Mubasher Financial Services, a Bahrain-regulated securities brokerage, has opened a branch in Sharjah to tap growing demand for UAE equities after markets here staged a spectacular recovery last year.
The office in Sharjah will also serve the wider Northern Emirates region, including Ras Al Khaimah, Ajman and Fujairah. Mubasher has existing offices in Dubai, Abu Dhabi and Al Ain.
“Mubasher’s growth strategy continues as we invest in our business to ensure we provide premium service to our customer base and retain our position as the broker of choice for GCC, Mena as well as key frontier and emerging markets,” said Malek Kanawati, the firm’s chief executive.
The UAE’s economy grew by at least 4 per cent last year as the Government spent more money on infrastructure projects, and cheap credit bolstered business expansion. That boosted investors’ appetite for real estate and listed companies.
At the beginning of this year, local stock markets withstood an emerging-market sell-off. The dollar-pegged dirham and vast oil-generated cash reserves made the UAE a more attractive bet among emerging markets, in many of which currencies and current accounts were battered. Still, after Dubai's key stock index more than doubled last year, some asset managers, among them the giant US-based asset manager BlackRock, have questioned whether signs of a speculative bubble are beginning to appear.
Based in Bahrain, Mubasher Financial Services also has subsidiaries and group affiliates in Egypt, Saudi Arabia, Jordan and Libya, offering online trading and providing investment research.
mkassem@thenational.ae
Follow us on Twitter @Ind_Insights
