Singapore Exchange (SGX) has listed its first Saudi Arabia-focused exchange-traded fund (ETF), marking a milestone for both markets. The SPDR J.P. Morgan Saudi Arabia Aggregate Bond UCITS ETF provides Singapore investors access to Saudi Arabia’s fast-growing bond market. This launch underscores the rising importance of a Saudi Arabia-focused ETF in connecting Asian investors to Gulf opportunities.
The ETF is managed by State Street Investment Management and tracks the J.P. Morgan Saudi Arabia Aggregate Bond Index. It includes liquid USD and SAR-denominated government and quasi-government bonds, as well as Sukuk. First launched on Deutsche Börse in December 2024, it was later cross-listed in London and Milan before reaching Singapore.
SGX executives explained that the listing expands SGX’s range of fixed income products while offering exposure to the Gulf Cooperation Council bond markets. They emphasized that the Saudi Arabia-focused ETF reflects growing investor demand for regional assets. Moreover, they highlighted that Saudi Arabia’s Vision 2030 reforms continue to deepen and diversify capital markets, making the Kingdom increasingly attractive.
Anna Paglia, Chief Business Officer at State Street Investment Management, noted strong interest in Saudi bonds from global investors. She explained that GCC countries have expanded both local and hard currency fixed income markets. As a result, the Saudi Arabia-focused ETF has emerged as a compelling tool for portfolio diversification.
The product has already secured significant institutional backing. In January 2025, Saudi Arabia’s Public Investment Fund committed US$200 million to the ETF. This investment reinforced the fund’s credibility and highlighted its appeal among leading sovereign investors.
The listing comes at a time when GCC bond markets are experiencing strong momentum. Collectively, these markets have grown to more than US$1 trillion in size as of March 2025. Analysts believe this growth reflects successful economic reforms and diversification strategies across the region.
SGX also leveraged its partnership with Euroclear’s ICSD ETF model to enable seamless cross-border settlements. This infrastructure simplifies global investing and boosts efficiency for investors across Europe and Asia.
With this new addition, SGX now lists 49 ETFs, with combined assets under management exceeding S$15 billion. The launch of the Saudi Arabia-focused ETF further strengthens SGX’s reputation as Asia’s most international multi-asset exchange.
