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Interactive Brokers has announced a groundbreaking collaboration with SNB Capital, the largest investment bank in Saudi Arabia and the leading broker on the Saudi Exchange. This partnership marks a significant milestone as Interactive Brokers becomes the first global broker to allow foreign investors direct access to trade securities listed on the Saudi Exchange.
The collaboration, launched during a bell-ringing ceremony at the Saudi Exchange in Riyadh, enables eligible international investors to access the largest stock market in the Middle East through the Interactive Brokers platform. This move expands Interactive Brokers' already extensive global offering, allowing clients to invest in Saudi equities alongside a diverse range of global financial instruments from a single unified platform.
Milan Galik, Chief Executive Officer of Interactive Brokers, commented on the partnership: "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."
The Saudi Exchange, ranking among the top ten largest stock markets within the World Federation of Exchanges, offers a diverse landscape of over 415 listed securities across 22 sectors. This integration allows Interactive Brokers' clients to diversify their portfolios with Saudi stocks, real estate investment trusts (REITs), and exchange-traded funds (ETFs).
Rashed Sharif, Chief Executive Officer of SNB Capital, emphasized the strategic importance of this collaboration: "Our partnership with Interactive Brokers aligns perfectly with our strategic objectives, contributing to the ambitious goals of Saudi Vision 2030's Financial Sector Development Program. It aims to develop an advanced financial market and provide an effective investment platform with a diversified investor base."
This partnership comes at a time when Saudi Arabia, the largest economy by GDP in the Middle East, is undergoing significant social and economic transformation under its Saudi Vision 2030 strategy. The collaboration is expected to play a crucial role in further developing Saudi Arabia's already diversified, accessible, and competitive economy.
The launch event was attended by 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, underscoring the global significance of this partnership.
