Australian retail broker GO Markets announced on Thursday that it is expanding into the Middle East and North Africa (MENA).
The company told Finance Magnates that it has established a new subsidiary in Dubai – GO Markets MENA DMCC.
“Establishing a presence in the MENA region has been on our wish list for some time, so I’m very happy to see things finally coming together,” said Christopher Gore, GO Markets’ chief executive officer.
Joining a number of other brokers, the firm is establishing its base of operations in the Dubai Multi Commodities Centre – an economic free zone in the Gulf state that was established in 2002.
GO Markets MENA DMCC has also gained membership in the Dubai Gold and Commodities Exchange.
What to Look for in a Forex Technology Provider?Go to article >>
The firm added that it is in the process of applying for a license from the local Securities and Commodities Authority.
“A strong contributor in the year’s ahead”
Given that the firm has also said that it is working on establishing a physical presence in the Emirati state, it’s unlikely that the regulator will deny them that license.
“What we’re trying to achieve here is somewhat different to what we’ve done elsewhere, and I believe we’ve got the technology and talent on the ground to make it happen,” added Gore.
“The DMCC and DGCX have given us a great opportunity and we hope to be a strong contributor and innovator for them in the years ahead.”
Gore’s firm has been busy in the past couple of months.
In addition to its new subsidiary, GO Markets has added a range of equities-based contracts for differences to its set of products.