PIF Invests $200 Million in Bond ETF Amid Saudi Borrowing Spree

Bloomberg01-08

(Bloomberg) -- Saudi Arabia’s sovereign wealth fund invested $200 million in the first European-listed exchange traded fund to track the kingdom’s debt, as the government looks to attract more foreign flows into its bond market.

The investment into State Street Global Advisors’ new ETF “further deepens the Saudi market, while attracting investors and strengthening cross-geography partnerships,” Yazeed Al-Humied, the deputy governor and head of Middle East and North Africa investments at the Public Investment Fund, said in a statement.

The ETF tracks the JPMorgan Saudi Arabia Aggregate Index, which includes dollar and riyal-denominated government and quasi-government Saudi securities, including sukuk bonds.

The kingdom’s public debt markets have grown in recent years amid efforts to fund the crown prince’s Vision 2030 agenda to reshape the world’s biggest crude-oil exporter. It was one of the largest bond issuers in emerging markets last year, and has started 2025 with a borrowing spree — selling $12 billion of bonds this week.

JPMorgan Chase & Co. is considering adding the kingdom’s local currency bonds to its benchmark emerging market index, Bloomberg News has reported.

Get the Mideast Money newsletter, a weekly look at the intersection of wealth and power in the region.

--With assistance from Matthew Martin.

©2025 Bloomberg L.P.

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