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Aramco Completes Acquisition of 40% Stake in Gas & Oil Pakistan

At the closing ceremony are GO CEO Khalid Riaz, sitting left, and Aramco Director of International Retail Nader Douhan, sitting right. Standing, from left, are GO board members Bilal Ansari and Shahzad Mubeen, Aramco Executive Vice President of Products & Customers Yasser Mufti, GO Chairman Tariq Kirmani, and Aramco Vice President of Retail Ziyad Juraifani. (Aramco Official Site)
At the closing ceremony are GO CEO Khalid Riaz, sitting left, and Aramco Director of International Retail Nader Douhan, sitting right. Standing, from left, are GO board members Bilal Ansari and Shahzad Mubeen, Aramco Executive Vice President of Products & Customers Yasser Mufti, GO Chairman Tariq Kirmani, and Aramco Vice President of Retail Ziyad Juraifani. (Aramco Official Site)
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Aramco Completes Acquisition of 40% Stake in Gas & Oil Pakistan

At the closing ceremony are GO CEO Khalid Riaz, sitting left, and Aramco Director of International Retail Nader Douhan, sitting right. Standing, from left, are GO board members Bilal Ansari and Shahzad Mubeen, Aramco Executive Vice President of Products & Customers Yasser Mufti, GO Chairman Tariq Kirmani, and Aramco Vice President of Retail Ziyad Juraifani. (Aramco Official Site)
At the closing ceremony are GO CEO Khalid Riaz, sitting left, and Aramco Director of International Retail Nader Douhan, sitting right. Standing, from left, are GO board members Bilal Ansari and Shahzad Mubeen, Aramco Executive Vice President of Products & Customers Yasser Mufti, GO Chairman Tariq Kirmani, and Aramco Vice President of Retail Ziyad Juraifani. (Aramco Official Site)

Saudi oil giant Aramco said it has made further progress in its global retail expansion by completing the acquisition of a 40% equity stake in Gas & Oil Pakistan Ltd. (“GO”).

GO is a diversified downstream fuels, lubricants and retail store operator in Pakistan with a network of more than 1,200 retail fuel stations, Aramco said in a statement on Friday.

It added that the acquisition, first announced in December 2023, represents Aramco’s first Downstream retail investment in Pakistan and signals the Company’s growing retail presence in high-value markets.

"In March, Aramco also acquired a 100% equity stake in Esmax Distribución SpA (“Esmax”), a leading diversified downstream fuels and lubricants retailer in Chile," the statement added.

In this regard, Yasser Mufti, Aramco Executive Vice President of Products & Customers, said: “Our global retail expansion is gaining pace and this acquisition is an important next step on our journey. Through our strategic partnership with GO, we look forward to supplying Aramco’s high-quality products and services to valued customers in Pakistan."

"We are also delighted to welcome another high-caliber addition to Aramco’s growing network of global partners, and look forward to combining our resources and expertise to unlock new opportunities and further grow the Aramco brand overseas.”

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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.