By Andrei Skvarsky.
U.S.-based electronic financial brokerage Interactive Brokers (IBKR) is planning to open an office in Dubai in a bid to expand its global network to the Middle East, Abu Dhabi-based English-language daily The National said, citing an IBKR spokesperson.
The National also quoted an independent source as saying, with reference to an email from the brokerage’s head of development, that IBKR, a Nasdaq-listed company that has consistently received the highest accolades from various rating firms, was “close to opening a regulated office in Dubai in the middle of this summer”.
The same source said IBKR was also working to establish a bank in the United Arab Emirates for money transfers in dirhams, set up a UAE phone number for support in Arabic, organise access to Gulf exchanges and launch sharia-compliant products.
IBKR trades in stocks, options, exchange-traded funds, metals, cryptocurrencies and other products. On average 2.4m trades are carried out on its platform daily.
The company has offices in the United States, Canada, Europe, Asia and Australia.