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UAE-based prop trading firms expand global footprint
The UAE is increasingly attracting companies looking to relocate their headquarters from Europe and the UK
Proprietary trading firms with offices in the UAE are rapidly expanding their global presence, capitalising on the significant growth in the proprietary trading sector. Additionally, the UAE is increasingly attracting companies looking to relocate their headquarters from Europe and the UK.
One of the pioneering companies headquartered in Dubai that offers forex funded accounts is FundedNext. Established in 2021, the proprietary trading firm aims to provide investors with excellent resources and opportunities. FundedNext has organised various global prop trader meet-ups, formed strategic partnerships with Google, Meta, and MetaQuotes, and has successfully maintained its leading position among UAE-based prop firms. As of October 2023, the FundedNext brand name sees approximately 74,000 monthly searches.
FTUK, founded in early 2021, has a mission to enhance the world of prop trading through improved services. What sets FTUK apart is its unique approach, allowing forex traders to start with an instant funding account instead of undergoing multiple trading challenges to earn a funded account. Traders can operate remotely from anywhere in the world, benefit from in-house online coaching and support. The FTUK brand name recorded 12,100 global search requests as of October 2023.
Although a newcomer in the sector, Funding Pips launched its business in late 2022. Despite its recent entry, the global search volume for the Funding Pips brand name surged from 4,400 on the 12-month average to 18,100 as of October 2023. Traders on Funding Pips can engage in forex trading, as well as trade metals, indices, energies, and cryptocurrencies on major world markets.
Prop trading firms exemplify companies based in the UAE region that are rapidly expanding their global reach, offering excellent products and services to customers worldwide. Dubai and the Middle East, in general, are not only attractive for local companies but are also increasingly appealing to businesses contemplating relocating their headquarters from other regions of the world.
Thanks to the GMT+4 time zone, companies in the UAE can efficiently serve clients worldwide during regular business hours, particularly when targeting market access in Europe, Asia, and Africa. Additional benefits include tax treaties and the potential to reduce the costs of doing business. Since 2021, foreign companies can hold 100 per cent ownership in the UAE without the requirement of having UAE nationals as shareholders.
Despite the global economic slowdown, the UAE's labour market has exhibited strength, with newly established fintechs continuing to expand their businesses and contribute to employment growth.
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