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Saudi Arabia’s SAB Invest is set to proceed with the public offering of its new exchange-traded fund (ETF) on the local bourse.
Saudi Arabia’s Capital Market Authority (CMA) has approved the investment firm’s request to float the units of “SAB Invest Hang Seng Hong Kong ETF” on the Saudi Stock Exchange (Tadawul), a statement on Wednesday confirmed.
No details regarding the ETF or prospectus of the offering have been made available.
A subsidiary of Saudi Awwal Bank, SAB Invest provides asset management, global investment solutions, wealth management and brokerage services.
The investment firm has recently partnered with HSBC Asset Management as it looks to further tap into the growing institutional and high-net-worth markets.
(Writing by Cleofe Maceda; editing by Seban Scaria)
