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Fund of $2.9 Bln to Develop 'Al Kidwa' in Makkah

The Royal Commission for Makkah City and Holy Sites announced the establishment of the real estate fund. (SPA)
The Royal Commission for Makkah City and Holy Sites announced the establishment of the real estate fund. (SPA)
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Fund of $2.9 Bln to Develop 'Al Kidwa' in Makkah

The Royal Commission for Makkah City and Holy Sites announced the establishment of the real estate fund. (SPA)
The Royal Commission for Makkah City and Holy Sites announced the establishment of the real estate fund. (SPA)

The Royal Commission for Makkah City and Holy Sites (RCMC) signed on Tuesday an agreement to establish a SAR 11 billion ($2.9 billion) fund to develop the Al Kidwa area, which is located nearly 500 meters south of the Holy Mosque.

The project will cover an area of 686,056 sq m and include the development of 2,614 properties within the project.

RCMC will facilitate the implementation process by providing alternative solutions for Al Kidwa residents and assisting the fund in obtaining licenses, permits, and approvals required to begin operations.

The agreement was signed on the sidelines of Cityscape Global which witnessed the participation of the RCMC which plays an integrative role with the Holy Makkah Municipality, Kidana, and the country to showcase the projects and investment opportunities of Makkah.

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Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
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Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)

State Street Global Advisors, a subsidiary of State Street Corporation, announced that Saudi Arabia’s Public Investment Fund (PIF) has invested SAR 750 million ($200 million) in the newly launched SPDR J.P. Morgan Saudi Aggregate Bond ETF.

According to a statement released by the company on Wednesday, this fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). It is listed in both the London Stock Exchange and Germany’s Xetra, offering investors the opportunity to track government and quasi-government bonds denominated in either the Saudi Riyal or the US Dollar, including sukuk (Islamic bonds).

This investment aligns with the objectives of Saudi Vision 2030, representing a significant step toward enhancing the international presence of Saudi Arabia’s financial markets and attracting foreign investments. The fund is available to investors across several European countries, including Austria, Denmark, France, Germany, and Italy.

Commenting on the investment, Yazid Al-Humaid, Deputy Governor and Head of MENA Investments at PIF, said: “The fund continues to create opportunities and enable access to diverse capital markets in the Kingdom. Investing in the first internationally listed Saudi fixed-income ETF underscores PIF’s commitment to deepening Saudi capital markets, attracting investors, and fostering partnerships across global financial centers.”

CEO of State Street Global Advisors Yi-Hsin Hung emphasized that the launch of the fund is a significant milestone in providing innovative opportunities for investors while contributing to Saudi Arabia’s economic growth.