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Al Ramz Securities becomes first independent broker to join NASDAQ Dubai from jurisdiction of UAE

PUBLISHED ON 29-Nov-2008
Al Ramz Securities becomes first independent broker to join NASDAQ Dubai from jurisdiction of UAE

NASDAQ Dubai today welcomed Al Ramz Securities LLC (RAMZ) as the first independent brokerage firm to join the exchange from the jurisdiction of the UAE.

Ali Al Ghaith, the Chairman of RAMZ, said: "We are delighted to become a part of the growing success of NASDAQ Dubai and to be the first independent broker in the UAE and the region to be awarded Recognised Membership of the exchange. As the region's international stock market, NASDAQ Dubai enables us to trade an exciting range of listed regional and international equities."

"RAMZ has played a pioneering role in all the UAE's equities markets since it was established in 1998, before exchanges were formally launched, and has been a witness to and a survivor of the markets' highs and lows. RAMZ has consistently held a leading place by value traded among the top 10 brokers on both the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) over the past 10 years.

NASDAQ Dubai offers a range of equity listings by companies based around the world as well as in its own region. Its most recent listing was NASDAQ OMX Group, the world's largest exchange company, which listed on November 20.

Jeff Singer, Chief Executive of NASDAQ Dubai, said: "As a long-established and prominent UAE broker, RAMZ's arrival on NASDAQ Dubai is an important new link between the exchange and the brokerage community. Its membership will support the further expansion of trading activity and regional and international listings on NASDAQ Dubai."

Mohammed Al Mortada Al Dandashi, Chief Executive of RAMZ, said "Despite the very challenging market environment, this is an exciting and opportune time to come in. We embrace playing a creative role in developing NASDAQ Dubai as the Gulf's centre of financial markets. As the exchange attracts more listing from international, regional and local firms and adds to its investment classes, it will provide a growing range of trading and investing opportunities."

Eyad Abdelnabi, Chief Operating Officer of RAMZ, said: "We are thrilled to join an exchange that provides such diverse trading opportunities. We look forward to playing a significant part in the further growth and development of NASDAQ Dubai as the region's international exchange."

NASDAQ Dubai rebranded from its former name of DIFX on November 18. The majority shareholder of NASDAQ Dubai is Borse Dubai with a two-thirds stake. NASDAQ OMX Group owns one third of the shares.

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