Tickmill, a well-known contract difference (CFD) broker, has entered Oman to expand its presence in the Middle East. The broker aims to make Muscat its regional hub and provide local support to clients in the country and nearby markets.

Extended local partnerships

The broker announced today (Thursday) that it has established a “strategic partnership” with Protrade Investments, and the investment’s Muscat office has become the basis for the collaboration.

“This demonstrates our long-term commitment to the Arab world and our strategic vision to support local businessmen through world-class tools, education and services,” said Sudhanshu Agarwal, CEO of Tickmill, in the geography expansion.

Tickmill has multiple licenses worldwide, including authorization from regulators from the UK, Cyprus and Seychelles. It also has a representative office accredited by the Dubai Financial Services Authority.

The Middle East becomes profitable

Tickmill’s expansion in the Middle East appears to be driven by growing transaction demand in the region. Finance tycoon earlier reported that Tickmill’s transaction volume from the Middle East and North Africa Soared 54% in the first half of 2024more than $135 billion. The number of active customers in the region on the platform also reached record highs.

TickmillHowever, it is not the only broker to register strong growth in the region. Although most brokers do not publish geographic numbers, Capital.com is an exception, announcing Of its $656 billion Q1 trading volume, 53% came from the Middle East.

Many international CFD brokers now operate in the UAE, which has specific regulations for the industry and large talent pools. Finance tycoons earlier reported that most of CFDS brokers’ Dubai-based roles paid significantly higher salaries compared to Cyprus-based positions.

It should also be noted that the UAE does not impose an income tax, although the cost of living in Dubai is significantly higher than that of residents in Limassol, where most CFDS brokers in Limassol are based on Cyprus.

Meanwhile, several CFD brokers are expanding their presence in the Middle East to the UAE. Recently, XS.com Opened a new office in Kuwaitand savage Established body existence in Oman.

However, Oman is still much smaller than the UAE. The country’s population is just over 5 million, compared with nearly 10.5 million in the UAE. Oman’s GDP per capita is $21,000, while the UAE’s figure is $49,000.

This article was written by Arnab Shome on www.financemagnates.com. (tagstotranslate)tickmill



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