The Deputy Prime Minister and Minister of Oil, Dr. Saad Al-Barrak, along with his roles as Minister of State for Economic Affairs and Investment, and Acting Minister of Finance, has officially declared the commencement of protocols aimed at transferring the ownership of three plots of land to the Public Institution for Social Security (PIFSS).
These plots of land collectively encompass an expansive area of 842,000 square meters, possessing a total assessed value of 2.5 billion dinars. This strategic move has been undertaken in strict adherence to the directives set forth by the political leadership, reports Al-Rai daily.
Dr. Al-Barrak elaborated in a press statement that the transfer of land ownership, as per the explicit guidance of the political leadership, to the PIFSS for investment purposes, stands as a tangible show of support for retirees.
This action is geared toward bolstering the financial and economic standing of the institution, ultimately ensuring its resilience and playing a pivotal role in mitigating the actuarial deficit, which has hitherto placed limitations on the institution’s fiscal framework.
He went on to clarify that this noble initiative is an unequivocal manifestation of the unwavering backing extended by the political leadership. It underscores their steadfast commitment to fostering the stability and fortitude of the Institution, thereby fulfilling its obligations of basic living necessities of the general populace and specifically addressing the needs of retirees.
Dr. Al-Barrak also highlighted that meticulous efforts are currently in motion to expedite the procedural aspects of transferring the ownership of these lands from the state to the PIFSS.
Sources in the know told the daily that the three plots of land are strategically situated across three distinct locales, namely Al-Mirqab (opposite the Awqaf complex), the Al-Rai vicinity, and a third site situated in the Al-Aqila area.
These same sources provided assurance that the process of transferring ownership will be conducted with promptness and efficiency. It’s important to note that these lands are not slated for open market sale; rather, their designated utilization for investment purposes will be carefully determined by the PIFSS, with a focus on serving the best interests of the organization and the beneficiaries — primarily the retirees.
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