The boom in oil exploration in the 2nd half of the 20th century opened up the Middle East to the global economy and shifted the once nomad land to economic glory. Saudi Arabia, home to the world’s largest oil reserves, ranks as 23rd largest economy of the world.
The largest and most populous nation in the Gulf Cooperation Council (GCC), Saudi Arabia has seen neighbors such as the UAE, Bahrain and Qatar become thriving economic centers, while the kingdom has been slow to adapt the implementation of global values. However with a shift to a more liberal and diversified economy, Saudi Arabia is set to dominate the Middle East and Arab world as an economic leader.
Saudi Arabia is an oil based economy with natural resources making up 45% of budget revenues, 55% of GDP, and 90% of export earnings. However, Saudi Arabia has been developing other sectors of its economy to reduce its dependency on oil revenue. Just before the global financial crisis hit, prices of
oil peaked at $147/barrel before crashing to $30. Although higher priced oil is beneficial for Saudi Arabia, the higher costs also lower the demand.
Due to these massive price shifts and their effect on supply and demand Saudi Arabia has understood
the need for diversification. The country has a strong domestic economy driven by oil and petroleum exports. However a concern for the government is the high unemployment figure which is around 10%. This is alarming when compared to neighbors such as the UAE where only 4.6% of the population is unemployed. The jobless problem becomes more complicated for the future as the majority of the unemployed are below the age of 25. GDP per capita is at a modest $25,000, ranking 38th in the world.
There is a relative imbalance amongst Saudis, although the government gives housing and funding grants. Saudis living in rural areas are faced with difficulty as the oil wealth does not usually reach them. There are an estimated 670,000 families who can be classified as poor or close to the poverty line. From the 18 million Saudi citizens in Saudi Arabia (total population is around 25 million) that equates to nearly 3 million people who are poor.
Despite the nation being home to the highest number of high net worth in the Middle East region, Forex Trading in Saudi Arabia has been an investment product for a small portion of investors. Computer literacy and awareness of global markets meant that only a handful of Saudi Arabian investors were familiar with the leveraged product. Forex was first pioneered in this region by introducing brokers from Jordan in the early 2000s. Clients would be informed of the numerous benefits offered by forex trading and most traders would invest with the introducing broker who would also manage client money on their behalf.
At the same time, firms like FX Solutions had set their eyes on the nation and started preparing the right material to educate Saudi investors on the dynamics of the forex markets. The firm had specialist sales and marketing individuals as well as material in Arabic language. Overall, the country has been slow to explore global investment products like forex and CFDs. Neighboring countries such as Jordan and UAE established marketplaces for online forex trading at an earlier time.
IB and Money Manager Dominance
The Saudi market was driven by introducing brokers and money managers who performed offline marketing; setting up small offices where they would inform and educate traders. However, Saudi investors have faced difficulty with many of these money managers who lured them into forex investments and failed to fully declare the nature and risks of the markets as well as providing falsified previous returns.
Money managers would get large investments (sums of around $100k) from investors and work with unregulated brokers. The account would then suffer losses with the broker and money manager splitting the losses. Shafi Ahmed, a day trader and portfolio manager based in Saudi Arabia, sees this as a major challenge for investors; “one of the biggest scams is the fake money manager whose main concern is to margin call the accounts”.
This is an excerpt from a full feature on the Saudi Arabian forex market in our Q4 Forex Industry Report.
The boom in oil exploration in the 2nd half of the 20th century opened up the Middle East to the global economy and shifted the once nomad land to economic glory. Saudi Arabia, home to the world’s largest oil reserves, ranks as 23rd largest economy of the world.
The largest and most populous nation in the Gulf Cooperation Council (GCC), Saudi Arabia has seen neighbors such as the UAE, Bahrain and Qatar become thriving economic centers, while the kingdom has been slow to adapt the implementation of global values. However with a shift to a more liberal and diversified economy, Saudi Arabia is set to dominate the Middle East and Arab world as an economic leader.
Saudi Arabia is an oil based economy with natural resources making up 45% of budget revenues, 55% of GDP, and 90% of export earnings. However, Saudi Arabia has been developing other sectors of its economy to reduce its dependency on oil revenue. Just before the global financial crisis hit, prices of
oil peaked at $147/barrel before crashing to $30. Although higher priced oil is beneficial for Saudi Arabia, the higher costs also lower the demand.
Due to these massive price shifts and their effect on supply and demand Saudi Arabia has understood
the need for diversification. The country has a strong domestic economy driven by oil and petroleum exports. However a concern for the government is the high unemployment figure which is around 10%. This is alarming when compared to neighbors such as the UAE where only 4.6% of the population is unemployed. The jobless problem becomes more complicated for the future as the majority of the unemployed are below the age of 25. GDP per capita is at a modest $25,000, ranking 38th in the world.
There is a relative imbalance amongst Saudis, although the government gives housing and funding grants. Saudis living in rural areas are faced with difficulty as the oil wealth does not usually reach them. There are an estimated 670,000 families who can be classified as poor or close to the poverty line. From the 18 million Saudi citizens in Saudi Arabia (total population is around 25 million) that equates to nearly 3 million people who are poor.
Despite the nation being home to the highest number of high net worth in the Middle East region, Forex Trading in Saudi Arabia has been an investment product for a small portion of investors. Computer literacy and awareness of global markets meant that only a handful of Saudi Arabian investors were familiar with the leveraged product. Forex was first pioneered in this region by introducing brokers from Jordan in the early 2000s. Clients would be informed of the numerous benefits offered by forex trading and most traders would invest with the introducing broker who would also manage client money on their behalf.
At the same time, firms like FX Solutions had set their eyes on the nation and started preparing the right material to educate Saudi investors on the dynamics of the forex markets. The firm had specialist sales and marketing individuals as well as material in Arabic language. Overall, the country has been slow to explore global investment products like forex and CFDs. Neighboring countries such as Jordan and UAE established marketplaces for online forex trading at an earlier time.
IB and Money Manager Dominance
The Saudi market was driven by introducing brokers and money managers who performed offline marketing; setting up small offices where they would inform and educate traders. However, Saudi investors have faced difficulty with many of these money managers who lured them into forex investments and failed to fully declare the nature and risks of the markets as well as providing falsified previous returns.
Money managers would get large investments (sums of around $100k) from investors and work with unregulated brokers. The account would then suffer losses with the broker and money manager splitting the losses. Shafi Ahmed, a day trader and portfolio manager based in Saudi Arabia, sees this as a major challenge for investors; “one of the biggest scams is the fake money manager whose main concern is to margin call the accounts”.
This is an excerpt from a full feature on the Saudi Arabian forex market in our Q4 Forex Industry Report.
Interactive Brokers Expands Offerings with Daily Options on French Stocks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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