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Construction Begins on ‘Banan City’ Project in Riyadh

Engineers oversee construction work at “Banan City” Project in northern Riyadh (Asharq Al-Awsat)
Engineers oversee construction work at “Banan City” Project in northern Riyadh (Asharq Al-Awsat)
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Construction Begins on ‘Banan City’ Project in Riyadh

Engineers oversee construction work at “Banan City” Project in northern Riyadh (Asharq Al-Awsat)
Engineers oversee construction work at “Banan City” Project in northern Riyadh (Asharq Al-Awsat)

Saudi Talaat Moustafa Group announced on Saturday that construction work has commenced on the “Banan City” Project in Riyadh’s northeastern Al-Fursan suburb.
The company stated that operations are underway around the clock, adhering to construction schedules and plans. Heavy and operational equipment are fully deployed to deliver units to owners sequentially.
Banan City is set to be a smart city spanning 10 million square meters in northeastern Riyadh.
It aims to offer an unprecedented quality of life to over 120,000 residents within a gated community. The development will integrate cutting-edge smart city technologies with residential privacy and the latest sustainability standards.
In May, the National Housing Company and Saudi Talaat Moustafa Group laid the foundation for “Banan City” and began accepting reservations.
On July 9, the group disclosed to the Egyptian stock exchange that “Banan City,” described as a sustainable city, has achieved unprecedented sales since its launch in May, surpassing the first-year sales target in just two months.
Hesham Talaat Moustafa, Chairman of Saudi Talaat Moustafa Group, projected the project’s revenue at around 40 billion Saudi riyals ($12 billion), with a total investment cost estimated at 31.4 billion riyals.

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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.