Tickmill Opens Oman Office to Offer Local Support to Traders

Tickmill, a well-known contract-for-difference (CFD) broker, has entered Oman to expand its presence in the Middle East. The broker aims to make Muscat its regional hub, offering local support to clients in the country and nearby markets.

Local Partnerships for Expansion

Announced today (Thursday), the broker has formed a “strategic partnership” with ProTrade Investments, whose Muscat office has become the base for this collaboration.

“It is a testament to our long-term commitment to the Arab world and our strategic vision to support local traders with world-class tools, education, and service,” Tickmill’s CEO, Sudhanshu Agarwal, said on the geographical expansion.

Tickmill operates globally with multiple licences, including authorisation from regulators in the United Kingdom, Cyprus, and Seychelles. It also has a representative office recognised by the Dubai Financial Services Authority.

Middle East Becomes Lucrative

Tickmill’s expansion in the Middle East appears to be driven by the region's growing trading demand. FinanceMagnates.com earlier reported that Tickmill’s trading volumes from the Middle East and North Africa (MENA) region surged by 54 per cent in the first half of 2024, surpassing $135 billion. The number of active clients in the region on the platform also reached record highs.

Tickmill, however, is not the only broker registering strong growth in the region. Although most brokers do not publish geography-specific numbers, Capital.com was an exception, announcing that 53 per cent of its $656 billion Q1 trading volume came from the Middle East.

Many international CFD brokers now have operations in the UAE, which has specific regulations for the industry and a large talent pool. Finance Magnates earlier reported that most Dubai-based roles at CFDs brokers offer significantly higher salaries than those in Cyprus-based positions.

It should also be noted that the UAE does not impose income tax, although the cost of living in Dubai is significantly higher than in Limassol, where most CFDs brokers in Cyprus are based.

Meanwhile, several CFD brokers are expanding their presence in the Middle East beyond the UAE. Recently, XS.com opened a new office in Kuwait, while OneRoyal established a physical presence in Oman.

Oman, however, remains a much smaller market than the UAE. The country has a population of just over 5 million, compared to the UAE’s almost 10.5 million. Oman's per capita GDP is $21,000, while the figure for the UAE stands at $49,000.