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Sun 1 Oct 2006 12:00 AM

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Mashreq Opens VIP Stock Trading Lounge

Opening in Abu Dhabi is set to be first of several initiatives in the brokerage space

Mashreq Securities L.L.C has launched a dedicated VIP lounge for traders in UAE stock markets.

The new luxury lounge is located on Salam Street in Abu Dhabi, on the mezzanine floor of the new Al Khaily building.

Al Ghurair said the bank plans to launch more VIP trading lounges in prime locations across the UAE before the end of the year as part of Mashreq Securities’ plan to become a major player in brokerage.

These plans include expanding operations to exploit brokerage opportunities across Middle East and North Africa regions, as well as what is describes as ‘leading global capital markets’.

“These new high street lounges will enable our institutional and high net-worth investors to make trades in a comfortable and efficient environment rather than having to visit the often overcrowded markets themselves; we will provide the highest level of services to our guests who will choose to trade in our lounges,” said Nabeel Waheed, head of treasury and capital markets, Mashreqbank.

The new brokerage lounge was officially inaugurated by Mashreqbank’s chairman Abdullah Al Ghurair.

The facility hosts a dedicated corporate desk that acts as a single point of contact for all corporate clients’ queries.

The lounge has several private cabins for selected clients as a trading workplace station with access to the building’s covered parking.

The facility covers 700 square metres and offers a mixture of office and lounge furniture, a Wall Street-style ticker tape and 10 plasma screens displaying the latest stock prices, and additional TV screens broadcasting breaking business news.

Twenty nine PCs are provided to allow clients to execute on-line trades and monitor international stock prices, as well as conducting their own research and general browsing.

The branch’s brokers will help investors place trades on UAE stock markets.

This can be done in person, through dedicated phone lines or via the Internet.

“Mashreq Securities is attracting the best resources in terms of people, infrastructure and IT in order to provide a seamless service to our VIP clients,” said Waheed.

“It has also launched an advance research service that will provide customers with a continuously updated market commentary.

The service will include equity analysis, strategies on how to allocate and diversify assets and information on micro and macro economic trends, including the performance of market leading companies.

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