Taib Securities, the brokerage arm of Bahrain's Taib Bank, says it will close its UAE operations immediately to cut losses amid depressed market conditions, and shift focus to its home market.
The closure comes as fears continue to mount that many of the country's remaining brokerages will close before the end of the first quarter as trading volumes plummet.
"We are closing the UAE office because volumes are very low," said Khaldoon bin Latif, the general manager at Taib Securities in Bahrain. "From a return on investment perspective, it didn't make any sense," he added.
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