UAE Govt Annual Meetings Unveil 8 Projects, National Initiatives

The annual meetings of the UAE government were held this week in the presence of President Sheikh Mohammed bin Zayed Al Nahyan. (WAM)
The annual meetings of the UAE government were held this week in the presence of President Sheikh Mohammed bin Zayed Al Nahyan. (WAM)
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UAE Govt Annual Meetings Unveil 8 Projects, National Initiatives

The annual meetings of the UAE government were held this week in the presence of President Sheikh Mohammed bin Zayed Al Nahyan. (WAM)
The annual meetings of the UAE government were held this week in the presence of President Sheikh Mohammed bin Zayed Al Nahyan. (WAM)

The UAE revealed eight national projects and initiatives as part of the outcomes of the annual meetings of the UAE government, which were held this week in the presence of President Sheikh Mohammed bin Zayed Al Nahyan, Vice President and Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum and the participation of more than 500 officials.

The meetings witnessed the launch of the “We the UAE 2031” plan, which targets a new stage of sustainable development in the country, and sets a roadmap for the development path for the next 50 years.

The meetings also saw the announcement of an increase in support for the salaries of citizens in both the private and banking sectors, and the expansion of the covered sectors and specializations. The move aims to attract the largest number of national job seekers and encourage them to work in the private and banking sector institutions.

The new initiative will also contribute in building partnerships and supporting more than 170,000 beneficiaries in both the private and banking sectors during the next five years.

The strategic plans also included the Emirates Villages Project, which aims to create a sustainable development model that suits all regions in the country, and benefits from the human energies and natural potentials of each region.

The project seeks to create economic and investment opportunities that achieve social stability, and to provide appropriate economic openings in villages and remote areas.

The project is based on five development tracks, where the Emirates Council for Balanced Development will seek during the next five years to achieve a set of goals that focus on creating a micro-economy in 10 villages.

The annual meetings of the UAE government also saw the signing of seven major partners’ agreements for social contribution in support of the "Emirates Villages" project, with a value of 200 million dirhams ($54.4 million).



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.