GBE Brokers secures lucrative presence with new Dubai office
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.