Capital.com Expands MENA Region for Growth, Acquires Category 1 UAE License

The London-based brokerage Capital.com, which focuses on retail foreign exchange and contracts for difference (CFDs), has reached a significant milestone in acquiring a Category 1 license from the UAE's Securities and Commodities Authority (SCA). At the same time that it moves into its larger office space in the renowned Emirates Towers, the business is making this strategic move to strengthen its operations and recruit inside Dubai.

The acquisition of the UAE license signals a significant change in Capital.com's strategy. While previous IG Group CEO Peter Hetherington focused on growing the company's presence in Europe and the UK, Capital.com is now eyeing the Middle East and Africa as potential growth areas.

In East Asia, Kypros Zoumidou, a seasoned IG Group employee, filled the position after Hetherington left last year. The company's decision to temporarily halt the onboarding of new customers in the UK—a move that indicates its diverted emphasis on expansion outside conventional markets—occurs with this leadership shift.

Tarik Chebib is the recently appointed CEO for the Middle East at Capital.com. Chebib became a significant player in Capital.com's strategic change to concentrate on the MENA sector after graduating from IG Group in 2021.

Nevertheless, Capital.com has never encountered a few issues, the most significant of which is the recent suspension of new trader onboarding via its UK subsidiary, notwithstanding this positive news. The broker has released a statement reiterating its dedication to upholding high standards in its systems, processes, goods, and services to satisfy regulators, customers, management, and shareholders. So long as its UK license is valid, it will keep its word.

Since its inception in 2016 by billionaire businessman Viktor Prokopenya of Belarus, Capital.com has expanded its geographic reach substantially. The SCA of the UAE granted the latest license on March 26th, enhancing the company's regulatory capabilities. Among the licenses in the United Kingdom, Cyprus, Australia, and The Bahamas are already in its possession. With this additional license, Capital.com may now provide financial products, trade in foreign markets, and facilitate the trading of over-the-counter derivatives and spot currencies. Among the authorized workers named in the regulatory registration for this license are Tarik Chebib and Lina Rasbey, who are the Operations Managers of the Dubai office.

Capital.com has just opened a new chapter in its development efforts with its licensing in the UAE and strategic pivot towards the MENA region. This demonstrates the company's dedication to adjusting its growth plan in response to changing market dynamics and leadership changes.