AT Capital Markets (ATFX), a leading online trading platform, announced on Wednesday that it has opened its first office in the United Arab Emirates, located in the country’s capital Abu Dhabi. This is the latest step in the company’s strategic plan to increase its footprint in the Middle East.
Specifically, the new office is located in Al Maqam Tower, which is located in ADGM Square on Al Maryah Island. The move follows the firm receiving its license to operate in the Abu Dhabi Global Market (ADGM) from the Financial Services Regulatory Authority (FSRA) in March this year.
Commenting on the development, Ryan Tsui, CEO of ATFX (AE) said: “ADGM is an international financial center, and the AE is a country that offers many advantages as a trading destination and is backed by sound economic fundamentals with promising prospects. The goal at ATFX AE is to help professional traders who are entering the Middle East market to succeed and provide the advanced platform to professional clients.”
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ATFX to Continue Middle East Expansion
With the office opened, the firm is now looking towards expansion. According to the statement, it plans to cover more ground in the Middle East by 2019. In the region, ATFX AE plans to host seminars and trading education for investors on a regular basis. The firm also wants to conduct a roundtable discussion on the latest market trends and analysis methodologies.
The opening of the office in Abu Dhabi is no surprise. In fact, the company has been working towards this for months. In June of this year, Finance Magnates reported that ATFX had named Tsui as its CEO for its AE operations.
At the time of his appointment, Tsui identified that the Middle Eastern financial market was at a turning point. This is because the GCC region is wanting to diversify their economies away from oil. As a result, the UAE is at a key stage in its economic evolution which has seen an uptick in retail trading.
In July, ATFX AE also announced that it had appointed two new key executives to its Middle East (UAE) office. The new hires are Ramy Salah Mohamed Abouzaid, who will be the Financial Market Strategist for the UAE office and Reem Rabia is joining as the Marketing Manager for the company.