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Saudi Ministry of Interior Launches Smart Gates at NEOM Bay Airport 

The project is a collaboration between the General Directorate of Passports, the Saudi Data and Artificial Intelligence Authority (SDAIA), and NEOM. (SPA)
The project is a collaboration between the General Directorate of Passports, the Saudi Data and Artificial Intelligence Authority (SDAIA), and NEOM. (SPA)
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Saudi Ministry of Interior Launches Smart Gates at NEOM Bay Airport 

The project is a collaboration between the General Directorate of Passports, the Saudi Data and Artificial Intelligence Authority (SDAIA), and NEOM. (SPA)
The project is a collaboration between the General Directorate of Passports, the Saudi Data and Artificial Intelligence Authority (SDAIA), and NEOM. (SPA)

The Saudi Ministry of Interior launched on Tuesday the Smart Gates Project today at NEOM Bay Airport.

The project is a collaboration between the General Directorate of Passports, the Saudi Data and Artificial Intelligence Authority (SDAIA), and NEOM and aims to improve the efficiency of passenger procedures by allowing passengers to scan their biometric data at self-service kiosks.

The initiative is part of Saudi Arabia's efforts to enhance quality of life by implementing high-efficiency digital solutions in Saudi cities.

Present at the event were Assistant Minister of Interior for Technology Affairs Prince Dr. Bandar bin Abdullah bin Mishari, SDAIA President Dr. Abdullah bin Sharaf Al-Ghamdi, Director General of Passports Lieutenant General Sulaiman bin Abdulaziz Al-Yahya, SDAIA National Information Center Director Dr. Esam bin Abdullah Al-Wagait, and NEOM CEO Eng. Nadhmi Al-Nasr.

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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.