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CAPITAL MARKETS-
#1- Saudi bond ETF makes its debut in Singapore: US-based State Street InvestmentManagement cross-listed the SPDR JP Morgan Saudi Arabia Aggregate Bond UCits ETF on the Singapore Exchange, with the Public Investment Fund (PIF) as the anchor investor, according to a press release. The fund tracks the JP Morgan Saudi Arabia aggregate Index and gives investors exposure to fixed income instruments.
REFRESHER- The PIF invested USD 200 mn in the Saudi-focused ETF — which launched on the Deutsche Boerse last December before being listed in London and Milan — earlier this year as a seed investor. The ETF targets USD- and SAR-denominated government and quasi-government debt instruments, including sukuk.
#2- Merrill Lynch Kingdom of Saudi Arabia received the Exchange’s approval to conduct market making on Flynas and Baan Holding Group shares as of today, according to a disclosure to Tadawul released yesterday.
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LOGISTICS-
FedEx launched its first dedicated flight to Saudi Arabia, establishing the Kingdom’s first nonstop express route from the US and Europe, it said in a statement. Operating six times a week on a B777 freighter, the service offers onward connections to Guangzhou and Shanghai and can transport oversized, heavy, temperature-controlled, and dangerous goods for sectors including energy, manufacturing, mining, healthcare, and automotive.
The move supports FedEx’s broader expansion in Saudi Arabia, which includes plans for a regional hub at King Salman International Airport and the rollout of FedEx Logistics to provide freight forwarding services.
ICYMI- Earlier this week, the logistics giant inaugurated its new Riyadh head office to oversee operations in Qatar, Bahrain, and Kuwait, and acquired its economic license from the General Authority of Civil Aviation (Gaca).
OIL & GAS-
Ades Holding signed a four-year contract extension worth an estimated SAR 808 mn with QatarEnergy for its jackup rig Aquamarine Driller, it said in a disclosure to Tadawul yesterday. The contract includes an option for three additional one-year extensions.
