HSBC launches Saudi-facing ETF

22 Nov 2011

HSBC Amanah is preparing to launch its first Saudi-facing ETF through S&P Indices, Mena FM can reveal.

The HSBC Amanah Saudi 20 ETF, seeded by HSBC with SAR10m ($2.67m) will invest in the top 20 listed Saudi companies, which S&P will select based on rules that have been agreed between the two companies. According to Saqib Masood, head of Islamic products at HSBC Amanah, the product is aimed at foreign investors seeking better access to the Saudi market.

“We are looking to provide a new product for foreign investors to access the Saudi market,” Masood told Mena FM. “We feel positive about the outlook for the Saudi market given its strong economic fundamentals."