In 2019, the Saudi state oil company Aramco went public, raising $25.6 billion by selling three billion shares (about 1.5% of the company). However, Saudi Aramco shares only trade on the Saudi Exchange (Tadawul).
For years, foreign investors who wanted to own Aramco shares had to open an account with one of the exchange’s local members, which wasn’t practical for most people.
In October 2024, Interactive Brokers became the first global broker to let international investors directly own and trade securities listed on the Saudi Exchange.
In this article, we look at how you can invest in Saudi Aramco, or any other stock on the Saudi Exchange, without opening an account with a local exchange member.
Video summary
Understanding the Saudi (Tadawul) stock market
The Saudi Exchange, also known as Tadawul, is where shares of Saudi companies, including Aramco, are traded. It is regulated by the Saudi Capital Market Authority (CMA), which sets the rules for both local and international investors.
Key facts about Aramco and Tadawul:
- Aramco’s ticker on Tadawul: 2222
- ISIN: SA14TG012N13
- Trading currency: Saudi riyal (SAR)
- Market hours: Sunday to Thursday, 10:00 AM to 3:00 PM local time (GMT+3)
- Main index: Tadawul All Share Index (TASI)
Before this, if you wanted to trade Saudi stocks directly, you had to open an account with an exchange member, such as Emirates NBD or Saudi Awwal Bank (SAB). For most international investors, that was too much hassle just to buy Saudi stocks.
As a result, most non-Saudi investors used contracts for difference (CFDs) on platforms like eToro to get exposure to Aramco without owning the shares. In other words, you follow the share price, but you don’t own a piece of Saudi Aramco.
This is a screenshot from my eToro account:
A CFD tracks the share price, but it is a leveraged derivative that comes with overnight fees and counterparty risk, and you don’t own the shares. If you only want short-term exposure to Aramco’s price, CFDs are one option, but they are high-risk products. You can learn more in our eToro review and our article on CFDs vs shares.
Can I buy shares in Saudi Aramco?
Yes. International retail investors can now buy shares listed on the Saudi Exchange directly.
On October 9, 2024, Interactive Brokers (Nasdaq: IBKR) announced a partnership with SNB Capital, one of Saudi Arabia’s leading investment banks. This partnership lets international investors access and trade securities listed on the Saudi Exchange directly through the Interactive Brokers platform.
With it, Interactive Brokers became the first global broker to let foreign investors invest directly in Saudi stocks, real estate investment trusts (REITs) and exchange-traded funds (ETFs), alongside other global assets, in a single account.
The partnership was launched with a bell-ringing ceremony at the Saudi Exchange in Riyadh. The Saudi Exchange is one of the largest stock markets in the world, and the partnership supports Saudi Vision 2030, which aims to develop a competitive financial market with a more diverse investor base.
How to buy Saudi Aramco stock: step by step
Step 1: Choose the right broker
As a foreign investor, the simplest way to buy Saudi Aramco shares is through Interactive Brokers (more on the platform below). As mentioned above, some international brokers only offer Saudi stocks as CFDs, which usually involve leverage and don’t give you ownership of the shares.
Step 2: Request trading permissions
After opening your Interactive Brokers account, follow these steps:
- Go to the user menu (the “head and shoulders” icon) and open Settings
- Select “Account Trading Permissions”:
- Select “Stocks” and click “Add/Edit”:
- Select “Saudi Arabia” and click “Continue”:
- Review and accept the legal documents, then click “Continue”:
- A final message confirms that “Your request to change Trading permissions was submitted”:
Step 3: Fund your account
Deposit money into your Interactive Brokers account. Saudi stocks trade in SAR, so you will need to convert part of your balance to SAR, or let the platform convert it when you buy.
Step 4: Buy Aramco shares
Once your permissions are approved and your account is funded, you can place a buy order for Saudi Aramco (ticker: 2222). Keep in mind the market hours and the exchange rate, as Tadawul trades in SAR.
- On the Interactive Brokers web portal, search for “2222” and select the first result:
- Click “Buy”:
Choose your order details:
- Number of shares: we selected 1,000
- Order type: we chose a market order for simplicity
- Click “Preview” to see the estimated commissions:
- Your order has been submitted:
The order shows as “pending” because I placed it on a Friday. The Saudi Exchange is open from Sunday to Thursday, so the order waited for the market to open on Sunday. Otherwise, it would have been filled right away.
Step 5: Monitor your investment
Keep an eye on Aramco’s results, the Saudi market and global oil prices, as these strongly affect the share price. You can also set up alerts in your broker’s platform.
To set up an alert, click “Alert”:
Then choose your parameters:
About Interactive Brokers
Interactive Brokers at a glance
Founded in 1978, listed on the NASDAQ (ticker: IBKR) and part of the S&P 500 index, Interactive Brokers is a global online broker that has been through several financial crises.
The Saudi Exchange is the largest stock market in the Gulf Cooperation Council (GCC) region and one of the largest in the world. With Interactive Brokers, you can add Saudi stocks, REITs and ETFs to your portfolio alongside investments from 170 other markets.
The currency conversion fee is 0.002% of the trade value (minimum $2) when converting USD or other currencies to Saudi riyals (SAR), or vice versa. SAR is not available as a base currency, so dividends from Aramco are converted to your base currency.
On the downside, Interactive Brokers’ fee structure is complex, account opening takes longer than average (although it is fully online), and there is no commission-free stock trading outside the US.
However, thanks to its low FX fees and tight spreads, Interactive Brokers can still be cheaper than many brokers overall.
Interactive Brokers also offers IBKR GlobalTrader, a simpler mobile app for trading stocks, ETFs and options, designed for beginners. It includes automatic currency conversion and fractional shares on thousands of stocks and ETFs.
Want to know more? Check our Interactive Brokers review.
Other ways to invest in Saudi Aramco
If you prefer indirect exposure to Saudi Aramco, you can also use these alternatives, available at Interactive Brokers and other brokers:
- Exchange-traded funds (ETFs): ETFs tracking Saudi or Middle Eastern indices, such as the US-listed iShares MSCI Saudi Arabia ETF (KSA), hold Saudi Aramco among many other companies, which gives you more diversification. European retail investors usually need to choose UCITS ETFs instead, as US-listed ETFs are generally not available to them.
- Mutual funds: some funds focused on Saudi Arabia or the Middle East also hold Aramco shares.
Is Saudi Aramco profitable?
Yes. Saudi Aramco is one of the most profitable companies in the world, thanks to its huge crude oil reserves and relatively low production costs.
The following image shows how profitable the company is:
For the full year 2025, Saudi Aramco reported:
- Net income: $93.4 billion (down 12% from $106.2 billion in 2024)
- Adjusted net income: $104.7 billion
- Q4 2025 net income: $17.8 billion (adjusted: $25.1 billion)
- Cash flow from operating activities: $136.2 billion, and free cash flow: $85.4 billion
- Total shareholder distributions: $85.5 billion
In the first half of 2026, Aramco reported adjusted net income of $67.2 billion, including $33.4 billion in the second quarter, up 33% year on year as oil prices rose during the Middle East conflict. Free cash flow reached $30.9 billion in the first half.
Aramco’s profits come mainly from oil production and depend heavily on oil prices. Its downstream businesses, which include refining and chemicals, also contribute to its results.
Risks and considerations
Investing in Saudi Aramco comes with risks that you should consider:
- Oil price volatility: Aramco’s profits depend heavily on oil prices, which can swing sharply due to geopolitical, environmental and economic factors.
- Geopolitical risk: in 2026, the conflict in the Middle East disrupted shipping through the Strait of Hormuz, and some Aramco facilities were targeted in attacks. Events like these can affect the company’s operations and share price.
- Concentration and governance: the Saudi state controls the vast majority of Aramco’s shares, so decisions such as dividend levels can reflect government priorities.
- Regulatory risks: as a foreign investor, you are subject to Saudi Arabia’s market rules, which can change.
- Currency risk: Aramco trades in SAR, so exchange rate movements between your currency and the riyal can affect your returns. The riyal is pegged to the US dollar.
Conclusion
Investing in Saudi Aramco as a foreigner became much easier in October 2024.
Thanks to the partnership between Interactive Brokers and SNB Capital, international investors can buy Aramco shares directly on the Saudi Exchange without going through a local broker.
This opens the Saudi market to investors worldwide and gives them access to one of the largest companies in the world. However, it is important to understand the risks, including oil price volatility, geopolitical events, regulatory changes and currency movements.
By understanding these factors and following the steps above, you can make a more informed decision about whether Aramco fits your portfolio.
Investing involves risk, including the possible loss of capital. This article is for information only and is not investment advice.
FAQs
Where can I find Aramco's latest financial statements?
You can find all of Aramco’s financial reports on its investor relations website.
Where can I find the latest news about Aramco?
You can find the company’s news on its investor news page.
What is Aramco's dividend policy?
Aramco pays a quarterly base dividend, which it aims to keep sustainable and progressive, and it can also pay a performance-linked dividend when results allow. For example, the base dividend for the second quarter of 2026 was $21.9 billion, 3.5% more than a year earlier, and it was paid on August 27, 2026. Aramco also has a share buyback programme of up to $3 billion.
How will I receive dividends from Aramco?
If you hold Aramco shares through Interactive Brokers, dividends are credited to your account and converted to your base currency, as SAR can’t be used as a base currency. Saudi Arabia generally applies a withholding tax on dividends paid to non-residents, and you may also have to declare the dividends in your country of residence.
