The UAE Securities and Commodities Authority authorised the Abu Dhabi based firm to offer trading execution on foreign markets. Premier financial services group Menacorp announced that the UAE Securities and Commodities Authority formally approved the expansion of its international stockbrokerage activity.
The approval comes in line with the firm’s vision to establish itself as a leading regional player throughout the Middle-East and North Africa.
Menacorp, based in Abu Dhabi with a secondary office in Dubai, is one of the most important financial services group of the United Arab Emirates.
“We have clearly established ourselves as an major player on the DFM and ADX,” said Nabil Al Rantisi, the Managing Director of Menacorp’s brokerage division. “Now, we believe it’s the right time to assist our clients for their trading needs outside the country. This international development will start with a strong focus on GCC exchanges, then we will add other MENA markets and selected international bourses to our offering. Our clients will be able to experience, through a single account and on several markets, the same quality of execution that they are used to have when they deal with us in the UAE”.
Constantly ranked among the top brokerage firms of the country in terms on trading value (the firm was ranked second over 49 players on the DFM for trades executed in October 2012), Menacorp recently distinguished itself by building the largest sales team of the market while most of its competitors were downsizing their teams or stopping their operations.
“We have a clear mandate from our Chairman, Hamad Ghanem Bin Hamoodah, to replicate our business strategy in neighbouring markets,” said Fathi Ben Grira the CEO of Menacorp.
“What we achieved in UAE will be achieved in the region, we are pretty confident about it. With the strong support of our shareholders, the trust of our wide base of clients, the high commitment of our team and our cutting-edge technology, we have all the ingredients for that”, he concluded.
Menacorp is a leading award-winning Abu Dhabi based financial services group authorised and regulated by the Securities and Commodities Authority of the United Arab Emirates and by the Dubai Financial Services Authority with Investment Banking, Asset Management, Securities Brokerage and Financial Research activities.
Menacorp is fully owned by the well-renowned Abu Dhabi based conglomerate Bin Hamoodah Group, and serves in diverse areas such as investment banking, securities brokerage, asset management, private equity and financial research.
From Gulf Today