Electronic trading major Interactive Brokers Group Inc (NASDAQ:IBKR) and Saudi investment bank SNB Capital have announced a collaboration that will allow eligible international investors to access the Saudi Exchange through the Interactive Brokers platform.
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 launched today 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 Dubai International Finance Center.
The Saudi Exchange is among the top ten 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. 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.
“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.
