Dubai - Mubasher: UAE-based SHUAA Capital on Monday announced that it has formally begun discussions with Egyptian regulators for reintroducing its securities business into the Egyptian market.
The board is targeting the Egyptian market for the expansion of the firm’s brokerage services as a part of the group’s long-term growth strategy, SHUAA announced in a statement.
SHUAA's brokerage operations in Egypt were suspended following the 2008 global recession and its repercussions on the region’s trading volumes, the company added.
“We have ambitious plans to extend our platforms further beyond our local jurisdictions, to allow clients, both current and prospective, direct access to other markets through a single trading account.” Fawad Tariq-Khan, general manager of SHUAA Capital, said.
Dubai-listed SHUAA recently reported achieving AED 12.1 million ($3.29 million) in profits in the second quarter of 2017, while total revenues amounted to AED 30.4 million.
