24 May 2009
SHUAA Capital (ticker symbol: SHUA.DU), the GCC's leading financial services institution, today announces that SHUAA Securities, its brokerage arm, has expanded its regional operations and network with the addition of its Jordan subsidiary.
SHUAA Securities is the leading brokerage service provider in the Middle East offering clients a seamless multi-market trading experience across all the main regional equity markets including the United Arab Emirates, Egypt, Saudi Arabia and Jordan. SHUAA Securities will consistently grow its operations to give its clients direct access to the majority of the GCC and MENA brokerage markets through a single trading account, making it the premier regional trading hub. This is in addition to our existing institutional desk which offers clients access to 14 exchanges across 12 GCC and MENA markets through nominee account relationships.
Mohammed Ali Yasin, Chief Executive, SHUAA Securities said: "Jordan is an important addition to our brokerage network and we are now able to offer institutional, HNW and retail clients from across the region direct access to this market.” Continuing he said: “Despite the challenging market environment SHUAA Securities has been able to significantly increase its market share across the region and in particular in the United Arab Emirates where we ranked as the second largest broker by transaction value in April 2009 with 5.22% market share. During the same period, we were also the most active regional member out of all brokers in NASDAQ Dubai. This reflects a strong and respected brand across both retail and institutional segments and speaks clearly of our unrivalled success and continuity in the GCC and MENA markets in the face of volatile economic conditions."
Kerim Mitri, Deputy CEO, SHUAA Capital commented: "We are pleased to offer our clients accessibility to the markets of the region. We recently launched the SHUAA Capital Investor Sentiment Survey which indicated that investor confidence in the region is positive. The survey results also suggest that major regional exchanges should witness stronger demand from investors and a rise in stock prices over the next six months. The development of our multi-market platform should ensure that SHUAA is well positioned to capture this expected increase in trading activity."