Mubasher warns of brokerage consolidation in the UAE | The National:
"Mubasher Financial Services, the third biggest stockbrokerage in the UAE, warned the industry was headed for further consolidation as trading activity slides amid market turmoil.
Mubasher said it expected lower revenues after traded value on the Dubai Financial Market steadily dropped from Dh72.9 billion in January 2013 to Dh46.3bn in December 2014.
“We have to adjust the budget this year, everybody has to,” said Abdel Malik Kanawati, the chief executive at Mubasher, which traded Dh3.73bn on the DFM in December."
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