Prime brokerage firm TopFX has strengthened its Middle East operations with the promotion of Omar Al-Janabi, who is taking on an expanded role as global head of sales and business development.
He steps into the newly created position following a successful tenure with the broker’s UAE business for the past 11 months. This expansion of responsibilities greatly augments his oversight at the company.
Prior to joining TopFX, Omar worked at other leading brokers, part of a career extending back to 2014. This included stops at FXPRIMUS as head of Middle East operations, Swiss Markets as senior business development manager, and most recently as MENA partnership manager at UK-based broker Tickmill.
Omar was instrumental in leading TopFX’s efforts to secure its new presence in Dubai as it seeks to focus on providing customizable liquidity solutions to the region’s diverse institutional clientele. He was originally appointed as a regional manager back in July 2021.
The addition of Dubai’s coveted presence extends the group’s arsenal to include regulated companies authorized in Cyprus and Seychelles. It also allows TOPFX to provide its range of FX and CFDs products to retail and professional clients not only from the UAE but also to expand the offering to the other GCC states, meaning Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and North Africa.
Dubai Forex license is complicated
The Dubai International Financial Centre (DIFC) is a federal area that is financially-free, completely separated from the rest of the country and features its own legal system and courts.
The DFSA has been receiving increased interest from authorized firms and global brokers to offer FX trading to retail customers in or from the DIFC.
Within Dubai’s International Financial Centre, the DFSA is the regulatory authority that issues all Forex Broker licenses and regulates all financial and subsidiary services conducted.
However, the DFSA has very strict guidelines in place for obtaining a Dubai forex license, as well as for conducting forex business. Specifically, obtaining a Dubai forex license is a complicated procedure that involves many legal limitations that revolve around the country’s prohibitions on banking activity in the local currency as transactions in UAE Dirhams are strictly prohibited in the center.