gulfnews : Shaheen Financial Brokerage to close due to tough conditions

Tough market conditions are continuing to take their toll on the UAE's financial brokerages as another company plans to close its doors amid dwindling volumes on regional bourses and growing volatility across global equity indexes.

Shaheen Financial Brokerage, which manages clients trading across the Dubai Financial Market (DFM), the Abu Dhabi Securities Exchange (ADX) and the Dubai Gold and Commodities Exchange, will cease operations in the near future, a senior company official told Gulf News Wednesday without elaborating on the details.

Shaheen was established in 2005 and has a paid-up capital of Dh30 million, according to its profile on the DFM. Dozens of local brokerages have suspended or shut operations over the last few years as costs continue to rise and revenues tumble.

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