“Given the market today, the limited volumes, the risk and volatility for retail clients, we decided to primarily focus on the institutional side of the business,” Georges Elhedery, Middle East and North Africa Head of Global Markets, said in an interview yesterday. “The investment required to make ourselves visible in the retail space versus the opportunity that the retail market offers us doesn’t make a lot of sense today.”
Some brokerages have chosen to suspend licenses or cut costs after political unrest in the Middle East and debt restructurings reduced Dubai trading volumes to a six-year low. Rasmala Holdings Ltd., which has a research venture with Royal Bank of Scotland Group PLC, stopped retail brokerage in May. Shuaa Capital PSC (SHUAA), the investment bank controlled by Dubai’s ruler, plans to focus on institutional and high net-worth clients, its new chief executive officer said last week.
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