Riyadh - Sharikat Mubasher: Saudi Arabia’s Public Investment Fund (PIF) announced investing SAR 750 million ($200 million) into SPDR J.P. Morgan Saudi Arabia Aggregate Bond UCITS Exchange Traded Fund (ETF), managed by State Street Global Advisors.
This investment represents a significant milestone in the PIF’s role in enabling greater international access to the Kingdom’s diversified and dynamic market, the sovereign fund announced in a statement today.
The PIF and State Street Global Advisors marked the announcement at a bell-ringing ceremony at the London Stock Exchange.
Commenting on this investment, Yazeed Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said: “PIF continues to create opportunities, open gateways, and enable access to Saudi Arabia's diverse and dynamic capital market. PIF's investment into the first internationally listed fixed-income Saudi ETF further deepens the Saudi market, while attracting investors and strengthening cross-geography partnerships, increasing international investment in Saudi Arabia."
On her part, Yie-Hsin Hung, President and Chief Executive Officer of State Street Global Advisors, commented: “Reflecting a close collaboration with Public Investment Fund (PIF) and J.P. Morgan, it’s exciting that investors now have access to the fast-growing fixed-income market in Saudi Arabia, which is one of the leading issuers of investment grade international bonds across the emerging markets.”
The new fund was launched in December to track the new J.P. Morgan Saudi Arabia Aggregate Index to provide exposure to the performance of liquid, USD-denominated, and SAR-denominated government and quasi-government bonds, including Sukuk.