Abu Dhabi investment firm Noor Capital has acquired full stake in the UK institutionally-focused brokerage House Of Borse Ltd, a regulatory filing with the UK Companies House shows.
Established in 2005, Noor Capital is a UAE-based brokerage firm, dually regulated by the Department of Economic Development Abu Dhabi, and the Securities and Commodities Authority (SCA). Its diverse and multinational shareholder base includes the UAE, Kuwait, Kingdom of Saudi Arabia, Qatar and Bahrain.
Noor Capital offers its proprietary trading platform specifically for stock trading, named Noor Capital Stocks. Besides the dedicated stock trading platform, the broker also supports the MetaTrader 4 (MT4) terminal.
Founded in 2012, House of Borse is licensed by the UK regulator since 2016 to operate as a matched principal intermediary for a range of investment types, focusing primarily on institutional and professional clients. The company offers a similar core service as traditional prime brokers, and as a market facilitator and aggregator, it provides clients with direct market access to a wide range of bank and non-bank liquidity providers and ECNs.
House Of Borse’s revenues consisted mainly of commission earned on foreign exchange trading by clients. In 2022, the broker saw its operating revenue increase to £1.02 million, up from £599,164 in 2021, or 71 percent higher year-over-year. The company’s revenue hit a record £1.8 million back in 2018. That increased equity shareholders’ fund by 33% to £901,649 compared to £679,326 a year earlier.
The Dubai International Financial Centre (DIFC) has been receiving increased interest from authorized firms and global brokers to offer FX trading 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.