Last week Mac Capital closed its brokerage operations in Dubai, making 25 staff redundant, the unlucky 13th closure of a broker in the UAE this year, and that despite a post-Ramadan stock market rally that has left the Dubai Financial Market up 20 per cent on the lows of July.
It is not very hard to see why brokers continue to make these painful decisions. Trading volumes are a tiny fraction of boom levels and commission rates very low.
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