Interactive Brokers and SNB Capital, the leading broker on the Saudi Exchange and largest investment bank in the Kingdom of Saudi Arabia, have announced a collaboration that will allow eligible international investors to access the Saudi Exchange through the Interactive Brokers platform.
With this tie-up, Interactive Brokers becomes the first global broker to allow foreign investors to directly own and trade securities listed on the Saudi Exchange. Clients of Interactive Brokers can now invest in Saudi equities alongside global stocks, options, futures, bonds, funds, and more from a single unified platform.
SNB Capital is licensed entity by the Saudi Capital Market Authority and is a leading regional financial institution with deep industry expertise across five business lines including asset management and wealth management. It is the largest asset manager in Saudi Arabia with SAR 260 billion (USD 69.3 billion) of assets under management as of March 2024.
The collaboration was launched during a bell-ringing ceremony at the Saudi Exchange, in Riyadh, with the presence of SNB Capital’s Head of Securities Loai Bafaqeeh and James Bradie, IBKR’s Senior Executive Officer for Interactive Brokers’ new office in the Dubai International Finance Center.
The Saudi Exchange is among the top 10 largest stock markets within the 72 members of the World Federation of Exchanges and is the dominant market in the Gulf Cooperation Council (GCC), with over 415 listed securities across 22 sectors, offering a versatile and diverse landscape of listed securities.
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Clients can buy stocks and ETFs listed in Saudi Arabia
Clients of Interactive Brokers can diversify and expand their investment portfolios to include Saudi stocks, real estate investment trusts (REITs), and exchange-traded funds (ETFs) that trade on the Middle East’s largest stock exchange, broadening their investment prospects.
“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.
Saudi Arabia, the largest economy by GDP and leading capital market in the Middle East, is currently undergoing significant social and economic transformation under its overarching national strategy, Saudi Vision 2030, which aims to further develop an already diversified, accessible, and competitive economy.
“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 (FSDP); to develop an advanced financial market and provide an effective investment platform with a diversified investor base,” said Rashed Sharif, Chief Executive Officer of SNB Capital.