UAE-based investment bank Shuaa Capital plans to re-launch its brokerage services in Egypt as the company aims to deliver cross-border solutions for its retail and high-net-worth clients based in the country and around the region.
Dubai-listed Shuaa has already initiated formal procedures and discussions with Egypt’s financial regulators. Pending this regulatory approval, SHUAA Securities Egypt will roll out “unique products and services to their clients” and plans to build a strong infrastructure that will help it become “one of the top players in Egypt’s brokerage arena,” it said in a statement.
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This venture is a further step in the development of SHUAA’s brokerage network in Africa. It aims to offer clients from across the region access to the Egyptian capital markets, which have been identified as a key pillar of the firm’s growth strategy.
Shuaa, which has been based in the Emirates for more than 10 years, grew from a boutique research specialist to a major investment bank in the early 2000s, in parallel with Dubai’s economic rise.
Following the 2008 global crisis, Shuaa has voluntarily suspended its operations in Egypt as brokerages have suffered from depressed trading volumes at the country’s bourses, exacerbated in past years by unrest in parts of the MENA region, which has driven away investors.
Commenting on this, Fawad Tariq-Khan, General Manager of SHUAA Capital, said: “Shuaa Capital believes there still exists significant untapped potential to serve clients eyeing the Egyptian market with our Securities business. Moreover, we have ambitious plans to extend our platforms further beyond our local jurisdictions, to allow clients both current and prospective, direct access to other markets through a single trading account, blended with a suite of increasingly comprehensive brokerage services. We look forward to relaunching operations soon, with the guidance of the Egyptian authorities and regulators.”