SHUAA Capital initiates procedures to commence Egypt re-entry for securities business
Move underscores belief in the Egyptian market, boosts UAE-Egyptian mutual economic and trade relations as well as stimulate the flow of foreign investments into Egypt
SHUAA Capital, the United Arab Emirates-based integrated financial services firm, announced that it has formally begun discussions with Egyptian regulators for reintroducing its securities business into the Egyptian market.
Commenting on this, Fawad Tariq-Khan, General Manager of SHUAA Capital, explained, “SHUAA Capital believes there still exists significant untapped potential to serve clients eyeing the Egyptian market with our Securities business. Moreover, 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, blended with a suite of increasingly comprehensive brokerage services. We look forward to relaunching operations soon, with the guidance of the Egyptian authorities and regulators.”
As a stepping stone, SHUAA Capital’s Board of Directors has set a clear mandate targeting the Egyptian market for the expansion of the firm’s brokerage services under its broader Capital Markets offering. The decision to restart brokerage operations in Egypt, which was voluntarily suspended previously as the region recovered from the 2008 global recession which impacted trading volumes, is a key component of the Group’s long-term growth strategy, and reflects the firm’s belief in the fundamentals of the Egyptian market and the depth of opportunities available.
Once reinstated by the respective regulators, SHUAA Securities Egypt will form an important addition to SHUAA’s brokerage network by offering retail and high-net-worth clients from across the region access to the Egyptian capital markets.