DUBAI, 18 January 2007 — Al-Futtaim Group yesterday announced a joint venture agreement with HC Securities & Investment — a major financial services firm in Egypt with activities spanning investment banking and advisory, asset management, and securities brokerage — to offer a complete range of brokerage services in the UAE. The new company will be called Al-Futtaim HC Securities (AFHC).
With securities industry revenues in the UAE worth over AED1 billion, both the Al-Futtaim Group and HC Securities expect a positive response for the new company, which combines strong local market understanding with international service standards.
Omar Al-Futtaim, CEO, Al-Futtaim Group said “the Al-Futtaim Group has been looking for the right partner to venture into this key sector and I am confident HC Securities & Investment, with its expertise in providing excellent brokerage services, is the ideal partner to provide reliable services to our clients.” The new joint venture will offer competitive brokerage services to financial institutions, high net worth individuals and individual investors in the UAE on listed stocks at the Dubai Financial Market, the Abu Dhabi Securities Market, and at a later stage, the Dubai International Financial Exchange. AFHC Securities will also be able to leverage on the extensive know-how of Morgan Stanley, a 30 percent partner in HC Securities & Investment.
AFHC Securities will support customers with an efficient online brokerage e-Trade system and customers can also utilize the services of HC Securities in Cairo for other financial services that include investment banking, asset management and brokerage services.
“The financial services industry is expanding at an exponential pace in the UAE, and we look forward to take part in and propel this growth along with the Al-Futtaim Group. We will benefit from the experience that both HC and the Al-Futtaim Group can bring to the table to make this a successful venture,” said Hussein Choucri, chairman of HC Securities.
The joint venture is headed by Hassan Choucri, who has over 10-year stock market experience. He will be backed by a 22-member strong team of experienced professionals with the technical expertise and know-how of the market.