Tunisia Syndicates Call for Biggest Strike Within Public Sector Institutions

Tunisia Syndicates Call for Biggest Strike Within Public Sector Institutions
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Tunisia Syndicates Call for Biggest Strike Within Public Sector Institutions

Tunisia Syndicates Call for Biggest Strike Within Public Sector Institutions

Tunisian General Labor Union continued its series of syndicate meetings held by some of the most prominent public sector institutions, in order to rally the union and popular support to carry out the largest general strike in public sector institutions on October 24.

This step raised fears of repeating the strike, which took place on January 26, 1978, resulting in dozens of casualties and the imprisonment of union leaders during the rule of former President Habib Bourguiba.

President of the Tunisian General Labor Union (UGTT) Noureddine Taboubi held a meeting on Wednesday that included major public sector companies, public transport company, the Tunisian Company of Electricity and Gas, and TunisAir.

These companies are threatened to be privatized due to major financial difficulties and the failure of several plans to restructure them over the past years, which means that thousands of workers must be abandoned and that is precisely rejected by the labor union bodies.

In a meeting held at the headquarters of the labor union with the workers of the public transport company, Taboubi stressed the commitment of union leaders to public sector institutions.

He pointed out before hundreds of trade unionists, who criticized the government, that employees pay about 75 percent of the direct tax, weakening their purchasing power.

He also called for uniting the union rules with the labor union for the success of the public strike, so that public sector institutions remain for all Tunisians.

Meanwhile, Tunisia’s UGTT announced its commitment to the public strike.

It suggested establishing a supreme planning body to deal with the government and end the economic and social crises by controlling new economic strategies, away from traditional references.

On the other hand, Executive Director of the Tunisian Appeal Party Hafez Qayed al-Sibsi and Head of the Free Patriotic Union (FNP) Salim Riahi announced during a press conference on Wednesday a new distribution of leadership positions.

This came following the announcement of the political integration of the two parties.



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.