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FINANCIAL NEWS
El Rashad brokerage sold to Dubai’s Arqaam Capital
09 Jan 2012
(MENAFN) Dubai-based Arqaam Capital will acquire El Rashad Securities Brokerage from Al Rashad Holding to set a foot in the Egyptian market, Bloomberg reported.
Arqaam Capital seeks to benefit from a possible recovery in Egypt, after a year long political uprising which ousted President Hussni Mubarak.
Under the agreement Arqaam Capital will buy El Rashad’s business, operations and brokerage license.
Arqaam’s acquisition comes amid a decline in the number of brokers in the UAE, after regional instability and Europe’s debt crisis pushed the volume of shares traded in Dubai to a six-year low.
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