the company seeks to achieve, particularly with a national strategic investor such as the Social Security Investment Fund. He added that this partnership will strengthen the company's ability to act as the principal developer of the land and investment licences owned by the Greater Amman Municipality, and enable it to market many vital projects necessary for the prosperity of the capital Amman and to deliver an advanced level of diverse services, through the successful and viable investment of the Municipality's assets jointly with the Fund and private sector investors. Al-Shawarbeh added that what distinguishes Amman Vision is its understanding of the market and its needs, and its presentation of investment opportunities supported by feasibility studies rather than investment ideas not grounded in economic analysis.
The Chairperson of the Investment Fund, Ms. Kholoud Al-Saqqaf, said the Fund is keen to partner with all national institutions and the private sector to establish viable projects that strengthen the business environment in the Kingdom. She added that the partnership with Amman Vision, as the investment arm of the Greater Amman Municipality, aligns with the Fund's strategic direction to expand its investments in the services sector and real estate development, which will contribute to the Fund achieving investment returns, in addition to stimulating economic activity in the Kingdom and achieving sustainable development. Al-Saqqaf explained that, under this memorandum, the Fund will invest in opportunities whose economic feasibility is confirmed in light of the results of technical, financial, legal and environmental studies. She added that, following several meetings with the company during which some projects and investment methods were presented, the Fund will study investment in several projects, most notably the new Amman slaughterhouse project, the exhibition grounds project, and medical complexes.
Al-Saqqaf explained that the Fund is also currently studying the opportunities available to develop land owned by the Social Security Corporation and to establish projects on it in order to maximise the value of the Fund's real estate portfolio, given the important role this also plays in developing infrastructure in the Kingdom and providing diverse services to citizens. The Fund is additionally studying investment in a number of major projects announced by the Public-Private Partnership Projects Unit, as well as projects in the health and education sectors through the finance leasing window.
For his part, the Chief Executive Officer of the company, Eng. Hamza Al-Haj Hassan, said the company works to develop and provide various opportunities for investing the assets of the Greater Amman Municipality in a way that meets citizens' diverse needs and investors' aspirations through a genuine partnership between the public and private sectors, by managing these projects on commercial foundations with the aim of generating profits for all investors and contributing to the city's real estate development and the improvement of its services in a manner reflecting the urban progress of the city of Amman. He explained that this strategic partnership with the Social Security Investment Fund will enhance the appeal of the investment opportunities and help provide a financing window for any investor interested in the company's projects. Al-Haj Hassan noted that the company had launched a package of investment opportunities at the beginning of that year for residential, health, leisure, shopping centre and services projects, and that the company was working to complete the economic feasibility studies for seven investment opportunities. He added that the second package of new projects across several sectors would be announced the following August, through a range of investment options, with the aim of achieving investment returns for the Municipality through sustainable projects.
Source: https://www.ssif.gov.jo/News.aspx?id=489
