Saudi Arabian Derivatives Market Remains Attractive - One Financial Extends GCC Presence
by
Adil Siddiqui
One Financial Markets continues to dominate the Middle Eastern margin derivatives market through the establishment of its latest office in the most populous nation in the GCC. The broker will set-up a new office in Saudi Arabia.
Saudi Arabia, the largest economy and most populous nation in the GCC, has been slow to embrace derivatives trading as compared to its peers such as Kuwait and the UAE. However, with a large retail investor base that participates in the local bourse, the Saudi Arabian FX broking market is set to be one of the fastest growing in the region.
One Financial Markets Director Andrew Henderson commented in a statement: “Saudi Arabia is a key market for One Financial Markets and we are excited to be opening in Jeddah. It’s been a project that we have been considering for a while now, and with our presence in Dubai, Abu Dhabi and London, we felt that Jeddah was the next step.
"The offices across the Middle East will all operate under the management of our London headquarters and reflect the heritage of the One Financial Group as a true Anglo/Arab corporation.”
The Jeddah office becomes the third operation One Financial has in the region. In the press release, the firm stated that it has has plans to further strengthen its operations there. One Financial Markets will be announcing additional office openings over the next six months.
The GCC region relies on global energy markets for its economy, the latest downturn in the benchmark international oil price is expected to impact the domestic economies of oil exporting economies. Saudi Arabia saw Q4 GDP figures drop as the post-summer decline in oil prices impacted key OPEC countries. The country reported that its gross domestic product, adjusted for inflation, expanded 2 percent from a year earlier last quarter, down from 2.4 percent in the third quarter and 4.9 percent in the final quarter of 2013. For all of 2014, GDP grew 3.6 percent.
Analysts believe that the kingdom can withstand the pressure, Aman Kaur, an Amritsar-based trader, explained to Forex Magnates: “Saudi Arabia’s cost of oil production is below $10, therefore talk of a $20 per barrel is not expected to have a direct impact on the Saudi Arabian market.”
Saudi Arabia, the largest economy and most populous nation in the GCC, has been slow to embrace derivatives trading as compared to its peers such as Kuwait and the UAE. However, with a large retail investor base that participates in the local bourse, the Saudi Arabian FX broking market is set to be one of the fastest growing in the region.
One Financial Markets Director Andrew Henderson commented in a statement: “Saudi Arabia is a key market for One Financial Markets and we are excited to be opening in Jeddah. It’s been a project that we have been considering for a while now, and with our presence in Dubai, Abu Dhabi and London, we felt that Jeddah was the next step.
"The offices across the Middle East will all operate under the management of our London headquarters and reflect the heritage of the One Financial Group as a true Anglo/Arab corporation.”
The Jeddah office becomes the third operation One Financial has in the region. In the press release, the firm stated that it has has plans to further strengthen its operations there. One Financial Markets will be announcing additional office openings over the next six months.
The GCC region relies on global energy markets for its economy, the latest downturn in the benchmark international oil price is expected to impact the domestic economies of oil exporting economies. Saudi Arabia saw Q4 GDP figures drop as the post-summer decline in oil prices impacted key OPEC countries. The country reported that its gross domestic product, adjusted for inflation, expanded 2 percent from a year earlier last quarter, down from 2.4 percent in the third quarter and 4.9 percent in the final quarter of 2013. For all of 2014, GDP grew 3.6 percent.
Analysts believe that the kingdom can withstand the pressure, Aman Kaur, an Amritsar-based trader, explained to Forex Magnates: “Saudi Arabia’s cost of oil production is below $10, therefore talk of a $20 per barrel is not expected to have a direct impact on the Saudi Arabian market.”
XTB Reports Strong Q1 Results: Revenue Up as Active Clients Soar 45%
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.
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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
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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.
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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
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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.
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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
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Looking to expand your network in #Africa?
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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.
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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.
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