You can get exposure to gold in Saudi Arabia without buying physical gold through a gold fund, such as the Albilad Gold ETF (code 9405), or a mining share, such as Ma'aden (code 1211). With the fund you own units linked to the gold price and pay annual fees. With the share you own part of a company whose business goes beyond gold. You don't need a safe, but you don't receive gold either, and each carries its own risks. We name these products to explain them, not to recommend them.
How can I invest in gold in Saudi Arabia without holding it?
Last reviewed: · How we write and review (Arabic)
Last updated: Source: metals.dev in Saudi riyals, dollars at the 3.75 peg · World benchmark: LBMA price · How we get our prices
The listed gold fund
You buy and sell units like a share, from your account with any licensed broker. These details come from the Albilad Gold ETF page and its terms and conditions:
| Item | Detail |
|---|---|
| Saudi Exchange code | 9405 |
| Manager | Albilad Capital |
| Tracks | The spot gold contract on the Dubai Gold & Commodities Exchange |
| Holds | Physical gold bars of at least 0.995 purity |
| Where the gold is | The Dubai Multi Commodities Centre vault |
| Management fee | 0.75% a year of net assets, plus VAT |
| Other expenses | Capped at 0.5% a year of net assets |
| Trading commission | Paid by you, set by your broker |
| Unit value | About SAR 20.90 (29 October 2026) |
| In-kind redemption | 2.5% fee, on the fund's terms |
The fund says it complies with its Sharia committee's guidelines; the details are in its terms.
What do the fees cost?
On SAR 10,000 in the fund, the 0.75% management fee is about SAR 75 a year, before VAT and other expenses. It comes out of the fund's value rather than your pocket, so it's easy to overlook, but it recurs every year.
A bar has no annual fee, but you pay a margin when you buy and again when you sell, and storage is your problem. As a rough comparison, an 8% bar premium equals a 0.75% fee for more than 10 years (8 ÷ 0.75), before counting the resale margin or other expenses. So how long you hold matters a great deal.
Investopedia reports that the world's largest gold ETF, SPDR Gold Shares, charged 0.40% as of October 2026, and that some US funds charge 0.17%. Compare fees before you decide.
The risks
The terms list the risks in full. The main ones are:
- The gold price: when it falls, so does the unit.
- Tracking difference: the fund aims to stay within 2% a year of the contract price, but fees and trading costs affect that.
- Market price: the last trade can differ from net asset value. On 29 October 2026 the NAV was SAR 20.8957 and the last trade SAR 20.96.
- Custody: the gold is held outside Saudi Arabia by a third party.
- In-kind redemption: it has conditions and a cost, and isn't like collecting a bar from a shop.
Unlisted funds
Open-ended public funds are bought through the manager rather than on the exchange. The Yaqeen Gold Fund from Yaqeen Capital lists a 0.5% annual management fee and no subscription fee. You can check any fund on the Capital Market Authority's list of licensed funds. Fees change, so read the current terms.
A mining share
Ma'aden is listed on the Saudi Exchange under code 1211, and Mubasher classes it as mining and diversified metals.
| Gold fund | Ma'aden share | |
|---|---|---|
| What you own | Units linked to gold | Part of a company |
| Its price follows | The gold price | The company and the market |
| Dividends? | No | Up to the company |
Investopedia explains that mining shares don't always move with bullion, because each company has operating costs and succeeds or fails on its own performance. Ma'aden isn't a direct substitute for gold.
What about zakat?
Zakat on funds and shares involves details that differ from gold in your hand, so we don't give a general ruling here. Ask a trusted authority. We cover zakat on gold itself in detail.
Don't confuse this with trading apps
A licensed fund is one thing; CFD platforms are something else entirely. If an unlicensed app offers you "gold", read are online gold trading platforms safe?
Sources
- Albilad Capital: Albilad Gold ETF page, unit values at 29 October 2026 (Arabic).
- Albilad Capital: terms and conditions: fees, custody, risks and redemption (Arabic).
- Yaqeen Capital, via the Capital Market Authority: Yaqeen Gold Fund terms (Arabic).
- Capital Market Authority: licensed investment funds (Arabic).
- Mubasher: Ma'aden (1211) profile.
- Investopedia: Physical Gold vs. ETFs (updated 20 October 2026) and Discover 4 Smart Ways To Invest in Gold.
Frequently asked questions
Can I invest in gold without buying physical gold?
Yes, through a listed or public gold fund, or a mining share. Neither delivers gold to you.
What is the gold ETF code on the Saudi Exchange?
The Albilad Gold ETF trades under code 9405.
Is the Albilad Gold ETF backed by real gold?
The fund says it is backed by physical bars, and its terms say they are held in the Dubai Multi Commodities Centre vault.
Does Ma'aden stock follow the gold price?
Not directly. It reflects the whole company and the market, and the business goes beyond gold.