Dubai FX broker targets Middle East expansion

31/12/2009 - Dubai Investment News
Dubai FX broker targets Middle East expansion

Posted by Bob Brunskill

Advanced Currency Markets (ACM), one of Dubai's leading online foreign exchange brokers, has undergone significant financial and management restructuring as part of the firm's expansion plans in the region.

ACM's Dubai office will now be managed by Mario A. Camara and Tarek Bazerbachi. Prior to his appointment, Mr Camara held the position of chief legal officer and was responsible for successfully incorporating ACM's subsidiaries into the Dubai International Financial Centre. Mr Bazerbach, meanwhile, was formerly head of ACM's sales department.

The appointments have been accompanied by news that ACM shareholders have approved a capital increase of AED 100 million for the firm.

Earlier this year ACM reported a 50 per cent increase in monthly trading volumes, which at its peak reached a value of $45 billion. The volumes were boosted by investors from the UAE and Saudi Arabia seeking an alternative to the unstable stock market. The broker is now planning to expand its operations in the Middle East.

In a joint statement Mr Camara and Mr Bazerbachi said that the management restructuring "will enable ACM to more effectively pursue its goal to obtain a banking licence and develop its product offering".

The firm's expansion plans demonstrate the opportunities for business growth and investment in Dubai. ACM currently has offices on four continents where it offers clients fast and secure access to online foreign exchange platforms.