Emaar Financial Services LLC received the approval of the United Arab Emirates’ Securities and Commodities Authority to “temporarily suspend its brokerage license,” according to a statement published on its website.
Dubai-based Emaar Financial, a unit of Emaar Properties PJSC and Amlak Finance PJSC, will stop trading activities on Jan. 6, according to the statement, which didn’t indicate when the company expects to start up again.
Trading volumes in the U.A.E. have tumbled in 2010 to the lowest in four years, forcing some brokerages to close. Dubai amassed more than $100 billion of debt as it transformed itself into a financial hub, and a real-estate slump triggered a credit crisis in 2009.
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