Font Size

- Aa +

Thu 1 Feb 2007 12:00 AM

Font Size

- Aa +

New broker for the UAE markets

AFHC Securities will target high net worth individual investors and could start trading on the DIFX.

Diversified business giant Al-Futtaim Group has partnered with a major Egyptian-based asset management and securities firm, HC Securities & Investment (HCS), to launch a new stock brokerage and investment banking operation in the UAE. The new securities company will operate as AFHC Securities.

A joint statement released by Al-Futtaim and HCS says that the new brokerage, which will target financial institutions and high net worth individual investors, will begin trading on the Dubai Financial Market (DFM) and the Abu Dhabi Securities Market and at a later stage expand it services to cover the Dubai International Financial Exchange (DIFX).

AFHC will provide online trading through an e-trade system as well as research facilities. Global broker Morgan Stanley holds a 30% stake in HCS, and this partnership is expected to benefit the new brokerage on an international level.

The UAE’s financial services industry is expanding at an exponential pace, with the securities industry’s annual revenue topping US$272.4 million (AED 1bn), and HCS looks forward to partnering with Al-Futtaim in benefiting from this growth, says Hussein Choucri, chairman of HCS. “The Al-Futtaim Group has been looking for the right partner to venture into this key sector [securities industry] and I am confident HC Securities & Investment, with its expertise in providing excellent brokerage services, is the ideal partner to provide reliable services to our clients,” says Omar Al-Futtaim, CEO of Al-Futtaim Group.