ThinkForex, an FCA regulated FX, metals, and CFD provider, has acquired Admiral Markets’ subsidiary in Dubai, as well as its regional license, installing Mahmood Allaham as the new office’s leader, according to information obtained by Forex Magnates reporters.
Earlier this year, ThinkForex obtained its Financial Conduct Authority (FCA) license, now making it a regulated broker in three jurisdictions presently, along with the Australian Securities and Investments Commission (ASIC). In terms of personnel moves, the company also added Gareth Thomas as its Managing Director and James Raiski as Head of Institutional Sales back in January.
ThinkForex’s obtaining of a regional license as well as membership of the DGCX represents a continued focus to expand its services into the Middle Eastern region. The new office in Dubai will be headed by Mahmood Allaham, who will be assuming the role of Director of Sales – Middle East and North Africa (MENA).
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According to Nauman Anees, co-Founder of ThinkForex in a recent statement on the acquisition, “the acquisition of the Dubai office is tantamount to our continuing global growth. Our clients in the Middle East can now benefit from a dedicated office to provide them with our award-winning offering and client service.”
“Having just obtained our FCA license, the introduction of our Dubai office is a continuation of our international expansion. The rest of the year is certainly poised to become a ground-breaking period for the group,” added Faizan Anees, co-Founder of ThinkForex in an accompanying statement.
Speaking with Forex Magnates Dmitri Laush, CEO Admiral Markets Group commented: “Admiral Markets has been rapidly expanding geographically during last three years. Dubai had been chosen as a strategic location from which to service Arabic clients within the region. However, after almost one year of operations a decision was made to sell the UAE company along with the licenses it was holding.”
“The main reason behind this decision is that most of the forex traders in the region are not based in the UAE, and Admiral Markets was and is servicing them remotely. As such most of these clients will not be affected by the closure of the local office, as they will continue to be serviced remotely. This decision allows Admiral Markets to continue providing the best service to it’s clients by restructuring its efforts in region in the near future.”