Serrari Group

Japan’s SBI Holdings is poised to collaborate with Saudi Arabia’s Public Investment Fund (PIF) and National Technology Group to introduce an exchange-traded fund (ETF) tracking Saudi stocks on the Tokyo Stock Exchange (TSE). The partnership aims to bolster SBI’s asset management arm while tapping into the potential of the Middle Eastern market.

The proposal awaits approval from the TSE, marking a potential milestone as the first ETF to track Saudi shares listed on the exchange. SBI’s broader strategy includes forging financial ties with Saudi Arabia’s largest electric company and collaborating with Saudi Aramco to support Japanese startups in the kingdom.

The anticipated announcement coincided with a scheduled state visit to Japan by Saudi Crown Prince Mohammed bin Salman, which was postponed due to King Salman’s medical treatment. However, this delay hasn’t dampened investor interest in the forthcoming ETF launch.

The initiative aligns with Saudi Arabia’s Vision 2030 program, aimed at diversifying the economy away from traditional oil and gas revenues. This move mirrors similar endeavors, such as the listing of Asia Pacific’s first Saudi ETF on the Hong Kong Stock Exchange last year, underscoring the kingdom’s growing prominence in global investment markets.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

21st May, 2024

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