Menacorp, a UAE-based investment bank, has recruited several senior professionals to its brokerage division operating in Abu Dhabi and Dubai.

The financial services group now has one of the largest brokerage force in the Mena region, with an increased total of 35 front-office brokerage professionals, said a statement.

The Emirates Securities and Commodities Authority require a minimum of two brokers per brokerage firm; most of the UAE’s 50 locally-based firms currently employ a maximum of four. Menacorp's brokerage team is thus far above both the industry standard and actual practice and will exceptionally drive its sales capabilities moving forward.

Official data published by the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) on August 1 ranks Menacorp first among 50 competitors on the combined UAE markets with a share of 13.2  per cent on the DFM and 10.5 per cent on the ADX.

Nabil Al Rantisi, managing director, said: “Building up the largest brokerage force in the UAE and probably the largest in the Mena region gives Menacorp a strong competitive edge and unparalleled market insights. We would like to note that our new recruits are all high-profile, seasoned senior professionals with solid credentials and excellent reputations in the UAE markets.  They bring to the company a wealth of experience that will keep us at the top of the UAE markets.”

“If market conditions allow it, then we aim to further build up our front-office staff to 50 in the near future. This will allow us to cover all the markets of the MENA region as well as forex, commodities, and other international products,” he added. - TradeArabia News Service