Al Futtaim HC Securities LLC, a brokerage based in Dubai, decided to shut operations in the United Arab Emirates after stock trading and volumes slumped.
“Shareholders of Al Futtaim HC Securities have agreed to discontinue the brokerage operations in the U.A.E.,” general manager Hasan Choucri said in a telephone interview today. Al Futtaim Development Services Co. owns a 65 percent stake and Cairo-based investment bank HC Securities & Investment holds the remainder. Al Futtaim was ranked 14th by value traded in December, according to the Dubai Financial Market PJSC’s website.
Some brokerages in the U.A.E. are suspending operations or cutting costs after political unrest in the Middle East and debt restructurings pushed average trading volumes in Dubai to a six- year low. HSBC Holdings Plc will stop offering brokerage services to retail investors in the U.A.E. and focus on institutional clients, the bank said in October.
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