XTB kicks off Middle East operations under Dubai license
Polish FX brokerage, XTB has kicked off its operations in the Middle East region, barely nine months after it has received the required approvals from the nation’s regulators.
Called ‘XTB MENA Limited,’ the new subsidiary secured a license from the Dubai Financial Services Authority (DFSA) after it incorporated its new subsidiary in the Dubai International Financial Center (DIFC) in January.
According to a corporate press release, XTB MENA will provide traders from the region with over 1900 instruments including Forex and CFDs, available through its proprietary trading platform, xStation, and popular MetaTrader.
“XTB MENA plays a strategically significant role in our overall global development strategy. The absolute trust of our clients is paramount to the business, and we are extremely proud to operate under the multiple regulatory authorities within the region and globally, providing a secure online trading experience to our clients regionally as well as globally,” said Omar Arnaout, Global CEO of XTB.
Earlier in August, XTB also acquired an FSCA license in South Africa and is now authorized as a Financial Service Provider locally. The addition of this coveted license extends the group’s regulatory arsenal to include regulated companies authorised by CySEC in Cyprus, KNF in Poland, the DFSA in Dubai and FCA in the United Kingdom.
XTB has recently announced plans to expand its brokerage business to meet its growth targets for 2021. The publicly-listed broker wants to onboard an average of 30,000 new customers in each quarter in 2021. The average number of active clients on the platform was 40,623 as of Q2 2021, well below the 67,231 clients it onboarded in the previous quarter.
The Dubai license allows XTB to provide its range of FX and CFDs products to retail and professional clients not only in the UAE but also to expand the offering to the other GCC states, meaning Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and North Africa.
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.
“With XTB MENA, we aim to provide a local outlet to our clients in the MENA region to enhance trust, while providing superior technology backed solutions and support to help them achieve their investment goals. Through our regional office, our clients will have access to trade multiple CFDs stocks to expand their portfolio and educational support to make informed decisions,” added Achraf Drid, Managing Director of XTB MENA.