Dubai’s Emaar financial services suspends broking activity

Dubai-based Emaar Financial will stop trading activities on January 6, according to the statement
Dubai’s Emaar financial services suspends broking activity
Trading volumes in the UAE have tumbled in 2010 to the lowest in four years, forcing some brokerages to close.
By Bloomberg
Fri 31 Dec 2010 03:10 PM

Emaar Financial Services received the approval of the UAE Securities and
Commodities Authority to “temporarily suspend its brokerage license,” according
to a statement published on its website.

Dubai-based Emaar
Financial, a unit of Emaar Properties and Amlak Finance, will stop trading
activities on January 6, according to the statement, which didn’t indicate when
the company expects to start up again.

Trading volumes in the UAE
have tumbled in 2010 to the lowest in four years, forcing some brokerages to
close. Dubai amassed more than $100bn of debt as it transformed itself into a
financial hub, and a real-estate slump triggered a credit crisis in 2009.

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