UAE firm becomes Nasdaq Dubai member
Manama, May 27, 2014
UAE-based Brokerage House Securities (BHS) has joined Nasdaq Dubai as an equities trading member, enabling its clients to access the region’s rapidly expanding international exchange directly for the first time.
BHS’ membership comes during a period of rising equities traded value and ahead of the upgrade of the UAE to Emerging Markets status by MSCI, scheduled for the end of this month.
Mona Abdallah Khaled, the managing director of BHS said: "As the UAE’s equities markets enter a new phase of growth and dynamism, supported by the MSCI upgrade, this is an exciting time for us to become a market participant on Nasdaq Dubai," he noted.
"BHS looks forward to strengthening its relationship with the exchange in 2014 and beyond, to provide new opportunities for our institutional and individual clients to broaden and deepen their portfolios," he added.
Equities traded value on Nasdaq Dubai rose 103 per cent in the first four months of the year from the same period in 2013, to reach 341 million dollars. The FTSE Nasdaq Dubai UAE 20 index, which tracks the shares of leading companies listed on UAE exchanges, rose 32 per cent during the first four months of this year to reach 4,492.
Nasdaq Dubai chief executive Hamed Ali said: "As an active UAE broker for a range of clients, BHS will further strengthen the financial exchange’s unique links to regional and international investors."
"The exchange looks forward to expanding its equities market including listing further initial public offerings (IPOs), enabling companies in the region and beyond to raise capital and benefit from their shares being traded by a wide variety of market participants," he added.
With the arrival of BHS, 32 brokers are connected to the exchange as members, including most of the UAE’s leading brokers and most leading international investment banks.-TradeArabia News Service