Iraq to Establish Fixed Platform for Imported Gas at Grand Faw Port

Sudani chairs the meeting held to follow up on the implementation of the Ministry of Oil projects. (INA)
Sudani chairs the meeting held to follow up on the implementation of the Ministry of Oil projects. (INA)
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Iraq to Establish Fixed Platform for Imported Gas at Grand Faw Port

Sudani chairs the meeting held to follow up on the implementation of the Ministry of Oil projects. (INA)
Sudani chairs the meeting held to follow up on the implementation of the Ministry of Oil projects. (INA)

Iraqi Prime Minister Mohammad Shia Al-Sudani approved Wednesday the establishment of a fixed platform for imported gas at the Grand Faw Port.
This gas platform marks a significant milestone in the country's oil and gas sector, representing the first of its kind.
The Prime Minister's Office (PMO) issued a statement confirming the approval of the specialized committee's recommendations during a meeting chaired by Al-Sudani.
The meeting focused on outlining the forthcoming steps to operationalize the fixed platform.
Al-Sudani underscored that the successful initiation of this vital project was made possible by the substantial progress achieved in the Grand Faw Port project.
This strategic endeavor aligns with the government's commitment to address challenges related to gas supplies, eliminate hurdles in gas imports, and transition towards reliance on gas sourced from Iraqi fields.
According to the statement, the endorsed recommendations put forth by the committee include the engagement of a reputable international consulting firm to oversee both the technical and commercial aspects of the project.
Furthermore, it intends to issue invitations for the establishment of a fixed platform dedicated to importing liquefied gas within the expansive Al-Faw port along with the infrastructure, and integrating it into the existing pipeline network.
This move is aimed at ensuring a consistent gas supply from diverse sources and bridging the gap in electricity station operations.



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.