EFG-Hermes is No. 1 UAE broker in 2008
Dubai, January 20, 2009
The Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) have ranked EFG-Hermes as the No. 1 broker on both UAE exchanges for 2008.
The region’s leading investment bank held the number one position in terms of value traded on both exchanges.
“We are pleased that EFG-Hermes has once again emerged as the leading broker of choice in the UAE,” said head of EFG-Hermes Brokerage UAE Seif Fikry.
“Innovative research products, expert execution capabilities, superior client service and back end operations, have collectively led EFG-Hermes to this position.”
EFG-Hermes has also shown consistent growth in daily percentage of trades across the DFM and ADX, more than tripling its volumes of trade on both markets since the company’s UAE launch in 2005.
EFG-Hermes’ market share on the DFM for 2008 is now 19 per cent compared to 3.59 per cent when the brokerage division launched three years ago with a ranking of 19. The investment bank also performed exceptionally well on the ADX for 2008, rising up the ranks to the leading position accounting for 17.5 per cent of market share from 14th position in 2005 with a mere 4.16 per cent market share.
In addition to this accolade, EFG-Hermes is the first broker to consistently hold the No. 1 ranking for all 12 months throughout 2008 on the DFM.
“In addition to this success, our recent acquisitions of Gulf Financial Brokerage in Kuwait and of Vision Securities in Oman have lead EFG-Hermes to the No. 3 position on both exchanges. We also continue to maintain our number one ranking on the Egyptian Exchange (EGX) which we are proud to have held for more than ten years,” said head of EFG-Hermes Brokerage Sherif Cararah.
EFG-Hermes Brokerage has recently been granted permission to provide non-resident foreign investors with the ability to purchase Saudi Arabian equities through trade swap arrangements, in compliance with the Capital Market Authority’s new regulation.
It launched its new Abwab product in September of this year, providing foreign institutional investors with access to the Saudi Arabian market.
EFG-Hermes facilitates transactions and provides executions for retail, institutional and High Net Worth investors on all major Middle Eastern and North African markets. The organization has operations in Egypt, the UAE , Saudi Arabia, Oman, and Kuwait with dominant market share regionally across the breadth of its businesses. – TradeArabia News Service
More Finance & Capital Market Stories
- Nexus launches Kuwait operations
- Tunisia may delay sukuk issue to next year
- Al Baraka Turk planning $200m sukuk
- Kuwait April inflation climbs to 2.8pc y/y
- Bahrain Islamic Bank names new chairman
- Oman 'must consider fiscal reforms as priority'
- Qatar Exchange to start trading govt bonds
- NBK opens new branch in UAE
- Dubai utility repays $871m Islamic bond
- Investcorp buys stake in Saudi energy firm