Kuwait-based foreign exchange / CFD online trading company NCM Investment has been granted a Category 1 licence from the UAE Securities and Commodities Authority (SCA) to conduct regulated business in the UAE。

NCM gets new UAE license

The company said the UAE license supports its development strategy to expand into new markets in the Middle East.。NCM Investment already operates regulated brokerage services in Kuwait, Jordan, Turkey and Malaysia。

NCM Investment was acquired in 2022 by Eshraq Investments' Goldilocks Fund, which holds a majority stake of 51%.。Eshraq said the UAE's license was in line with its investment mandate to target high-growth companies in financial services and technology.。

Naser Al Marri, co-founder and vice chairman of NCM Investments, said: "This license allows NCM to expand its range of investment opportunities and demonstrates its commitment to creating an environment of total trust and transparency.。"

Founded in 2009, NCM Investment provides online trading services to retail and institutional investors.。The company has more than 200 employees worldwide with offices in 7 countries。Its trading platform offers forex, metals, commodities and index trading。

CEO Khurram Sayeed added that the license was a milestone after years of developing new trading products.。NCM is always focused on diversifying its services into new markets with great growth potential, he said.。

"Our SCA Category 1 license is a recognition of NCM's many years of good performance and significant achievements," commented Alex Chehade, Executive Director and General Manager of Binance FZE Dubai.。

Broker Shifts to Middle East

While NCM Investment originated in the Middle East, the UAE and Dubai have recently been attracting more financial firms from around the world, thanks to favorable regulation of traditional finance and cryptocurrencies.。

Two months after setting up its Dubai office, FxPro decided to move its main headquarters to Dubai in 2023.。Several other popular investment firms, including Plus500 and CMC Markets, have made similar moves before.。

The local cryptocurrency market is also becoming increasingly important。In June, Binance began taking a closer look at the market after it ran into regulatory problems in the US and Europe.。

The UAE has demonstrated exceptional leadership in virtual asset regulation and Binance is committed to working with regulators and policymakers in the MENA region to ensure safe operations and practices, user protection and market integrity in the virtual asset industry, "commented Alex Chehade, Executive Director and Managing Director of Binance FZE Dubai.。