The world has survived the predicted Mayan apocalypse and those who wanted to celebrate the end of the world had another eventful party to remember for the rest of their lives. But by a strange coincidence, the doomsday marked the end of the world for Dubai’s oldest securities firm. A newspaper advertisement announcing the shutdown of Shuaa Securities, Shuaa Capital’s celebrated brokerage business, had an eerie something about it and seemed timed to perfection.
The story of Shuaa Securities has all the pathos of a Shakespearian tragedy, in which the central character ascends the highest point of glory before falling to the ground, so that the depth of the tragedy is dramatised to its maximum potential. Shuaa’s story is also typical of all securities brokerages in the country and has a subplot about the Dubai Financial Market too.
In material terms, the advertisement announced Shuaa’s intention to stop the trading services and cancel its brokerage licence as it advised clients to get their shares transferred to the respective exchanges, settle their cash balances and close their accounts. But in terms of metaphysics, it had a much deeper and more ominous reading.
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