Saudi Business Sector Responds to Govt Call to Tighten Preventive Measures

Saudi Arabia stresses the implementation of the precautionary measures in the public and private sectors (Photo: Asharq Al-Awsat).
Saudi Arabia stresses the implementation of the precautionary measures in the public and private sectors (Photo: Asharq Al-Awsat).
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Saudi Business Sector Responds to Govt Call to Tighten Preventive Measures

Saudi Arabia stresses the implementation of the precautionary measures in the public and private sectors (Photo: Asharq Al-Awsat).
Saudi Arabia stresses the implementation of the precautionary measures in the public and private sectors (Photo: Asharq Al-Awsat).

The remote work system implemented by Saudi Arabia when the outbreak of the Covid-19 was first reported has succeeded in achieving productive targets during the first wave of the virus and contributed to generating jobs and work opportunities in small cities and governorates, experts told Asharq Al-Awsat.

This comes as the Saudi Ministry of Human Resources and Social Development has recently called on workers in the public and private sectors to adhere to precautionary and preventive measures, and to abide by health instructions and physical distancing at workplaces, in addition to resorting to remote work as much as possible, with the importance of applying a flexible working-hour policy.

Last year, the ministry launched the second phase of the “remote work” program, which includes the launch of an electronic portal to provide job offers and other services, such as tracking and following up on employees’ performance.

The ministry explained that the launch of the second phase comes after setting the controls and standards that govern the work environment, to ensure that the time and quality of the output is not affected, as well as guaranteeing the productivity and discipline of the employees included in the program.

In this regard, expert on public policies and international cooperation, Dr. Akram Jadawi, told Asharq Al-Awsat that the ministry’s decision to invite all sectors to implement the remote work program and to adopt flexible work policies came in a timely manner, especially as some parties were quick to resort to the system and reduce the number of employees in workplaces.

The remote work system has proven its effectiveness in raising productivity whenever the appropriate conditions are present, Jadawi said.

Member of the Board of Directors of the Saudi Society for Human Resources, Bader Al-Enezi, told Asharq Al-Awsat that the public and private sectors, with their profit and non-profit branches, have gained experience in dealing with the remote work system after recognizing the risks of the pandemic.

He emphasized that several countries were working on equipping the technical infrastructure to ensure the continuity of the economy and workflow in light of the current crisis, adding that the Saudi sectors were able to keep pace with the rapid changes in the business model.



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.