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Qatar Energy Acquires 17% Stake in Shell-Operated Concessions in Egypt

The new Qatar Energy logo is pictured during a news conference in Doha, Qatar, October 11, 2021. Qatar News Agency/Handout via REUTERS
The new Qatar Energy logo is pictured during a news conference in Doha, Qatar, October 11, 2021. Qatar News Agency/Handout via REUTERS
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Qatar Energy Acquires 17% Stake in Shell-Operated Concessions in Egypt

The new Qatar Energy logo is pictured during a news conference in Doha, Qatar, October 11, 2021. Qatar News Agency/Handout via REUTERS
The new Qatar Energy logo is pictured during a news conference in Doha, Qatar, October 11, 2021. Qatar News Agency/Handout via REUTERS

Qatar Energy will acquire a 17 percent stake in two Shell-operated concessions (Block 3 and Block 4) in Egypt's Red Sea region, Shell Egypt said on Monday.

Shell will remain the main operator of the concessions, Shell Egypt's statement added.

Khaled Kacem, Shell’s Vice President & Country Chair for Egypt, said: “Bringing such reliable partners into the project will enable us to leverage our joint expertise as we progress the opportunity. It is also worth highlighting that we were able to attract new market entrants thanks to the favorable investment climate in Egypt.”

QatarEnergy president and CEO Saad Sherida Al-Kaabi said the deal represents the company’s “entry into the Arab Republic of Egypt’s well-established upstream oil and gas sector and offers an opportunity for the consortium partners to explore this frontier acreage.”

Block 3 was awarded to Shell in late 2019 and covers an area of 3,097 sq km in water depths of 100 to 1,000 m.

Block-4 was also awarded to Shell in late 2019 and covers an area of 3,084 sq km in water depths of 150 to 500 meters.

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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.