XTB, a stock exchange listed broker offering a wide range of instruments from Forex, indices, commodities to real stocks and ETFs, has announced securing a Category 3a license from the Dubai Financial Services Authority (DFSA) for XTB MENA Limited its subsidiary registered in the Dubai International Financial Center (DIFC).
XTB MENA Limited has received a notification from the DFSA confirming the license has been granted. Approval from the key regional financial authority also marks the opening of a Middle East and North Africa regional office of XTB which is located in DIFC.
- Today we have made a very significant step in continuing our global development strategy by obtaining the DFSA license, which allows XTB to offer its services to clients in the MENA region. With the opening of our new office in DIFC we will be able to build close relations with our clients by providing them with world class technology and best in class support. We are also delighted to be starting this project with Achraf Drid in whom we have the highest trust and who we are sure will be a great ambassador of the XTB brand in the region. – said Omar Arnaout, CEO of XTB.
XTB MENA Limited will be managed by Achraf Drid, one of MENA’s most experienced professionals in the area of forex and investment markets. Before joining XTB, Achraf Drid held numerous managerial positions in financial institutions in the region, developing exceptional skills and competences in the areas of strategic planning, business development and sales. Together with a strong local marketing, sales and support team, he will be responsible for further growth of XTB MENA Limited.
- With XTB entering the MENA region, local investors gained a partner many had been waiting for – a trustworthy, experienced global financial institution with a solid and successful track record from numerous regulated markets. XTB is a perfect match for local investors - being a trusted stock listed company offering high level of investment possibilities - a true one-stop-shop for investors - said Achraf Drid, Senior Executive Officer of XTB MENA.
Starting from July, XTB MENA Limited will provide its investment offer for clients from the MENA region. Local investors will get access to over 1600 instruments, including Forex and many other CFDs. Clients from the MENA region will have for the first time a possibility to use XTB’s award winning xStation and xStation Mobile platforms. Both platforms and customer service and support will be available in both Arabic and English and in line with the highest XTB’s global support standards from day one.
In Q1 2021 XTB Group reported a consolidated net profit of EUR 19,5 million net profit and EUR 40,8 million revenue. In this period, the Group noted a record number of 67 231 new clients, which is an increase of 75,0% q/q and for the first time in history over 100,000 clients actively invested with XTB on a quarterly basis.
About XTB Group
XTB Group consists of companies with one of the largest stock exchange-listed FX & CFD brokers in the world. XTB Group has entities regulated by the world's biggest supervision authorities including the FCA, CySEC and KNF. With more than 16 years of experience, XTB Group provides retail traders instant access to hundreds of global markets. XTB is a fintech company based on trust, technology and support. Since 2004, XTB Group has expanded to 12 major markets in Europe, Latin America and Asia attracting over 352,000 clients. In 2021, XTB Group received licenses to operate in UAE and South Africa. Operating company’s own award-winning xStation and xStation Mobile platforms, the entities of XTB Group offer over 5400 instruments including real stocks, real ETFs and CFDs on forex, indices, commodities, stocks, ETFs and cryptocurrencies. Through X-Open Hub, XTB provides leading technologies for financial institutions from around the world. Find out more at www.xtb.com
© Press Release 2021
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