HC Securities & Investment (HC) and Al-Futtaim Group announced their intention to close down Al-Futtaim HC Securities (AFHC) in Dubai. Over more than four years AFHC had offered a complete range of brokerage services in the UAE for both retail and institutions on the Dubai Financial Market (DFM), Abu Dhabi Securities Exchange (ADX), and most recently Nasdaq Dubai.
Mr. Hussein Choucri, Founder, Chairman and Managing Director of HC said, "The firm was dedicated to providing its clients with the best services in Sales, Trading and Execution.
AFHC experienced a very difficult environment during the years of 2009, 2010, and 2011, following the global financial crisis. Despite this difficult environment, AFHC maintained its operations to serve the interests of its clients and to support the UAE Capital Market. Although the global stock market recovered starting 2009, UAE financial market continued to suffer until now.
Average daily trading in the UAE Market reached AED 226 Million in 2011 compared to AED 415 Million in 2010, AED 972 Million in 2009, and AED 2.2 Billion in 2008. The Dubai financial index declined 84% from its peak in 2005. The declining trading volumes over the last four years, makes it impossible for us to predict when the UAE financial market will recover specially in light of the existing economic conditions in the world and the Middle East.
AFHC was ranked the second among all Brokerage firms in 2008 and continued to be among the top 10 brokerage firms until the end of its operation.
Choucri also added that HC continues to maintain its HC Investment Banking operations located in the Dubai International Financial Center (DIFC) which provide Investment Banking and Financial Advisory Services."
It is worth noting that AFHC was set up in Dubai in 2007 through a partnership with Al-Futtaim Group, the leading firm in the UAE and Middle East.
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About HC Securities and Investment
HC Securities & Investment (HC) is a leading non-banking financial institution in the Middle East & North Africa region. It offers its clients a wide range of services in Investment Banking, Asset Management, Securities Brokerage, Research and Custody.
HC has become one of the leading companies enjoying long term, outstanding performance. It has wide regional presence through its own offices and strong alliances in the United Arab Emirates, Syria, and the United Kingdom.
HC has extensive experience and a variety of different specialties, all executed with a high degree of professionalism. This enables it to strike a balance between the highest global standards and local needs.
For more information on HC please visit www.hc-si.com or call +202 353 55 999.
© Press Release 2012
