Shuaa Securities sees fewer brokers in UAE

The brokerage industry in the UAE should probably be halved, as too many firms are unable to cope with the fallout of the economic crisis, the head of one of the country’s largest brokerages said.

“I think that for the UAE market having nearly 100 brokerage licenses is overkill,” Mohammed Ali Yasin, chief executive of Shuaa Securities, told Reuters TV.

“In general shrinking it to somewhere near 50 is maybe closer to what the market needs,” he said.