Kuwait-based FX broker Q8Trade has reached a sponsorship deal with Al-Qadsia, a major Kuwaiti football team, which will see the brokerage company’s logo adorn the front of the team’s shirts for the 2017-2018 season.
In addition to the shirt logo, Q8 Trade will also enjoy additional branding opportunities at the club’s Mohammed Al-Hamad Stadium, which is the fourth largest stadium in Kuwait.
The company initiative is perfectly aligned with its business strategy which mainly focuses on the Kuwaiti market, although it is intended to subsequently expand into other Arab countries. This partnership also fits into its strategic growth plans as Q8Trade seems keen to create a niche for itself as one of the region’s pioneering financial service providers.
Terms of the deal weren’t disclosed but sources claim it’s worth “significantly more” than the deal with Al-Qadsia’s previous shirt sponsors.
The move is in line with Q8 Trade efforts to increase brand awareness, and the company aims to continue its search for new opportunities to further enhance its presence in the online trading industry.
Legal Risk Factor Beneath Ripple’s Lawsuit from SECGo to article >>
Al Qadsia and Q8Trade are not strangers
Established in 1953, Al Qadsia is a well-known Kuwaiti football team, located in Hawalli. The team won several championships, and currently plays in the Kuwaiti Premier League which it has has won 16 times. It is one of only two teams to have done so, the other being Al-Arabi SC. The team has also won a record number of regional, continental trophies and championships including the AFC Cup in 2014.
Q8 Trade is a brand owned and operated by Q8, a privately held securities company regulated by the Central Markets Authority (CMA), the Kuwaiti financial watchdog. Its license allows it to provide online brokerage services for CFD and forex trading.
As a Kuwait-based broker, its website is available in both English and Arabic, and it has customer service offices in Kuwait and Cyprus.
Founded in 1985, Q8 Securities was originally established as Al-Arabi before it rebranded earlier this year. The transformation and launch of the new FX brokerage business was aimed at delivering off-market, bespoke solutions for retail clients in the region.
UAE and Saudi Arabia in Focus
Traditionally a difficult market to break into, Q8 Trade builds on its parent’s extensive experience to understand the region’s client base and trading styles, and is able to cater to the more complex requirements of many Islamic clients.
With a booming economy and massive levels of inward investment and migration, Kuwait looks an increasingly attractive investment opportunity, particularly with current uncertainty in the MENA markets. However, expanding into more developed markets within the Gulf area, such as Saudi Arabia and the UAE, will be a complex process with many potential pitfalls, as getting ‘straight’ regulatory approvals to operate a forex retail brand is extremely difficult.
Ali Hassan, VP business development at Q8Trade, welcomed the inclusion of his company into the Al Qadsia’s high-profile sponsors. He said in a statement to Finance Magnates: “Q8Trade is pleased to announce the sponsorship of Qadsia SC, a strategic step for establishing ourselves strong in the MENA region. This sponsorship is a confirmation for getting closer to our clients base and highlights the trust we receive from one of the most popular clubs in region.”