Al-Rajhi MSCI fund raises 100M riyals

Al Rajhi Financial Company raised 100 million Saudi Riyals through the initial offering of the "Al Rajhi MSCI Shariah-Compliant Saudi Equity ETF" fund, following the completion of the offering process on August 4. The fund, an open-ended exchange-traded fund (ETF) that launched in February 2003, aims for moderate to long-term capital growth by tracking the MSCI Saudi Arabia Index that complies with Shariah principles. In June, approval was granted to list the fund units on the market as part of efforts to promote investment in Saudi stocks.

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