As many as one in three financial brokerages in the UAE face closure in the coming months with significant job losses likely as low trading volumes persist, executives say.
Ninety brokerages are licensed to trade on the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange, which are regulated by the Emirates Securities and Commodities Authority (SCA).
This number could fall by more than a third as companies close or merge, said Ghassan Ajawi, the general manager at Wafa Financial Services in Dubai. And many of the brokerages that remain open are expected to shed staff."
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