Interactive Brokers has opened a new office in Dubai, as the UAE prime broker seeks to underpin its presence in the region and internationally.
The new Interactive Brokers Dubai office “will establish its presence in the Middle East”, the firm said in a statement today.
From its new office in the Dubai International Financial Center (DIFC), the broker seeks to serve “active traders, high-net-worth investors, and a range of wealth management institutions, including local banks, hedge funds and family offices in the region”.
“Opening an office in DIFC underscores our commitment to focusing on clients in this important region and connecting investors worldwide to global markets,” said Interactive Brokers chief executive Milan Galik.
“DIFC is quickly becoming a global financial hub known for embracing technology, and we are pleased to solidify our presence in the market and serve local investors.”
Several major hedge funds and other financial institutions have increased their presence in the United Arab Emirates, including Dubai, or relocated to the low-tax country entirely in recent years.
Among them is London-based hedge fund Brevan Howard, which established an office Abu Dhabi last year.
The Dubai Financial Services Authority (DFSA) saw a 25% rise in registrations of new firms in 2023.
Interactive Brokers currently serves over three million clients in more than 200 countries and territories.
Clients of the platform can trade on 150 markets to invest in global stocks, options, futures, currencies, bonds and funds.
The firm also offers a wealth management solution for financial advisers, as well as an advanced trading platform for institutions such as family offices, which have an increasingly strong presence in Dubai.
The Launch of the new Dubai office comes after the firm announced a partnership with Saudi Arabia’s SNB Capital earlier this month.
The Interactive Brokers Saudi tie-up makes the trading platform the first global broker to allow foreign investors to directly own and trade securities listed on the Saudi stock exchange.
Robin has more than six years of experience as a financial journalist, most of which were spent at Citywire, and covers the latest developments in the investing, trading and currency transfer space. Outside of work, he enjoys reading literature and philosophy and playing the piano.
You can contact Robin at robin@goodmoneyguide.com
