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SAMA: Government Housing Subsidies Not to Be Calculated in Customers’ Income

The Saudi Minister of Municipal and Rural Affairs witnesses the conclusion of a new cooperation agreement in refinancing (Asharq Al-Awsat)
The Saudi Minister of Municipal and Rural Affairs witnesses the conclusion of a new cooperation agreement in refinancing (Asharq Al-Awsat)
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SAMA: Government Housing Subsidies Not to Be Calculated in Customers’ Income

The Saudi Minister of Municipal and Rural Affairs witnesses the conclusion of a new cooperation agreement in refinancing (Asharq Al-Awsat)
The Saudi Minister of Municipal and Rural Affairs witnesses the conclusion of a new cooperation agreement in refinancing (Asharq Al-Awsat)

The Saudi Real Estate Refinance Co. (SRC), a wholly-owned subsidiary of the Public Investment Fund (PIF), signed a joint cooperation agreement with Alinma Bank to acquire a real estate financing portfolio.

The agreement falls within the company’s continuous efforts to support the residential real estate market in the Kingdom, by expanding the acquisition of real estate financing portfolios and providing the necessary liquidity to ensure financial stability in the market.

The agreement was jointly signed by the company’s CEO, Fabrice Susini, and Alinma Bank CEO, Abdullah bin Ali Al-Khalifa.

Susini said the agreement was part of the company’s ongoing efforts to expand its partnerships with real estate financiers in the Kingdom.

Meanwhile, SAMA told all banks and financial institutions operating in the Kingdom that subsidies provided by government agencies to clients should not be classified within the customer’s total monthly income.

According to information obtained by Asharq Al-Awsat, SAMA notified financial institutions and banks that the exception to the documented government support provided by the Ministry and the Fund did not include amounts that are not paid periodically within the client’s total monthly income.

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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.