US-Africa Business Summit in Marrakech Seeks to Create Sustainable Partnerships

Marrakech will host the US-Africa Business Summit 2022 next week. (Asharq Al-Awsat)
Marrakech will host the US-Africa Business Summit 2022 next week. (Asharq Al-Awsat)
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US-Africa Business Summit in Marrakech Seeks to Create Sustainable Partnerships

Marrakech will host the US-Africa Business Summit 2022 next week. (Asharq Al-Awsat)
Marrakech will host the US-Africa Business Summit 2022 next week. (Asharq Al-Awsat)

Morocco’s Marrakech city is scheduled to host the US-Africa Business Summit 2022 between July 19 and 22.

The event, which will be held under the patronage of King Mohammed VI, will bring together more than one thousand participants, including entrepreneurs and prime ministers.

It aims to create resilient and sustainable partnerships among key decision makers in the public and private sectors in the United States and Africa.

It is expected to provide an opportunity for various organizations to explore new horizons to enhance the economic partnership, while underlining the next phase of the partnership, which mainly concerns US-African regional trade, energy, digital transformation, and trade finance.

The summit, themed “Building Forward Together” will explore a renewed commitment by both public and private sector stakeholders to building stronger US-Africa trade, investment, and commercial ties as they emerge from unprecedented health and economic challenges.

Its highlights will include plenary sessions and sector-focused panels as an exceptional line up of more than 100 business and government leaders will discuss industry-tested solutions to today's business challenges in agribusiness, finance, energy, health, infrastructure, ICT, security, and more.

Session topics will include “Building a Just Transition to Net Zero in Africa,” “Innovation for Agriculture Transformation,” and “SMEs: Fueling the Recovery and Economic Growth,” to name few.

It will also include an opening session, public meetings and dialogues.



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.