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FINANCIAL NEWS
Dubai’s Mubasher to expand in Asia
21 Jan 2011
(MEANFN) Mubasher’s Chief Executive Officer Malek Kanawati said that the company plans to expand operations into ten new frontier markets including Pakistan, India, Bangladesh and Sri Lanka and some former Soviet states by the end of March of 2011, reported the National.
The CEO said that new markets would enhance the company’s revenue by one fifth.
The CEO of Dubai’s largest stock broker said that emerging into south and central Asia is important due to the market slacking backing at the UAE. He said that profits decreased and lack of liquidity in stock exchanges make this step crucial for securing revenues.
The CEO said that he predicts over twenty brokerages to close down over the course of 2011.
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