Mirabaud Middle East Ltd, the regional brokerage and corporate finance arm of Swiss bank Mirabaud has signed an agreement with the UAE-based Menacorp Financial Services to offer its clients access to Middle East markets which have become an active gateway for trading – accounting for around 8% of global daily FX trading.
Mirabaud and Menacorp will invite their clients to personalized workshops to discuss how this new opportunity will help them build and diversify their portfolio by providing access to both global and regional opportunities.
The Swiss brokerage made a push into the MENA markets after many western firms rushed to tap the region for new business to help offset slow growth and a tax-evasion crackdown in the developed markets.
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Menacorp is an investment firm, which has been active in the region for over 11 years, with offices in Dubai and Abu Dhabi and a core business in securities brokerage. The company is ranked as the largest UAE based securities brokerage firm by trading volume and market share.
Following the signing of the partnership agreement, Menacorp will provide guidance and insight into market directions in addition to providing highly-developed execution capabilities and advanced trading tools, allowing clients to perform high-volume trading. On the other hand, Mirabaud will serve as an intermediary for professional and corporate investors in the field of execution and brokerage.
The new agreement will allow Mirabaud and Menacorp to attract a large number of traders that are looking to benefit from synergies between global outlook and local experience, in addition to high standards in servicing and advice. In addition, this partnership will provide Mirabaud’s Swiss and international clientele a range of new services through a trading platform that provides access to MENA opportunities within the regional stock markets. The platform also offers opportunities for execution in the GCC’s $560 billion Tadawul stock market.
Racha Al Khawaja, Head of Institutional Coverage at Menacorp commented: “We are very pleased to sign this agreement with a first class bank like Mirabaud. Following the upgrade of the UAE and Qatar to emerging market status, we have seen a wave of international private banks starting to offer Mena services to their clients, capitalising on the huge opportunities that exist in this market.”