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Emaar Financial Services closes down

02 Jan 2011

(MENAFN) Emaar Financial Services stated that the company received approval from Securities and Commodities Authority (SCA), the UAE stock exchange regulator, for suspending its brokerage activities, reported The National.

SCA required as usual for the company to refund its credit balances of clients as well as move out of its custody any securities held at that time. Emaar added that it would stop all trade activities as well as its online trade platform.

It is worth noting that brokerage industry suffered tremendously in the UAE from the global financial crisis. The SCA said that 76 financial security firms were functioning in November 2010 in comparison with 103 at the beginning of the same year. Emaar Financial’s offices have been closed for several months.

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