CMC Markets Connects, the institutional clients-focused division of UK-based online trading provider, CMC Markets, has expanded its operations in the United Arab Emirates (UAE) by upgrading its office in Dubai. The company believes this “will be just the first step in our regional expansion plans.”

CMC Markets Opens “Bigger Office in Dubai”

The institutional division, which serves banks, brokerages, funds and dealing desks, was rebranded in January 2021. However, the unit established its physical presence in the UAE in 2019.

In a statement shared with Finance Magnates on Monday, CMC explained that it will combine existing talent from the division with locally recruited talent and those tapped from the global business to run the expanded operations. This will ensure “continuity for existing clients in the region,” the company explained.

Speaking in the statement, Richard Elston, the Group Head of Institutional at CMC Markets Connect, expressed confidence that the new office will enable the online trading business “to continue building on our already strong reputation across the Middle East.”

“Our move into a new, bigger office in Dubai underlines both the growth we envisage in – and our commitment to – the region. The UAE is fast establishing itself as the next global financial hub, with its location being ideal for multinational companies such as ourselves to support operations both in European and Asian markets,” Elston explained.

CMC Markets Plans New Product Suite

In the statement, CMC Market disclosed its plan to introduce a cash equities product suite to its institutional clients, thereby expanding its current currencies and commodities offerings. However, this plan is subject to regulatory approval, the London Stock Exchange-listed company said.

CMC added that the new product suite will enable it to add a wide range of global stocks to its portfolio. As a result, the company will introduce new regional and international markets to its institutional clients “in the coming months.”

Meanwhile, in a trading update released last week, CMC Markets noted that development upgrades across both its investing and trading platforms are in progress. On top of that, the firm says it remains committed to expanding its institutional business.

In addition, the company expects to launch CMC Invest, its stock trading platform introduced in October 2022, in Singapore “in the coming months.” Earlier in January, the company obtained an in-principle license to expand the platform to the Asian country. Moreover, in February, the company moved Peter Foster to Singapore from Sydney to focus on the company’s institutional growth.

Furthermore, the company in the update said it expects net operating income for the fiscal year 2023 that ended March 31 (last Friday) to stand between £280-290 million.

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