LeapRate Exclusive… LeapRate has learned from industry sources that FCA and CySEC regulated global forex broker FxPro has received a license to operate in the UAE from the Dubai Financial Services Authority (DFSA). And, the company is in final preparations to open a new office in Dubai, as we first reported back in June.
Ed Anderson, FxPro
Organizing the effort on FxPro’s behalf has been a small team headed by Ed Anderson, who has spent the past three years as Chief Sales Officer UK for the company in London, as well as Elsy Rayess, who has been Head of MENA Region for FxPro since 2014. Mr. Anderson has temporarily relocated to the UAE to oversee the new operation.
We expect a formal announcement to be made by FxPro by the end of the month.
Mr. Anderson and his team secured office space for the new operation in Dubai’s Index Tower, pictured above. They have been busy assembling, hiring and training a new local team, and making other preparations for the official opening such as putting in place new client onboarding procedures, as DFSA rules are different from those implemented by CySEC in Cyprus and the FCA in the UK, the company’s other two main bases of operation.
We understand that the plans for the Dubai office go beyond just serving the local UAE and Arabic language market, which has long been a strong one for FxPro. Given Dubai’s rise as a major financial center, FxPro is considering basing some of its other operations there, such as payments.