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ICM.com opens new Qatar office in Tornado Tower

abdelaziz Fathi

UK-based brokerage ICM.com has opened a new office in the state of Qatar as the most recent expansion of the company’s operations in the Middle East

Qatar

The multi-regulated firm has secured approvals from the Qatar Financial Centre (QFC) after it has incorporated its new subsidiary ICM LLC (Qatar), taking up premises in Tornado Tower, an iconic skyscraper in the heart of Doha’s premier business district.

The QFC, while running parallel to the existing framework in Qatar, is an onshore regime that operates within its own legal, tax and regulatory framework. The centre has its own civil and commercial courts, as well as an independent regulatory tribunal. QFC-established firms can be 100% foreign owned and are not subject to currency restrictions and can repatriate 100% of profits.

This new license will allow ICM.com to provide its range of FX and CFDs products to retail and professional clients not only from Qatar but also to expand the offering to the other GCC states, meaning Bahrain, Kuwait, Oman, UAE, Saudi Arabia and North Africa.

ICM.com has recently expanded its operations in the Middle East, culminating in the launch of its subsidiary in Jordan. Per the new approval, the broker has received a Jordan Securities Commission (JSC) license, which allows it to provide financial advisory and brokerage services in the local market.

“Our vision for ICM’s continuous expansion has always been imperative. Despite ongoing Covid-19 disruptions, we are able to achieve steady growth and carry on branching out within the MENA region. We have chosen Qatar, being a financial hub and among the league of advanced economies in the region” said Shoaib Abedi, founder and CEO of ICM.com

ICM.com is a multinational forex and CFD trading company with headquarters in London, and offices in Europe, the Middle East and Asia. Since being founded, the firm has been authorized and regulated by the Financial Conduct Authority (FCA). Back in August 2018, the company rebranded itself from ICM Capital to ICM.com to represent all of the firm’s group entities under one brand.

The company has recently bolstered the protection of its clients’ insurance measures, bringing all client funds under the protection of up to £5.0 million. The broker, which is licensed by the UK Financial Conduct Authority (FCA), is required by law to provide up to £50,000 per client under the Financial Services Compensation Scheme (FSCS) in case of its default.

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