Kuwait-based FX/CFDs online trading company, NCM Investment, has achieved a significant milestone by obtaining a Category 1 license from the UAE Securities and Commodities Authority (SCA).
This license paves the way for NCM Investment to commence regulated operations within the UAE, marking a strategic move in its expansion across the Middle East.
The company already boasts regulated brokerage services in countries such as Kuwait, Jordan, Turkey, and Malaysia.
In 2022, Eshraq Investments’ Goldilocks Fund acquired a controlling 51% stake in NCM Investment, aligning its investment strategy with high-growth financial services and technology companies.
The UAE license will play a pivotal role in enhancing NCM’s investment offerings and reinforcing its commitment to transparency and trust, as stated by Naser Al Marri, the Co-Founder and Vice Chairman of NCM Investment.
Founded in 2009, NCM Investment serves both retail and institutional investors with online trading services.
Operating across seven international offices with over 200 employees, their trading platform offers access to forex, metals, commodities, and indices.
Khurram Sayeed, the CEO, emphasized that this license achievement comes after years of dedication to developing new trading products, and NCM remains dedicated to expanding its services into markets with significant growth potential.
NCM Investment’s Category 1 license from the SCA recognizes its robust track record and notable accomplishments throughout the years, according to Sayeed.
The UAE has been actively attracting financial firms worldwide, including those in traditional finance and the cryptocurrency sector, due to its favorable regulations.
For instance, FxPro moved its main headquarters to Dubai in 2023, two months after establishing its Dubai office.
Other prominent investment firms like Plus500 and CMC Markets had previously made similar strategic moves.
Furthermore, the local cryptocurrency market in the UAE is gaining prominence.
Binance, a major player in the cryptocurrency space, began to focus more on this market in June, driven by regulatory challenges encountered in the USA and Europe.
Alex Chehade, the Executive Director and General Manager of Binance FZE in Dubai, commended the UAE’s exceptional leadership in virtual asset regulation and expressed Binance’s commitment to collaborating with regulators and policymakers in the MENA region to ensure secure and compliant operations, user protection, and market integrity.