Al-Futtaim Group introduces a new financial services institution to the UAE market

The new company will be called Al-Futtaim HC Securities (AFHC).

With the revenues of the securities industry in the UAE worth over AED1 billion, both the Al-Futtaim Group and HC Securities expect a positive response for the new company, which combines strong local market understanding with international service standards.

Mr. Omar Al-Futtaim, CEO of the Al-Futtaim Group said,

'The Al-Futtaim Group has been looking for the right partner to venture into this key sector and I am confident HC Securities & Investment, with its expertise in providing excellent brokerage services, is the ideal partner to provide reliable services to our clients.'

The new joint venture will offer competitive brokerage services, to financial institutions, high net worth individuals and individual investors in the UAE on listed stocks at the Dubai Financial Market, the Abu Dhabi Securities Market, and at a later stage, the Dubai International Financial Exchange. AFHC Securities will also be able to leverage on the extensive know-how of Morgan Stanley, a 30 percent partner in HC Securities & Investment.

AFHC Securities will support customers with an efficient online brokerage e-Trade system and customers can also utilize the services of HC Securities in Cairo for other financial services that include Investment Banking, Asset Management, and brokerage services.

'The financial services industry is expanding at an exponential pace in the UAE, and we look forward to take part in and propel this growth along with the Al-Futtaim Group. We will benefit from the experience that both HC and the Al-Futtaim Group can bring to the table to make this a successful venture,' said Hussein Choucri, Chairman of HC Securities.

The joint venture is headed by Hassan Choucri, who has over 10 years experience in the field of the stock market. He will be backed by a 22-member strong team of experienced professionals, with the technical expertise and know-how of the market.

'Al-Futtaim HC Securities will offer a range of quality financial services by employing creative operational solutions as well as a high level of brokerage services backed by a team of dedicated professionals that help in achieving the financial aspirations of our clients,' said Hassan Choucri, General Manager, AFHC Securities.

He added, 'We aim to become the leading Securities Brokerage firm in the UAE by providing simple and reliable solutions to our clients. We plan to educate the investor to make the right investment decisions and give them the best value for money in terms of trading services as well as the knowledge base to guide them in the financial decision making process.'

AFHC Securities, through an alliance with HC Brokerage, a fully owned subsidiary of HC Securities & Investments, will also begin research coverage of the UAE equity markets. HC Brokerage will bring with it an unbiased and superior-quality equity research to the UAE, providing clients with timely and up-to-date information.