Clients of Interactive Brokers are now able to access the Saudi Arabian stock exchange thanks to a new partnership with SNB Capital.
The Interactive Brokers Saudi tie-up, launched today in Riadh, makes the trading platform the first global broker to allow foreign investors to directly own and trade securities listed on the Saudi Exchange.
The exchange is the largest in the Gulf Cooperation Council (GCC), with over 415 listed securities across 22 sectors.
“We are pleased to work with SNB Capital and give investors the ability to trade Saudi equities in addition to our already vast array of global products and markets at low cost,” said Milan Galik, Chief Executive Officer of Interactive Brokers.
Interactive Brokers Saudi partnership comes as the kingdom seeks to diversify and develop its economy under its Vision 2030 national strategy.
According to its website, SNB Capital is Saudi Arabia’s largest asset manager, with over SAR 230.40 billion of assets under management as of December 2022.
The firm’s chief executive Rashed Sharif said: “Our collaboration with Interactive Brokers comes as an extension to our role as the Saudi national champion and perfectly aligns with our strategic objectives contributing to achieving the ambitious goals of Saudi Vision 2030’s Financial Sector Development Program.”
Under a single platform, Interactive Brokers now provides automated trade execution and custody of securities, commodities, and foreign exchange around the clock in more than over 150 markets.
The tie-up complements the broker’s strategy of competing through innovation in its product line-up and offering a wide range of services.
Earlier this month the broker launched election-based betting for US investors through Yes/No contracts through its ForecastEx exchange.
While betting on US election results is only available to eligible US residents, the new contracts are set to be expanded globally.
Using the IBKR sports betting exchange, which closed at the end of 2020, clients of the firm were previously able to bet on sporting events using fantasy dollars.
Robin has more than six years of experience as a financial journalist, most of which were spent at Citywire, and covers the latest developments in the investing, trading and currency transfer space. Outside of work, he enjoys reading literature and philosophy and playing the piano.
You can contact Robin at robin@goodmoneyguide.com
