Two months after unveiling its new Dubai office, FxPro, a forex and contracts for difference (CFD) broker regulated in the UK, Cyprus and South Africa, has finally relocated to the United Arab Emirates (UAE). The company announced the move today (Thursday), noting that the action is part of an ongoing commitment to expand its business operations in the Middle East and North Africa (MENA) region.

FxPro Catches the MENA Wave

When FxPro first announced the opening of its Dubai office earlier in June, the online trading provider noted that it had decided on the move to bring its services closer to retail and institutional clients in the region. Last year, FxPro opened a representative office in Dubai, which is the global city and business hub of the Middle East.

“We are excited about the move to our new office in Dubai,” Elsy Rayess, FxPro's Head of Business Development, stated. “This location positions us at the heart of the region's financial hub, allowing us to serve our customers more efficiently.”

In June, FxPro made a range of 28 crypto CFDs, including Bitcoin, Ether and XRP, available on its platform all day long, every day. It also announced a reduction in spreads on the new instruments.

As early as 2021, the broker made it possible for its traders to manage their crypto CFD positions on weekends. Yet, FxPro plans to expand its offerings in addition to a new range of account types.

Businesses Jump on the MENA Train

In recent years, Dubia, the UAE and the wider MENA region have emerged as attractive markets and operational bases for many businesses. This year alone, several forex brokers, including CMC Markets, ATFX, Moneta Markets and Plus500, have either launched or consolidated their operations or obtained a license to conduct business in these regions. Earlier this week, CFI unveiled a new subsidiary in Palestine, expanding its presence in the MENA region.

In recent months, several forex and CFDs brokers such as Zenfinix, TrioMarkets, Scope Markets and XS.com, have also bolstered their teams in these jurisdictions with new hires. Additionally, crypto companies are chasing virtual asset service provider licenses in the UAE, which is increasingly becoming a crypto hub.

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