Emirates International Brokerage launches its e-trade service for the general public in the UAE

The e-trade service was launched at a press conference held at the Grand Hyatt Dubai Convention Centre, Dubai.

The electronic service will be implemented in two phases. The first phase, starting November 29th, 2005, will be initiated for clients who are actively trading with Emirates International Brokerage. The second phase, which will commence in January 2006, will be open to the rest of the clientele and the registration for this will be done online.

Speaking at the press conference, Hamoud Abdulla Al Yasi, General Manager, Emirates International Brokerage, said,

"The launch of this online trading facility will greatly benefit investors in the UAE, as it will eliminate major problems faced by traders on a daily basis. The conventional process of trading is often time-consuming, as it involves placing orders, following up on the status and retrieving of reports. The introduction of our e-trading service will present a convenient and faster method of trading."

"For the first phase of implementation, we will be sending invitations to investors who have been actively trading with EIB, which itself will represent a large percentage of investors in the country. Emirates International Brokerage will be working closely with Dubai Financial Market and the Abu Dhabi Securities Market for the success of this latest initiative," added Al Yasi.

Nizar Al Obaidly, Acting Director General, Abu Dhabi Securities Market, said, "We are glad that Emirates International Brokerage has launched this service for the securities market in the UAE. This is a big step forward towards the enhancement of the country's securities market, which over the years has evolved gradually and contributed to the growth of UAE's economy. The launch of this service will significantly help in solving several problems faced by investors, such as difficulties in contacting brokers on time during trading hours, which often results in losses to the investors."

"The introduction of the online trading service will also eliminate the problem of overcrowding on the floor of the stock exchange, as traders now do not have to be physically present on the floor, and can trade from the comfort of their homes and offices. I urge all brokerage companies to follow the path of EIB and provide this service to their clients, as it presents major benefits to brokers, clients, the securities market and the UAE economy as a whole," added Al Obaidly.

The Emirates International Brokerage service represents the next generation of stock market e-commerce, and will utilize state-of-the-art verification and authentication to integrate with the regional stock market systems and allow for real-time updates.

Hassan Al Serkal, Information Systems & Compliance Manager, Dubai Financial Market, said, "We welcome this move by Emirates International Brokerage, which will add to the dynamism of the UAE stock exchange. The Middle East stock exchanges are still evolving, and developments such as these will go a long way in providing competitive advantages to traders, investors and companies alike. The online trading service will also significantly reduce the administration costs in the stock exchanges."

Emirates International Brokerage has two separate representative offices in Dubai Financial Market and Abu Dhabi Securities Market, that aim to cater to all the financial services required by investors.