GBE Brokers secures lucrative presence with new Dubai office

abdelaziz Fathi

Cyprus-based and BaFin regulated platform GBE Brokers has opened a new office in Dubai as it seeks to focus on providing customizable liquidity solutions to the region’s diverse clientele.

The addition of this coveted presence extends the group’s arsenal to include offices in Limassol and Hamburg, Germany. It will also allow GBE Brokers to provide its range of FX and CFDs products to retail and professional clients not only from the UAE but also to expand the offering to the other GCC states, meaning Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and North Africa.

GBE Brokers launched its operation in 2014 and is jointly regulated by the Germany’s BaFin and Cyprus’ CySEC. The company has been strengthening its offering over the past few years.

A few years ago, the Cyprus-based broker stepped into the B2B space through a dedicated Liquidity solution for institutional and professional clients. GBE Prime officially launched in June 2017 to allow the institutional segment to more efficiently trade, ‎finance and margin their transactions across an extensive suite of trading products including FX, precious metals, CFD, and ‎commodities.

The new office will be headed by Mahmoud Haj Mohamad, who has been serving with GBE Prime as head of institutional sales since 2016.  He described the move as an exciting milestone in the company’s history.

The company shared the news on its social media accounts.

“#gbebrokers is pleased to announce that we are expanding to the MENA region with the opening of a representative office in the Business Bay Area in Dubai.

With our headquarters in Cyprus, our branch office in Germany and our representative in the United Arab Emirates, we have established a global presence in the heart of the world’s major global financial hubs to help markets i n to optimize support to Europe, Africa, Asia and the Middle East.

Mr Mahmoud Haj Mohamad is leading our Dubai representation and is also responsible for the expansion of GBE brokers in the Middle East.

All our partners and investors are welcome to visit our offices anytime.”

Dubai Forex  license is complicated

The new office helps GBE Brokers meet the needs of their clients and partners in the region, who can attend meetings and stay up-to-date on all the latest products.

The Dubai International Financial Centre (DIFC) is a federal area that is financially-free, completely separated from the rest of the country and features its own legal system and courts.

The DFSA has been receiving increased interest from authorized firms and global brokers to offer FX trading to retail customers in or from the DIFC.

Within Dubai’s International Financial Centre, the DFSA is the regulatory authority that issues all Forex Broker licenses and regulates all financial and subsidiary services conducted.

However, the DFSA has very strict guidelines in place for obtaining a Dubai forex license, as well as for conducting forex business. Specifically, obtaining a Dubai forex license is a complicated procedure that involves many legal limitations that revolve around the country’s prohibitions on banking activity in the local currency as transactions in UAE Dirhams are strictly prohibited in the center.

 

Read this next

Industry News

Bitso launches QR code payments for crypto in Argentina

“This is an especially important product offering for Argentina as it provides users protection from the adverse economic factors such as inflation and currency devaluation.”

Institutional FX

CLS FX volume continues downward trend in August

Total daily traded volume submitted to CLS for settlement took yet another step back in August.

Digital Assets

Huobi taps AstroPay to facilitate fiat-to-crypto payment in Latin America

Huobi, the world’s sixth-largest crypto exchange by trading volume, has recently partnered with payment solution provider AstroPay to launch local currency account deposits and withdrawals in Latin America.

Digital Assets

Crypto exchange FTX to raise $1 billion at flat valuation of $32 billion

FTX is reportedly in discussions with a clutch of heavyweights from traditional finance to raise up to $1 billion in fresh funding to fuel more deal-making.

Digital Assets

Revolut US launches trading on Avalanche, Solana, and Dogecoin

British fintech and banking firm Revolut has further expanded its cryptocurrency offering in the US with the addition of 29 new tokens.

Digital Assets

Bahrain greenlights eazyPay to launch Binance Pay

The Central Bank of Bahrain has blessed a new partnership inked by Binance with Eazy Financial Services ‘eazyPay’, a local POS and online payment service provider. The greenlight enables EazyPayto to launch Bitcoin and cryptocurrency payments in the region.

Digital Assets

Coinbase approved to offer crypto for Dutch users

Nasdaq-listed crypto exchange operator Coinbase has been handed regulatory approval to operate as a crypto service provider in the Netherlands.

Metaverse Gaming NFT

AC Milan partners with Solana-based NFT football game MonkeyLeague

“Partnering with champions like AC Milan, an absolute iconic Club throughout footballs history, is another testament to what we are building and where we are headed as a game and game studio. It also represents a key step in our plans to bridge the Web2 and Web3 worlds.”

Digital Assets

Shariah-compliant Islamic Coin to support SDG-compliant ventures, green projects, and philanthropy

Shariah-compliant Islamic Coin has recently launched a collaboration with the World Green Growth Organization and the International Youth Conference 6, taking place on September 22-25th and September 30th-October 1st, 2022, in New York. 

<