04 November 2009
SHUAA Capital psc (“SHUAA”), the region’s leading financial services institution, today announces that SHUAA Securities, its brokerage division, was ranked number one overall brokerage company in the UAE in terms of market share for October according to official data from the Dubai Financial Market (DFM) and Abu Dhabi Exchange (ADX).
In October, SHUAA Securities had a 6.11% market share and executed AED 4.01 billion worth of trades on the DFM and ADX combined for the month. According to the trade volumes, SHUAA Securities exceeded its nearest competitor by over AED 500 million.
Mohammed Ali Yasin, Chief Executive Officer of SHUAA Securities, said:
“SHUAA Securities has been able to increase its market share in the UAE despite the challenging wider economic conditions due to our strong brand and reputation across both retail and institutional markets. In the DFM, we have been consistently increasing our presence and are ranked as the top brokerage company in October with a 5.84% market share as well as for the year 2009, and we continue to develop our position on ADX where our market share for 2009 is 5.79%.
“SHUAA Securities continues to identify potential growth markets and as a result, earlier this year, we expanded our brokerage network into Jordan. Since then, we have jumped up more than 30 positions in the brokerage rankings in the country. We also started focusing our efforts on rebuilding our Egypt subsidiary. And if you take into account our brokerage coverage through SHUAA Capital’s presence in Saudi Arabia, SHUAA Securities is now actively operational in all major regional markets.
We also recently launched an advanced online investor trading portal, unique to the region, which acts as a gateway to access our entire suite of Advanced Brokerage Solutions (ABSTM) comprising online trading, voice recognition trading, an advanced research portal and voice recognition price inquiry.”
SHUAA Securities now has 50,000 investor accounts. SHUAA Securities reported profits of AED 8.42 million in the first three quarters of the year.