Fall in trade claims two more Dubai brokerages - The National

Two brokerages based in Dubai have suspended operations, continuing a trend of closures during which 45 houses shut their doors last year.

Brokerages have suffered from depressed trading volumes since the global financial crisis struck in 2008, exacerbated by a decline in property values and a flight of capital spurred by the Arab Spring last year.

Tabadul for Shares and Bonds, the brokerage arm of a Lebanese lender, which also has an office in Abu Dhabi, said it would halt its operations on the back of a year of slower trading, a shortage of capital and more than Dh114 million (US$31m) owed from its clients.

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