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Riyadh, Moscow Stress Commitment to Reduce Oil Production

File: Saudi Energy Minister Abdulaziz bin Salman Al Saud and his Russian counterpart Alexander Novak
File: Saudi Energy Minister Abdulaziz bin Salman Al Saud and his Russian counterpart Alexander Novak
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Riyadh, Moscow Stress Commitment to Reduce Oil Production

File: Saudi Energy Minister Abdulaziz bin Salman Al Saud and his Russian counterpart Alexander Novak
File: Saudi Energy Minister Abdulaziz bin Salman Al Saud and his Russian counterpart Alexander Novak

Saudi Arabia and Russia stressed Thursday mutual commitment to reduce oil production over the next two years, noting that they would also monitor the oil market closely.

In a joint statement, the two countries said they were prepared to take further measures jointly with OPEC+ and other producers if necessary.

The statement followed a phone call between the Saudi Energy Minister Abdulaziz bin Salman Al Saud and his Russian counterpart Alexander Novak on Thursday.

This comes as part of their regular consultations on the oil market situation.

The two sides stressed that Saudi Arabia and Russia have worked diligently with other OPEC+ countries and other producers to achieve a historic agreement to stabilize the oil market.

"Both our nations are strongly committed to implementing the agreed target cuts over the next two years," the statement said.

"We are also confident that our partners in OPEC+ and other producers will live up to their commitments."

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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.