Saham launches Saudi market data on MetaTrader 5

Rick Steves

“We, at Saham, are thrilled to start offering a distinctive product which improves our clients’ experience and satisfaction levels. This is only the beginning as we are planning to add Middle East markets to our offering soon.”

Saham Holding has become the first company to start providing real Saudi market data through MetaTrader 5. Saham distributes real-time and historical data for all Saudi financial instruments, under the Tadawul Information License Agreement (TILA).

The fintech and securities firm develops software applications for investors, banks, and financial markets, operating in compliance with the Saudi Capital Market Authority regulations.

MetaTrader 5 to keep pace with Saudi revolution

The company has obtained a license from the Saudi Stock Exchange (Tadawul), which is the sole entity authorized in the Kingdom of Saudi Arabia to act as a Securities Exchange.

Mr. Abdulrhman Al Meshal, CEO of Saham Holding, commented: “It is impossible to keep pace with the Saudi market technical revolution without a technologically sophisticated solution such as MetaTrader 5.

“We, at Saham, are thrilled to start offering a distinctive product which improves our clients’ experience and satisfaction levels. This is only the beginning as we are planning to add Middle East markets to our offering soon.”

Dawul offering Saudi Arabia-based social trading platform

Earlier this year, Dawul raised $5 million in a seed round aimed at funding the development of the Saudi Arabia-based social trading platform that caters to beginner investors.

The fintech firm founded in 2020 by Mansour Al-Harbi provides automated ways to execute trades or follow professional traders and their portfolios and investment strategies.

The investment was led by RAED Ventures with participation from Impact46, Seedra Ventures, Derayah Venture and Sukna Ventures. The funds raised will fuel the expand the social trading platform’s product offering and network across the globe, with a focus on the MENA region, the United States, and the United Kingdom.

The $5 million fundraiser is considered one of the largest Seed funding rounds for a fintech company in the Kingdom of Saudi Arabia. The firm acquired a permit from the Saudi Capital Market Authority to conduct financial technology experiments by the end of the same year and was officially launched in July 2021.

Copy trading platforms have grown in popularity as more and more novice investors look to follow professional traders and their portfolios and investment strategies in order to optimize the risk-reward in the capital markets.

Dawul has plans to expand its social trading-related products and its network in the Middle East and North Africa as well as the American and British markets.

Read this next

Industry News

OKX to open office in Australia, starts rivalry with Kraken in Formula 1

“Our ambition is straightforward – to become the leading crypto platform in the world. We see Australia as an indispensable part of this strategy and a key growth market.”

Executive Moves

Freemarket taps Greg Sherwin as CTO of international payments and FX-focused fintech

“At Freemarket, we are focused on providing the best optimized cross-border payments and currency exchange service to our customers and Greg’s exceptional technology expertise will help us deliver even more for our customers and support their future growth and success.”

Digital Assets

Boerse Stuttgart Digital secures BaFin authorization for crypto custody

“This is the first time that an established market participant has been licensed to hold cryptocurrencies in custody without any acquisitions. This completes the unique infrastructure we offer: of all the traditional service providers operating in the European crypto market, we are now the only one-stop-shop that’s fully regulated by BaFin in Germany for brokerage, trading, and custody of digital assets. For banks, brokers, asset managers, and family offices, this makes us the infrastructure partner of choice.”

Executive Moves

Capital.com hires Simone Manni as Head of Marketing, Europe

“I am proud to join Capital.com, a dynamic, fast-growing FinTech company harnessing technology to disrupt traditional access to financial markets. My focus over the next few years will be to grow Capital.com’s market share across western Europe and to gain a stronger foothold in countries like Italy and Germany which boasts a mature and sophisticated trading community.”

Retail FX

Axi extends partnership deal with Manchester City

FX broker Axi, previously known as AxiTrader, has renewed its flagship sponsorship deal with soccer giant Manchester City.

Digital Assets

Russia delays digital ruble pilot to May

Russia has postponed its central bank digital currency (CBDC) pilot indefinitely, which was originally scheduled for April 1, as it awaits specific legislation to be voted before the “crypto ruble” trial.

Executive Moves

Scope Markets promotes James Hughes to head of marketing

Belize-based FX and CFDs brokerage Scope Markets has promoted James Hughes, who until recently was its head of brand, to take on an expanded role as the company’s global head of marketing.

Retail FX

Fraudsters clone Financial Commission’s website, two ex-members under suspicion

The Financial Commission, an industry-specific dispute resolution service that caters to the financial services industry, today announced that it believes a clone website has been impersonating its membership roster.

Retail FX

CMC Markets warns of operational challenges in Q1

CMC Markets PLC (LSE:CMCX) said in a trading update for the fiscal year 2023 that February and March posed a more challenging environment with lower equity volumes and a higher proportion of lower margin institutional trading activity.

<