Interactive Brokers (Nasdaq: IBKR), an automated global electronic broker, has collaborated with SNB Capital, the premier broker on the Saudi Exchange and largest investment bank in Saudi Arabia.
The collaboration will enable eligible international investors to access the Saudi Exchange through the Interactive Brokers platform. This landmark move makes Interactive Brokers 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.
The collaboration was revealed during a bell-ringing ceremony at the Saudi Exchange, which took place in Riyadh, in 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 Dubai International Finance Center.
The Saudi Exchange shines among the top ten largest stock markets within the 72 members of the World Federation of Exchanges and is the leading market in the Gulf Cooperation Council (GCC), with over 415 listed securities across 22 sectors. It offers a versatile and diverse landscape of listed securities.
Interactive Brokers’ clients can 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, diversifying their investment prospects.
Rashed Sharif CEO – SNB Capital
“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.”
Milan Galik, Chief Executive Officer of Interactive Brokers, commented that, “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.”
Saudi Arabia, the largest economy by GDP and leading capital market in the Middle East, is currently witnessing significant social and economic transformation under Saudi Vision 2030, which seeks to further enhance an already diversified, accessible, and competitive economy.
