SHUAA Capital, the United Arab Emirates-based integrated financial services firm, announced that its securities brokerage arm ‘SHUAA Securities’ has officially commenced operations in the Egyptian market, following green light by the Egyptian Financial Supervisory Authority (EFSA).
With an initial and dedicated 40 person strong task-force, SHUAA Securities Egypt has been successfully executing its first transactions since being granted approval on 11 November 2017.
SHUAA Capital had earlier confirmed a regional growth and development strategy via both organic and inorganic prospects, and the launch of SHUAA Securities Egypt is testament to the Group’s turnaround roadmap. This official presence out of Cairo, is a natural extension to SHUAA’s broader brokerage network, allowing retail and high-net-worth clients from across the region easier access to Egyptian capital markets.
Fawad Tariq-Khan, General Manager of SHUAA Capital, said: “SHUAA Securities Egypt is an important component of our work to offer clients access to the region’s key capital markets. Due to the country’s strong economic fundamentals and depth of available opportunities, we have received strong interest in the Egyptian market from clients in 2017. SHUAA Securities Egypt will enable us to meet this demand and help us to deliver another significant element of the Group’s long-term growth strategy. We thank the Egyptian authorities and regulators for their support and guidance throughout the process.”
Securities brokerage is a vital business line for SHUAA’s overall Capital Markets service offerings. Through a strategic move, the Group had recently entered into an agreement to acquire ‘Integrated Securities’, the leading UAE based brokerage firm, thus boosting SHUAA’s regional client base, and allowing it to benefit from synergies and better streamlining of operations. Today, the re-engaging of the Egypt market by a much stronger SHUAA Securities is expected to pave the way for further expansion by the Group’s other business lines on the North African platform over the medium term.