Achraf Drid, Managing Director of XTB MENA Limited

XTB MENA Limited obtains license from The Dubai Financial Services Authority and opens a new regional office for MENA markets

XTB, a stock exchange listed broker offering a wide range of instruments from Forex, indices, commodities to real stocks and ETFs, has announced securing a Category 3a license from the Dubai Financial Services Authority (DFSA) for XTB MENA Limited its subsidiary registered in the Dubai International Financial Center (DIFC). 

On July 11th, 2021, XTB MENA Limited received a notification from the DFSA confirming the license had been granted, effective July 8th, 2021. Approval from the key regional financial authority also marks the opening of a Middle East and North Africa regional office of XTB which is located in DIFC.

– Today we have made a very significant step in continuing our global development strategy by obtaining the DFSA license, which allows XTB to offer its services to clients in the MENA region. With the opening of our new office in DIFC we will be able to build close relations with our clients by providing them with world class technology and best in class support. We are also delighted to be starting this project with Achraf Drid in whom we have the highest trust and who we are sure will be a great ambassador of the XTB brand in the region. – said Omar Arnaout, CEO of XTB.

XTB MENA Limited will be managed by Achraf Drid, one of MENA’s most experienced professionals in the area of forex and investment markets. Before joining XTB, Achraf Drid held numerous managerial positions in financial institutions in the region, developing exceptional skills and competences in the areas of strategic planning, business development and sales. Together with a strong local marketing, sales and support team, he will be responsible for further growth of XTB MENA Limited.

– With XTB entering the MENA region, local investors gained a partner many had been waiting for – a trustworthy, experienced global financial institution with a solid and successful track record from numerous regulated markets. XTB is a perfect match for local investors – being a trusted stock listed company offering high level of investment possibilities – a true one-stop-shop for investors – said Achraf Drid, Senior Executive Officer of XTB MENA.

Starting from July, XTB MENA Limited will provide its investment offer for clients from the MENA region. Local investors will get access to over 1600 instruments, including Forex and many other CFDs. Clients from the MENA region will have for the first time a possibility to use XTB’s award winning xStation and xStation Mobile platforms. Both platforms and customer service and support will be available in both Arabic and English and in line with the highest XTB’s global support standards from day one.

In Q1 2021 XTB Group reported a consolidated net profit of EUR 19,5 million net profit and EUR 40,8 million revenue. In this period, the Group noted a record number of 67 231 new clients, which is an increase of 75,0% q/q and for the first time in history over 100,000 clients actively invested with XTB on a quarterly basis.