You'd think there were enough brokers in the market already wouldn't you? The number of listed stocks and number of brokers is about the same. As most of the listed stocks rarely trade, you have about 100 brokers trading about 20-30 stocks on a daily basis for DFM and ADSM combined.
Al Futtaim Group has a good enough reputation as a business entity (not the same as MAF or Majid Al Futtaim, correct?).
They will offer e-trade services but a website is not given.
They'll also offer timely and up to date research. Will this be research research or a link on their website to an auto-generated daily update of price movements like many of the others have? As they're tied up with Morgan Stanley, perhaps there will be some decent enough research coming out of their shop...
... there should be. I've just remembered HC Securities (Brokerage) provide reports that make for pretty good reading. They're based in Cairo, Egypt and AFHC is a subsidiary.
Press Release 17 Jan 2007 wrote:
Al-Futtaim Group introduces new financial services institution to UAE market
Al-Futtaim Group has announced a joint venture agreement with HC Securities & Investment, ranked among the top financial services firms in Egypt with activities spanning investment banking and advisory, asset management, and securities brokerage, to offer a complete range of brokerage services in the UAE. The new company will be called Al-Futtaim HC Securities (AFHC).
With the revenues of the securities industry in the UAE worth over AED1 billion, both the Al-Futtaim Group and HC Securities expect a positive response for the new company, which combines strong local market understanding with international service standards.
Mr. Omar Al-Futtaim, CEO of the Al-Futtaim Group said, “The Al-Futtaim Group has been looking for the right partner to venture into this key sector and I am confident HC Securities & Investment, with its expertise in providing excellent brokerage services, is the ideal partner to provide reliable services to our clients.” The new joint venture will offer competitive brokerage services, to financial institutions, high net worth individuals and individual investors in the UAE on listed stocks at the Dubai Financial Market, the Abu Dhabi Securities Market, and at a later stage, the Dubai International Financial Exchange. AFHC Securities will also be able to leverage on the extensive know-how of Morgan Stanley, a 30 percent partner in HC Securities & Investment.
AFHC Securities will support customers with an efficient online brokerage e-Trade system and customers can also utilize the services of HC Securities in Cairo for other financial services that include Investment Banking, Asset Management, and brokerage services.
“The financial services industry is expanding at an exponential pace in the UAE, and we look forward to take part in and propel this growth along with the Al-Futtaim Group. We will benefit from the experience that both HC and the Al-Futtaim Group can bring to the table to make this a successful venture,” said Hussein Choucri, Chairman of HC Securities.
The joint venture is headed by Hassan Choucri, who has over 10 years experience in the field of the stock market. He will be backed by a 22-member strong team of experienced professionals, with the technical expertise and know-how of the market.
“Al-Futtaim HC Securities will offer a range of quality financial services by employing creative operational solutions as well as a high level of brokerage services backed by a team of dedicated professionals that help in achieving the financial aspirations of our clients,” said Hassan Choucri, General Manager, AFHC Securities. He added, “We aim to become the leading Securities Brokerage firm in the UAE by providing simple and reliable solutions to our clients. We plan to educate the investor to make the right investment decisions and give them the best value for money in terms of trading services as well as the knowledge base to guide them in the financial decision making process.”
AFHC Securities, through an alliance with HC Brokerage, a fully owned subsidiary of HC Securities & Investments, will also begin research coverage of the UAE equity markets. HC Brokerage will bring with it an unbiased and superior-quality equity research to the UAE, providing clients with timely and up-to-date information.
Nice they say the service is open 24/7. The UAE markets are only open for trading 3 hours a day Sun-Thu ...
Press Release 22 May 2007 wrote:
Al-Futtaim HC Securities launches online trading facility
With online trading currently gaining ground among retail investors in the UAE, Al-Futtaim HC Securities (AFHC), a leading brokerage firm in the UAE, has announced the launch of its robust and secure online trading platform.
The new service offers customers online trading on both the Dubai Financial Market (DFM) and the Abu Dhabi Securities Market (ADSM).
AFHC's online trading service can be accessed through, af-hc.com, or directly through trading.af-hc.com. This interface has been specifically designed for simplicity and ease of use and will allow customers access to information regarding their portfolio of investments, monitor market fluctuations and execute trades through an interactive personalized display.
Hassan Choucri, General Manager, Al-Futtaim HC Securities said the new service has been launched for investors who demand professional financial advice and benefits from a 24/7 online trading. He said, 'This service is open to both our retail and institutional customers 24/7. The system will allow its users to have complete control over their positions, keep up-to-date with the latest market information and perform all the advanced market activities at a keystroke.
'This channel will part educate investors by putting them in the driver's seat and also reaffirm our commitment to provide a high-level of brokerage service to our customers. The online trading facility is the first step in offering advance technological solutions to facilitate our clients' trading. We have several other solutions that we are currently finalizing, which will prove equally secure and more convenient for our customers,' he added.
AFHC, a joint venture company between Al-Futtaim Group, UAE's leading business conglomerate, and HC Securities & Investment, ranked among the top financial services firms in Egypt with activities spanning investment banking and advisory, asset management, and securities brokerage.
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