Amid industry players’ shutdowns, MENA CORP eyes expansions in local market
Premier financial services group MENA CORP is pleased to announce it defied a trend in local brokerage shutdowns by expanding in the Middle East’s major investment hub, Dubai, a step that shows confidence in United Arab Emirates’ (UAE) markets future.
Trading volumes in UAE’s two main indices have declined to historical lows as investors hedge against risks in equity forcing several brokerage firms to cut jobs and ultimately close down.
Reports say the low market has already caused 50 firms to close doors this year leaving the country with only 60 operational brokerages, down from 110 in 2010.
MENA CORP, based in UAE capital Abu Dhabi, opened its Dubai office in the Dubai Financial Market (DFM) on Oct. 23, 2011 to cater to prospective clients in the city and northern emirates.
“Our vision is not guided by short term considerations,” said MENA CORP Chief Executive Officer Fathi Ben Grira. “We have a clear strategy that received a strong support from our shareholders and we don’t compromise with the quality of service that MENA CORP’s clients are entitled to receive. For us the message is clear: amid the global financial crisis, the UAE and more specifically Dubai, will not only survive but it will thrive.”
MENA CORP is the financial subsidiary of the well-renowned local conglomerate Bin Hamoodah Group, which was established in 1967, and serves in diverse financial areas such as investment banking, securities brokerage, asset management, private equity and financial research.
