ADS Securities, an Abu Dhabi-based foreign exchange and commodities brokerage, is applying for a stock-trading license as markets in the United Arab Emirates rebound from a plunge that forced some brokerages to close.
“We are in the process of getting a license and it may take about six months,” Managing director Philippe Ghanem said in an interview in Abu Dhabi yesterday. “We need to serve the demand. We need to become a fully-fledged brokerage.”
Declining stocks markets in the U.A.E. in 2011 hurt the Persian Gulf nation’s brokerages, with the number of companies slumping to 48 from 98 at the end of 2008. Trading volumes in Dubai sank to a six-year low last year and the benchmark stock gauge fell 17 percent as regional uprisings and Europe’s debt crisis spurred concern economic growth would slow. Abu Dhabi’s benchmark fell 12 percent in the period.
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