CFI Financial Group, a multi-asset brokerage firm, has partnered with AK Financial in Kuwait as part of its expansion in the Middle East and North Africa (MENA) region. Through the partnership, the company would offer online trading in forex, stocks, indices, commodities, and ETFs.

The broker is also planning to provide market and trading insights, including daily reports, market news, trading webinars, and seminars, according to a statement issued today (Thursday). Additionally, CFI Financial has promised its Kuwaiti clientele competitive spreads and commissions and faster execution of transactions.

CFI Eyes Evolving MENA Region

Commenting about the partnership, CFI Financials' Co-Founder and Managing Director, Hisham Mansour, said: "It aligns with our vision of expanding our footprint in the MENA region and catering to the evolving needs of traders in Kuwait. We are confident that our partnership with AK Financial will be instrumental in delivering a seamless and rewarding trading experience with a local touch."

CFI Financial is not the only company eying the region. In April, CMC Markets Connect told Finance Magnates that it was expanding operations in the United Arab Emirates (UAE) by upgrading its office in Dubai. On top of that, the UK-based firm disclosed plans to introduce a cash equities product suite for its institutional clients.

Similarly, the forex and contract for differences (CFDs) broker, ATFX acquired a license in the UAE this month. The Category-Five license, which was awarded by the country's Securities and Commodities Authority (SCA), allows the broker to provide financial consultations to clients in the region.

Also expanding operations in the MENA is TradingView. The charting and social network has entered into a data-sharing partnership with Boursa Kuwait, the operator of the Kuwait Stock Exchange. The collaboration will allow the US-based company to open up data to the Kuwaiti capital market, the company said.

Why MENA?

MENA is becoming an important market for retail brokers with a conducive environment for the growth of local companies and support for the foreign entities entering the region, according to Mansour, who recently spoke to Finance Magnates.

"With a population exceeding 500 million people across the Middle East and North Africa, the demand for market access and online trading has risen substantially and is expected to continue in this direction," he said. "The growth is also driven by a large and young population, abundant resources, technological advancements, and a growing tourism industry."