Estonia-based Admiral Markets AS, operating with the tradename Admiral Markets, has announced on Monday the official opening of its subsidiary in Jordan as part of its expansion in the Middle East and North Africa (MENA) region. According to the company, it required over €4 million to expand to such a nation.

The agreement was reportedly settled on June 6 this year, when Admiral Markets AS was granted a license by the Jordan authorities to operate in Amman, with an office that will start with 10 employees, becoming the first Estonian company to run a business in Jordan.

“The Middle East and North Africa region is home to 600 million people, which means a great potential for us to grow our customer base and gain a larger market share while looking to provide the opportunity for people in the region to experience the joys of alternative financial products which we have seen take off so successfully in Europe over the last [few] years,” Sergei Bogatenkov, Admiral Markets AS CEO, commented, who also praised the faster IT industry development in the region.

With the new license, the Jordanese branch is now regulated by the Jordan Securities Commission (JSC), offering similar conditions as they use to provide in their other regulation environments, such as minimum deposits of 25 USD/EUR/JOD, cashback, Negative Balance Protection Policy up to USD 50,000, among other features.

Regulated by the JSC

“The Jordan Securities Commission maintains the highest standards of transparency, responsiveness and safety via financial companies whose financial statuses are strong, and who have the ability to adapt to market variables and attractive trading and investment offers,” the company said in a blog post.

Finance Magnates reported that unaudited financials for 2020 in Admiral Markets AS showed significant jumps across all performance metrics. The net profit of the broker went up from €4.6 million in 2019 to €20.3 million in 2020.