Apple picker Press Release: XTB, a listed broker offering a wide range of instruments from forex, indices and commodities to real shares and ETFs, announces that it has received a Category 3a license from the Dubai Financial Services Authority (DFSA) for its Dubai-registered subsidiary XTB MENA Limited International Financial Center (DIFC).
On 11 July 2021, XTB MENA Limited received notification from the DFSA that it has been granted a license with effect from 8 July 2021. The approval from a key regional tax authority also marks the opening of XTB's Middle East and North Africa regional office, located in the DIFC .
"By obtaining the DFSA license, which allows XTB to offer its services to clients in the MENA region, we have taken a very significant step corresponding to our global development strategy. With the opening of our new office in DIFC, we will be able to build close relationships with our clients by providing them with world-class technology and the best support in our sector. We are also happy to start this project with Achraf Drid, who we trust and who will surely be a great ambassador for the XTB brand in the region.” said Omar Arnaout, CEO of XTB.
XTB MENA Limited will be managed by Achraf Drid, one of the most experienced forex and investment market experts in the MENA region. Prior to joining XTB, Achraf Drid held a number of management positions in financial institutions in the region. He developed his skills and competencies in strategic planning, business development and sales. Together with a strong local marketing, sales and support team, he will be responsible for the continued growth of XTB MENA Limited.
"With XTB's entry into the MENA region, local investors have gained the partner many of them have been waiting for - a trusted and experienced global financial institution with a solid base and a successful track record from many other regulated markets. XTB is the perfect partner for local investors – as a listed company, it offers a high level of investment options – a true one-stop-shop for investors.” said Achraf Drid, Senior Executive Officer of XTB MENA.
XTB MENA Limited will provide its investment offer to clients from the MENA region from July. Local investors get access to more than 1600 instruments, including forex and many other CFDs. For the first time, clients will have the opportunity to use the award-winning XTB xStation and xStation Mobile platforms (XTB mobile applications). Both platforms as well as customer service and support will be available from day one in both Arabic and English and in line with XTB's global support standards.
In the first quarter of 2021, XTB reported a consolidated net profit of €19,5 million and revenue of €40,8 million. During this period, it also recorded a record number of new clients (67), which represents a quarter-on-quarter increase of 231%. For the first time in history, more than 75 clients actively invested with XTB on a quarterly basis.
CFDs are complex instruments and, due to the use of financial leverage, are associated with a high risk of rapid financial loss. 73% of retail investor accounts experienced a loss when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford the high risk of losing your funds.”
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