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

Digital Assets

Societe Generale launches its own cryptocurrency, EURCV

French banking giant Societe Generale has launched its own euro-pegged stablecoin, EUR CoinVertible (EURCV). This move by France’s third-largest bank reflects the increasing trend of mainstream financial institutions embracing cryptocurrencies on a global scale.

Executive Moves

Stelios Eleftheriou leaves NAGA Group to join BVNK

BVNK, the crypto-powered payments and banking platform for businesses, has appointed FX industry veteran Stelios Eleftheriou, who has a colorful career across the gaming industry, as Business Development Director (CFD & iGaming).

Retail FX

CAPEX.com introduce ETFs on UAE, Saudi stocks

Abu Dhabi-based broker CAPEX.com has expanded its asset class offerings to include a new suite of Exchange-Traded Funds (ETFs) tailored for the United Arab Emirates (UAE) and Kingdom of Saudi Arabia (KSA) markets.

Institutional FX

Tradeweb Markets surges past $1.80 ADV in November

Tradeweb Markets Inc. (Nasdaq: TW) has reported a total trading volume of $38.2 trillion and a record average daily volume (ADV) of $1.80 trillion for November 2023. These figures mark a 59.2% year-over-year increase.

Inside View

A Mission in Accounting

Ismael Haber, an auditor and accountant, has made it his mission to help businesses improve the quality of their financial information by eliminating fraud and error. In the next five years, the demand for these specific financial services, being external financial audits, forensic accounting, and other fraud preventive and detective services is envisaged to increase.

Institutional FX

CME Group to launch new spot FX marketplace ‘CME FX Spot+’ in 2024

US derivatives exchange, CME Group today announced plans to introduce ‘CME FX Spot+’, a novel spot foreign exchange (FX) marketplace.

Interviews

FMLS:2023: Andrew Mreana provides an exclusive sneak peek into cTrader’s 2024 innovations

cTrader’s focus for the next year would be on developing new tools for Introducing Brokers (IBs) and partners, particularly those related to algorithmic (algo) trading, the company’s head of growth told FinanceFeed in an exclusive interview at the Finance Magnates London Summit 2023.

Digital Assets

Grayscale’s Ethereum ETF stalls: SEC extends review to January 2024

The United States Securities and Exchange Commission (SEC) has extended the evaluation period for Grayscale’s proposed Ethereum spot ETF.

Institutional FX

BMLL completes China equity data offering: Shanghai, Shenzhen, and Hong Kong

“Demand for China data has never been higher. This is set against a general industry trend of increased market participant sophistication, and an increasing demand for quality historic market data to understand market microstructure and venue behaviour. Market participants need to get the full picture of market quality, liquidity and order book dynamics to ultimately make better informed decisions on the markets they trade and the venues they run.”

<