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Saudi Industry Minister Visits Tanger Med Port in Morocco

The Saudi Minister of Industry and Mineral Resources has visited the Tanger Med Port Center in Morocco. SPA
The Saudi Minister of Industry and Mineral Resources has visited the Tanger Med Port Center in Morocco. SPA
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Saudi Industry Minister Visits Tanger Med Port in Morocco

The Saudi Minister of Industry and Mineral Resources has visited the Tanger Med Port Center in Morocco. SPA
The Saudi Minister of Industry and Mineral Resources has visited the Tanger Med Port Center in Morocco. SPA

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef has visited the Tanger Med Port Center in Morocco as part of efforts to enhance ties between the Kingdom and Morocco.

During the visit, Alkhorayef was briefed on the stages of container processing, as the port constitutes an important industrial and logistical platform for more than 1,200 companies in various activities, including cars, aircraft, and textiles, and handles about 9 million containers annually.

Alkhorayef toured the facility and saw the logistics services that facilitate international trade, given the port's strategic location.

The minister was accompanied by the Deputy Minister of Industry and Mineral Resources for Mining Affairs, Eng. Khalid bin Saleh Al-Mudaifer, and the Saudi Ambassador to Morocco, Dr. Sami bin Abdullah Al-Saleh.

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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.