Two exchange-traded funds that track Saudi Arabian stocks extended their gains on Wednesday after debuting a day earlier on Chinese mainland bourses amid the deepening of economic ties between the two nations.
The ETFs, managed by Huatai-PineBridge Investments and Southern Asset Management rose by the daily limit of 10 per cent during the morning trading session, following a 10 per cent increase on Tuesday, Chinese state news agency Xinhua reported on Wednesday.
Huatai-PineBridge Investments is listed on the Shanghai stock market, while Southern Asset Management is listed on the Shenzen bourse.
Both funds, tracking the FTSE Saudi Arabia Index which covers over 50 medium and large-sized firms, offer Chinese investors an option to broaden their investment portfolio by trading equities in the kingdom.
The two funds raised a total of 1.22 billion yuan ($171.06 million).
The target investors for the ETFs are “those who have knowledge in equity markets, have demand for global asset allocation and have confidence in the energy sector”, Bloomberg quoted Mao Wei, the chief equity investment officer at China Southern Asset Management as saying.
“People will pay more attention to Saudi Arabia looking at the energy and financial sector” compared with US or Japanese investment options, he added.
The latest development comes as Saudi Arabia and China, the world’s second-largest economy, continued to strengthen economic ties.
Last year, the two countries signed agreements worth more than $25 billion at an investment conference in Beijing covering sectors such as energy, agriculture, tourism, mining, financial services, logistics, infrastructure, technology and healthcare.
The Shanghai and Shenzhen bourses also signed agreements with Saudi Tadawul Group to enhance capital market links and explore potential co-operation opportunities in cross-listing, FinTech, data exchange and research, among other areas, according to Xinhua.
In November, Asia's first ETF tracking shares listed in Saudi Arabia was launched in Hong Kong, enhancing the financial hub's co-operation with the kingdom.
China has been boosting ties with regional partners in recent months. In May, it signed several new economic deals to strengthen ties with the UAE, the Arab world’s second-largest economy, during President Sheikh Mohamed's visit to Beijing.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
THE BIG THREE
NOVAK DJOKOVIC
19 grand slam singles titles
Wimbledon: 5 (2011, 14, 15, 18, 19)
French Open: 2 (2016, 21)
US Open: 3 (2011, 15, 18)
Australian Open: 9 (2008, 11, 12, 13, 15, 16, 19, 20, 21)
Prize money: $150m
ROGER FEDERER
20 grand slam singles titles
Wimbledon: 8 (2003, 04, 05, 06, 07, 09, 12, 17)
French Open: 1 (2009)
US Open: 5 (2004, 05, 06, 07, 08)
Australian Open: 6 (2004, 06, 07, 10, 17, 18)
Prize money: $130m
RAFAEL NADAL
20 grand slam singles titles
Wimbledon: 2 (2008, 10)
French Open: 13 (2005, 06, 07, 08, 10, 11, 12, 13, 14, 17, 18, 19, 20)
US Open: 4 (2010, 13, 17, 19)
Australian Open: 1 (2009)
Prize money: $125m
Results
2pm: Serve U – Maiden (TB) Dh60,000 (Dirt) 1,400m; Winner: Violent Justice, Pat Dobbs (jockey), Doug Watson (trainer)
2.30pm: Al Shafar Investment – Conditions (TB) Dh100,000 (D) 1,400m; Winner: Desert Wisdom, Bernardo Pinheiro, Ahmed Al Shemaili
3pm: Commercial Bank of Dubai – Handicap (TB) Dh68,000 (D) 1,200m; Winner: Fawaareq, Sam Hitchcott, Doug Watson
3.30pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Xavier Ziani, Salem bin Ghadayer
4pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,600m; Winner: Rakeez, Patrick Cosgrave, Bhupat Seemar
4.30pm: Al Redha Insurance Brokers – Handicap (TB) Dh78,000 (D) 1,800m; Winner: Capla Crusader, Bernardo Pinheiro, Rashed Bouresly
COMPANY%20PROFILE%20
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
COMPANY%20PROFILE
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