Riyadh to Host Retail Leaders Circle MENA Summit on Monday

A car drives past the Kingdom Center Tower in Riyadh, Saudi Arabia, November 12, 2017. (Reuters)
A car drives past the Kingdom Center Tower in Riyadh, Saudi Arabia, November 12, 2017. (Reuters)
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Riyadh to Host Retail Leaders Circle MENA Summit on Monday

A car drives past the Kingdom Center Tower in Riyadh, Saudi Arabia, November 12, 2017. (Reuters)
A car drives past the Kingdom Center Tower in Riyadh, Saudi Arabia, November 12, 2017. (Reuters)

Retail Leaders Circle (RLC) MENA Summit will kick off in Riyadh on Monday, in partnership with “Invest Saudi” and under the patronage of Minister of Commerce and Investment Majed al-Qasabi.

More than 50 speakers will take part in the summit, in addition to a group of experts and decision-makers in the regional retail sector.

The two-day summit will convene in the Saudi capital under the theme “Future Retail & Consumer: Thriving in a Changing Environment.” It will bring together more than 1,500 retail leaders, brand owners, SMEs, industry stakeholders policy-makers and investors.

It will organize dialogues and workshops that will focus on several significant topics that address the changing environment of retail and consumption in the Kingdom and the region.

It aims to shed light on Saudi Arabia’s plans to become a pioneer in business, investment and retail in line with its Vision 2030 goals.

The Kingdom’s hosting of the event coincides with Saudi Arabia taking over the G20 presidency.

The partnership between Invest Saudi and RLC is part of efforts by the Saudi Arabian General Investment Authority to attract key world and regional events that bring together business pioneers and decision-makers.

Significantly, Saudi Arabia ranked seventh in retail trade according to the 2019 Global Retail Development Index.



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.