Dubai:
Shuaa Capital, the integrated financial services firm, said its securities brokerage arm has officially commenced operations in the Egyptian market, following the green light from the Egyptian Financial Supervisory Authority (EFSA).
This official presence out of Cairo, is a natural extension to Shuaa’s broader brokerage network, allowing retail and high-net-worth clients from across the region easier access to Egyptian capital markets, the company said in an emailed statement.
“Shuaa Securities Egypt is an important component of our work to offer clients access to the region’s key capital markets. Due to the country’s strong economic fundamentals and depth of available opportunities, we have received strong interest in the Egyptian market from clients in 2017. Shuaa Securities Egypt will enable us to meet this demand and help us to deliver another significant element of the Group’s long-term growth strategy,” Fawad Tariq Khan, General Manager of Shuaa Capital, said in a statement.
Shuaa Capital recorded profits for the third consecutive quarter driven by strong results in real estate asset management and credit businesses.
Net profits for the three months ending September jumped 165 per cent to Dh23 million, compared to a net loss of Dh35 million in the same quarter last year, the company said.
Net profit for the nine months to September stood at Dh60 million, the highest since 2007.
