PU Prime Obtains Regulatory License in UAE
Global multi-asset brokerage group PU Prime announced that its Dubai-based entity has officially received a license from the Capital Market Authority of the United Arab Emirates. This license permits the company to conduct regulated financial promotion activities within one of the world's fastest-growing financial hubs.
- The new license is a "Category Five" license issued by the UAE's recently rebranded Capital Market Authority (CMA). This specific category permits PU Prime to engage in promotional and introductory activities within the UAE but does not allow for the local execution of trades or holding of client funds. - This move places PU Prime alongside other major global brokers like XM, Pepperstone, and Eightcap, which have also secured this popular entry-level license to establish a regulated presence in the rapidly expanding Middle East and North Africa (MENA) financial market. - The UAE operation, registered as PU Prime Financial Services LLC, is headed by Ali Afzaal, the Regional Head for MENA & South Asia. - This license adds to PU Prime's existing regulatory approvals in several other key jurisdictions, including those from the Australian Securities and Investments Commission (ASIC) and South Africa's Financial Sector Conduct Authority (FSCA). - The expansion aligns with Dubai's ambitious "D33" economic agenda, which aims to double the size of its economy by 2033 and establish the city as one of the top four global financial hubs. - PU Prime has already been actively targeting the region, having recently expanded its offering to include 20 stocks from the Abu Dhabi Securities Exchange (ADX) and eliminating commission fees on them to attract broader participation. - The firm's Managing Director for the MENA region is Mohamed Elsergany, an executive with over a decade of experience in the forex and CFD brokerage sector.
