XTB completes Dubai DIFC license conditions, awaits approval
Poland based Retail FX and CFDs broker XTB has announced that to the best of its knowledge the company has fulfilled all the conditions set for it by the Dubai DFSA regulator, in the application for UAE subsidiary XTB MENA Limited to be fully licensed in Dubai’s International Financial Centre (DIFC).
The conditions referred to were made by the DFSA, when it granted XTB preliminary approval in November 2020. As we reported back in April when XTB posted Q1-2021 results, the company has made international expansion a key goal, including plans to start operating activities in the United Arab Emirates at some point in 2021. The company added that this is now subject to verification by the regulator, and it is waiting for the regulator’s decision.
XTB has had a fairly rough first half of 2021, with its share price down 5% year-to-date versus an average increase of 19% for publicly traded Retail FX brokers during the first six months of 2021.
XTB share price past 6 months. Source: Google Finance.
Smart move, lots of money in UAE.