Noor Capital, a Dubai-based forex and CFDs broker, has acquired “directly or indirectly” 75% or more shares holdings in House of Borse, the latter’s UK Companies House filing shows. Mohammad Alkahtani, who previously controlled House of Borse, has ceased to be a person with significant control, another filing shows.

Noor Capital’s majority shareholding in House of Borse, which has been operating since 2016 as a traditional prime broker , means that the 18-year-old brokerage firm is planning its expansion into the United Kingdom. The firm, which has established its presence in the Middle East, boasts shareholders from the UAE, Kuwait, Saudi Arabia, Qatar and Bahrain.

However, unlike Noor Capital, House of Borse, which is regulated by the UK Financial Conduct Authority, only serves professional clients. House of Borse serves as a market facilitator and aggregator, providing clients with direct market access to a wide range of bank and non-bank liquidity providers as well as electronic communication networks.

Although relatively young, House of Borse reported almost 1,400% year-over-year growth in net profit for the fiscal year 2022 which ended on July 31. Additionally, the brokerage firm generated revenue of £1.02 million during the period, which is a 71% increase from the prior year.

Noor Capital's Top Executives Join House of Borse as Directors

Meanwhile, other House of Borse' UK Companies House filings seen by Finance Magnates show that Noor Capital's Mohammad Ghousheh and Muhammad Al Zou’bi have been appointed as Directors at the House of Borse. Ghousheh, who joined Noor Capital as a Financial Controller in April 2006, has been running the brokerage firm as its Chief Executive Officer since November 2016. He first served as the CEO in an acting capacity and later took on the position in a permanent capacity in 2018.

On the other hand, Al Zou’bi has been working with Noor Capital as General Manager since January 2011. Meanwhile, Wahb Ahmed, a former Saxo Bank executive, has been running House of Borse as CEO since August 2015.

Noor Capital is registered with the Abu Dhabi Department of Economic Development. In addition to online trading, the firm provides investment management and financial advisory services.