Goldman Sachs Tops Brokerage Firms in Saudi Market Last Month

Goldman Sachs was the top brokerage firm operating in Saudi Arabia in May for the first time, data compiled by the Saudi bourse showed. The company accounted for 18.6 percent of trades by value and also ranked first in the list of transactions, making up 2.3 percent of the total trades on the Saudi Stock Exchange (Tadawul) last month.

HSBC Saudi Arabia moved up to second place, accounting for 9.4 percent of total trading in May, followed by NCB Capital and Al Rajhi Capital, which have traditionally been top brokers in the domestic market.

Goldman Sachs secured a license to trade equities in Saudi Arabia back in 2017, joining other western investment banks that have been looking to tap new opportunities since the government unveiled reforms to attract foreign capital. Global firms such as BlackRock, Citigroup, and HSBC have since been among those to join the list of institutional investors that can directly trade the market.

Among the reforms, the minimum value of assets under management ‎needed for an institution to qualify as an investor fell to $500 million ‎from $1 billion.‎

Saudi exchange opens itself to foreign investment

‎Saudi Arabia has also simplified requirements for qualifying the Affiliates Affiliates Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers compensate affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition The bro Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers compensate affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition The bro Read this Term of ‎institutional investors, with their subsidiaries and managed funds now could be ‎approved without submitting a separate application for each of them.

The CMA also recognized a wider range of other regulatory jurisdictions as ‎acceptable to Saudi Arabia. Earlier in April, the ‎securities regulator granted Riyad Capital its approval to offer Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term trade services, which was the first forex broker license in Saudi Arabia.

Foreign investors were originally allowed to start investing directly in Saudi ‎Arabia’s stocks market in 2015. The CMA reduced minimum requirements for the ‎institutions in 2016 and is now proposing a fresh round of reforms, as ‎Riyadh seeks to draw more capital into the market before the listing of state ‎oil giant Saudi Aramco.‎

Saudi Arabia’s reforms are part of Vision 2030, an economic reform plan ‎aimed at reducing historical high dependence on oil by diversifying the ‎country’s economy and transforming how the kingdom generates ‎public income.‎