(MENAFN- Khaleej Times) ADS Securities, the biggest foreign-exchange trader in the UAE, plans to start offering investment banking services and more than double foreign exchange trading volume to $12 billion by the end of 2013.
"Our volume on forex ranges between $4 billion to $5 billion per day," Philippe Ghanem, managing director of ADS Securities, said in an interview in Abu Dhabi. "With the new technology, we're expecting to double that by the fourth quarter of next year."
The firm is seeking customers who wish to trade between the closing of markets in Europe and the opening of markets in Asia, Mahmood Ebraheem Al Mahmood, chairman of ADS Securities, said in an interview. About half its clients are in Africa and the Middle East, he said.
ADS will hire 50 people in the next 12 months, he added.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.