Emirates NBD (ENBD), a leading bank in the region, said that it will provide clearing services to UAE-based Naeem Shares and Bonds.

Emirates NBD is the first UAE-based financial services entity to be approved by ‘SCA - Securities and Commodities Authority as a ‘general clearing member’ providing clearing and settlement services to trading participants of the UAE’s equity markets.

“Naeem Shares and Bonds joins our prestigious portfolio of customers within the UAE equity market, underlining the strong value proposition Emirates NBD brings to the UAE’s capital markets,” said Dr Tariq Bin Hendi, executive vice president and head of Products & Advisory for Retail Banking & Wealth Management, Emirates NBD Group.

“UAE-based brokerage firms can benefit from a range of tools and products that Emirates NBD offers as General Clearing Member, contributing to increased efficiencies across operations and costs.”

Youssef Medhat El Far, chief executive officer of Naeem Shares & Bonds LLC, said: “We are delighted to partner with Dubai’s largest bank, Emirates NBD, a reliable and trusted name in the industry. Our partnership will strengthen our offering to clients and boost investor confidence in our capabilities.

“We would also like to thank the Securities and Commodities Authority for their continuous efforts towards improving the overall legislative and regulatory framework of financial markets, which will potentially contribute to an upgrade in the UAE’s classification to a developed market in the future,” added El Far. – TradeArabia News Service