Recently Emaar Financial Services have started offering online trading - only for DFM, not ADSM. Website seems impossible to find on Google and the interface is a bit clunky but it works fine for the trading. Most of the links go to an Under Construction page. They require a minimum of 200,000 dhs to start an online account. Note they have an office in the Gulf Towers building near the American Hospital so you can get away from the crowd at DFM.
Dubai-based Emaar Financial Services launched the UAE's first online real-time e-trading yesterday, and it will be followed within weeks by a mobile phone-based trading service.
The slew of initiatives announced by the company includes the opening of its new head office in the Gulf Towers on Oud Metha Road...
I don't know of any other brokers offering online trading but there are mutterings about that several will have sites up by January 2006.
mubasher.net ( mubasher.net/?language=en ) looks like it might do online trading but it's not obvious how, or which broker it's associated with. The live feeds appear to be the same as what you can get from the DFM, ADSM, or SCA sites.
[edit]mubasher.net supplies financial information, similar to tickerchart.com from what I see on their website. No evidence of online trading and they're not a broker anyway[/edit]
Update 13 December 2005
I've used Emaar FS since they started online trading and it hasn't been without it's difficulties.
Login Problems
Twice I've been locked out of my account because there was a problem with my password/username and it had to be reset. I had to go to the office to do this - it was done quickly enough, and they said many accounts had had a problem. The chap there who seemed to be the web/IT person was helpful and friendly. There was another pompous chap there who gave the impression he was in charge of something and seemed to want me to clear off. Maybe he's with Customer Services . Wish I'd got his name or card.
Telephone Contact Problems
On both occasions I tried to phone them to ask what happened and what to do. I was never able to get through to anyone. I have a card with a list of about 6 phone numbers and all of them either went to voicemail, or there was no reply. There is a receptionist there - I've seen her - who is very helpful when you're there. But her main switchboard number must be a complete secret. At least from me ... And there's also someone who supposedly deals with online customers - again, I met her there and she seemed very helpful. She gave me her card but the numbers I tried were not answered. Actually, her mobile number was answered once but by someone who said wrong number. Other times I've tried it's been off or not answered.
The only time I have spoken to someone on the phone was a broker who I contacted on his mobile (as a last resort). Unfortunately for me, he was not interested in anything to do with the online trading and gave me short shrift - I thought he was quite rude on one occasion. But then if no one in their office answers phones, he's probably being inundated with calls from frustrated online trading customers.
Trading Problems
Usually trades are activated quickly but there have often been occasions when they seem to get stuck. Frustrating when you're trying to sell or buy and all you can do is watch the price drift away from you while your order waits to be activated. Delay time has ranged from 5 or 10 minute to a couple of hours, and occasionally the trade was never activated (activated meaning waiting to be executed).
The web man there told me it was all automated, ie there's no manual broker activation of your order. And it's true than when it's working, you cannot detect any delay. Place the order, change to a depth of trading screen from the SCA site and refresh it, your order will show up there.
Admittedly, the last few weeks I haven't noticed any delays so maybe they've got everything sorted out now.
Errr... today put an order in and it shows as active but not showing up on SCA site. Maybe SCA is slow updating? Doubtful...
Website
Seems to work ok although response is slow when asking for statements and reports. It's functional and does the job. Two sets of scroll bars on the marketwatch page seem unnecessary (but maybe that's a DFM issue).
The news headlines on the home page are not a bad idea. The problem is they come from zawya.com and many of them are subscription only so you can't view the article (unless a zawya subscriber). And the javascript pop up for the news links annoys me. I hate when websites do that ...
Another discussion about Emaar FS VIP lounge, and trying to trade ARIG shares
Posted: Fri Aug 26, 2005 3:23 pm share punter wrote:
Emaarfs have been having trouble this last week. The market screen is not current. Consequently the buy and sell functions are showing incorrect pricing. Emaarfs are saying unofficially that they are upgrading the software and it may tke another week. In addition the front page is still largely under construction. All of this does not inspire confidence but with no alternative they are under no pressure to remedy any of it.
Surprisingly I have not seen anything in the financial pages of the press mentioning these issues.
Posted: Thu Sep 01, 2005 11:01 am sharewadi wrote:
share punter wrote:
Surprisingly I have not seen anything in the financial pages of the press mentioning these issues.
Yes, I'm surprised also .
Seemed ok during the past week although after the DIB debacle, trying to buy DIB shares threw up an error. Don't know about trying to sell. Other stocks seemed fine.
I just received an sms today saying that there's no minimum balance required now. And they're trading both DFM and ADSM shares.
When I phoned a while ago about ADSM trading and was told you need to fill in a separate application for ADSM even though the shares show as being available for purchase when logged in.
Similar to ARIG shares showing as available even though they won't allow you to buy them (not an Islamic company). You can sell them if you have any though. _________________ UAE IPO list | posting guidelines
Last edited by sharewadi on Fri 23 Feb 2007 18:10; edited 1 time in total
Now here's a funny thing. I've noticed that when I place buy or sell orders with EFS, they show up on the SCA trading screens and then disappear after a few minutes (they still show as active on the EFS screen).
I phoned them about it once and they assured me that the orders were still in the system so I assumed it was a glitch with SCA (I don't know how all the connections work). But I don't get why some orders would show with SCA and others would disappear.
Anyway, recent orders have been executed fine so obviously the system does work.
Today though, I placed a sell order for ABC (which is rarely traded) at about 1100 at a price so it was first in the sell queue (according to both SCA and EFS trading screens). As usual, the order disappeared from the SCA screen. At about 1235 a sell order that joined the queue after mine and at the same price went through, but mine didn't .
It seems as if someone joined the sell queue after I did, at the same price, but their order got executed first. So there is something wrong with the system somewhere. I'll fire up mubashertrade tomorrow and see how it looks - they're software seems to be the best (just memory hungry) in terms of real time display and accuracy.
AAAIC (Al Ain Ahlia Insurance) rarely trades but there was a single trade today according to the ESCA website and the ADSM website. However, the Emaar Financial Services trading screen online showed no trades. And showed their share price as only 1 dh (it was about 155 dhs I think).
Emaar Financial Services is the first financial brokerage investor partner in Dubai Quality Group
Emaar Financial Services is the first financial brokerage to be an investor partner in Dubai Quality Group.
Emaar Financial Services will benefit from Dubai Quality Group's offerings, programs and projects to enhance workplace performance and innovation.
Mr. Ali Farid Al-Khatib, Emaar Financial Services Chief Executive Officer (CEO), said: "As an interpretation of the vision that aims to develop Dubai as a center for excellence by UAE Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, we at Emaar Financial Services agreed to be one of the eminent members of Dubai Quality Group."
He added: "Emaar Financial Services established a special department to ensure that all services abide by the highest international standards and exceed customer expectations. The department also assists company employees and supports them in developing innovative ideas and services."
Mr. Al-Khatib affirmed that Emaar Financial Services' partnership with Dubai Quality Group will provide the opportunity to exchange information and points of view with Group Members. It will also enable EmaarFS to utilize books, brochures, lectures, audio and video materials, training courses and many other resources available.
He clarified that Emaar Financial Services will use these resources, information and expertise to carry out its operations accurately and efficiently. This will qualify EmaarFS to provide its clients with innovative and unique solutions matching the highest international standards of quality and achievement.
From his side, Mr. Marwan Al-Sawaleh, Chairman of Dubai Quality Group, expressed delight at Emaar Financial Services' joining as the Group. He said 'Emaar Financial Services is one of the leading companies in its field in the United Arab Emirates (UAE) and the region, and it maintains high standards of quality and innovation. EmaarFS joined Dubai Quality Group to benefit from the expertise and experiences of others at the forefront of quality and innovation oriented initiatives.'
Mr. Al-Sawaleh added: "Emaar Financial Services is the first investor partner in the field of financial brokerage in Dubai Quality Group. It joined the leading Group to gain access to the information resources and excellent experience the Group enjoys, and to benefit from its eminent network of contacts to provide EmaarFS with quality standards and unique models that can be applied in its operations."
Emaar Financial Services is considered the fastest growing company in its field regionally. It is also classified as one of the five best companies in the Dubai Financial Market in terms of market share for the year 2006. The company provides its services to more than 8000 clients and has branches throughout Dubai, Abu Dhabi, Al Ain and soon in Saudi Arabia. Emaar Financial Services has developed a significant presence and built credibility in the market in a very short time. EmaarFS offers its clients a professional, comprehensive service center, high quality financial services in online trading and research capabilities.
I just tried to log in to emaarfs.ae and I get the Etisalat blocked message ...
When did that happen? It was fine yesterday. I've sent Etisalat an unblock request. Tried to phone Emaar FS but no reply.
Etisalat wrote:
We apologize the site you are attempting to visit has been blocked due to its content being inconsistent with the religious, cultural, political and moral values of the United Arab Emirates.
Tried with https also but got "You are not authorized to view this page" error (403).
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. Wish I'd got his name or card.
... And there's also someone who supposedly deals with online customers - again, I met her there and she seemed very helpful. She gave me her card but the numbers I tried were not answered. Actually, her mobile number was answered once but by someone who said wrong number. Other times I've tried it's been off or not answered.
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