TopFX secures lucrative presence with new Dubai office
Prime brokerage firm TopFX has opened a new office in Dubai as it seeks to focus on providing customizable liquidity solutions to the region’s diverse institutional clientele.
Organizing the effort on behalf of TopFX has been a small team headed by Omar Al-Janabi, who was appointed as a regional manager back in July 2021. The team has secured office space for the new operations in Burlington, a 40-storey office building in Business Bay, Dubai.
“I am very excited to announce the establishmen of TOPFX ‘s new rep office in Dubai, UAE! Our office located on the 29th floor of Burlington tower, a prestigious skyscraper in Business Bay, spearheads our expansion in the MENA region,” wrote TopFX CEO Alex Katsaros on his Linkedin profile.
“In our office you will meet our Arabic speaking team led by our Head of MENA Omar Al-Janabi, and receive information about our Liquidity, cTrader and the TOPFX All-in-One broker solution. An amazing way for us to end a very strong year in which we continued our steady growth. I am very lucky to have equally exciting projects planned for 2022,” he added.
The addition of this coveted presence extends the group’s arsenal to include regulated companies authorised in Cyprus and Seychelles. It will also allow TOPFX 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.
Dubai Forex license is complicated
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.