Capital.com acquires UAE license to boost MENA region operations

abdelaziz Fathi

London-based retail FX and CFDs broker Capital.com has expanded its presence in the Middle East and North Africa (MENA) by securing a Category 1 license from the United Arab Emirates’ Securities and Commodities Authority (SCA).

Capital.com’s MENA operations are led by its CEO for the Middle East, Tarik Chebib, who announced the news in a Linkedin post. He said the move reflects the broker’s strategic shift towards enhancing its operations and market reach within the MENA region.

Chebib thanked commercial law firm Al Tamimi & Company for helping Capital.com secure the UAE license and also revealed plans to increase the staffing and operational capabilities, taking advantage of its new expanded office space in the Emirates.

After a couple of years on the dealing floor at IG in London servicing clients from around the world with a focus on Germany, Chebib relocated to Dubai to help set up IG’s operation in 2015. At the time, he was tasked with building out the Arabic trading desk and acquiring business by looking after HNWI and the institutional business. Chebib joined Pepperstone in 2018 as head of Middle East. There he spent three years until he departed in 2021 to take on the role of chief revenue officer at Currency.com and Capital.com

Capital.com made headlines last month when it announced a temporary halt on the onboarding of new clients from the United Kingdom. Prospective clients attempting to sign up on the platform were met with a message stating the company’s decision to pause new client registrations in the UK for the time being.

As of now, Capital.com has not provided a specific timeline for when it will resume accepting new clients from the UK. Existing clients of the brokerage are not affected by this decision and can continue to use its services as usual.

Capital.com UK  generates revenue primarily from rebates received from its parent company by serving as a matched principal broker in the CFDs and spread betting markets. This revenue stream includes a monthly service charge billed to the company’s parent, covering a portion of its operational expenses that are allocated to CCSV.

In the past two years, Capital.com has made a number of senior hires as it continues to grow and expand its global reach. The company appointed in 2023 Kypros Zoumidou as its new Group CEO, replacing the former CEO Peter Hetherington as part of its long-term CEO succession plan.

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