Shuaa Securities' UAE market share achieves 6.11% in October

In October, Shuaa Securities had a 6.11% market share and executed Dhs4.01bn worth of trades on the DFM and ADX combined for the month. According to the trade volumes, Shuaa Securities exceeded its nearest competitor by over Dhs500m.

Mohammed Ali Yasin, Chief Executive Officer of Shuaa Securities, said:

"Shuaa Securities has been able to increase its market share in the UAE despite the challenging wider economic conditions due to our strong brand and reputation across both retail and institutional markets. In the DFM, we have been consistently increasing our presence and are ranked as the top brokerage company in October with a 5.84% market share as well as for the year 2009, and we continue to develop our position on ADX where our market share for 2009 is 5.79%."

He continued: "Shuaa Securities continues to identify potential growth markets and as a result, earlier this year, we expanded our brokerage network into Jordan. Since then, we have jumped up more than 30 positions in the brokerage rankings in the country. We also started focusing our efforts on rebuilding our Egypt subsidiary. And if you take into account our brokerage coverage through Shuaa Capital's presence in Saudi Arabia, Shuaa Securities is now actively operational in all major regional markets.

We also recently launched an advanced online investor trading portal, unique to the region, which acts as a gateway to access our entire suite of Advanced Brokerage Solutions (ABSTM) comprising online trading, voice recognition trading, an advanced research portal and voice recognition price inquiry."

Shuaa Securities now has 50,000 investor accounts. Shuaa Securities reported profits of Dhs8.42m in the first three quarters of the year.