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Saudi Arabia, UK Discuss Strengthening Trade and Industrial Cooperation

Alkhorayef and Huddleston discussed ways to boost the partnership between Saudi Arabia and the UK in several economic sectors, particularly industry and mining. SPA
Alkhorayef and Huddleston discussed ways to boost the partnership between Saudi Arabia and the UK in several economic sectors, particularly industry and mining. SPA
TT
TT

Saudi Arabia, UK Discuss Strengthening Trade and Industrial Cooperation

Alkhorayef and Huddleston discussed ways to boost the partnership between Saudi Arabia and the UK in several economic sectors, particularly industry and mining. SPA
Alkhorayef and Huddleston discussed ways to boost the partnership between Saudi Arabia and the UK in several economic sectors, particularly industry and mining. SPA

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef has held talks with UK’s Minister of State for International Trade Nigel Huddleston on the sidelines of the meeting of the GCC Ministers of Trade and Industry in Salalah, Oman.

During the meeting, Alkhorayef and Huddleston discussed topics of mutual concern and ways to boost the partnership between the two countries in several economic sectors, particularly industry and mining.

The meeting also focused on enhancing cooperation between the two countries in the industrial and mining sectors, reviewing promising industrial and mining investment opportunities, and exploring the possibility of increasing trade and developing non-oil exports.

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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.