Kuwait-based CFDs broker NCM Investment Company KSCC has announced that it has been granted a Category 1 license by the UAE Capital Market and Commodities Authority (SCA).
The company stated that the granting of the Class 1 license is a significant milestone and a significant step forward for NCM, demonstrating the Group’s unwavering commitment to providing excellent service to its customers and consolidating its leadership position in the Middle East.
NCM is a parent company of Eshraq Investments’ Goldilocks Fund, which acquired a majority stake of 51% in 2022. The granting of the SCA Class 1 license directly supports Eshraq’s philosophy of investing in highly attractive and innovative regional assets that demonstrate exciting growth potential , with the Goldilocks Fund’s mandate to invest in undervalued companies it believes are inherently flawed and will deliver competitive and consistent long-term returns – including the region’s growing Financial Services and Technology sectors.
NCM said its management team led by its founders has an impressive track record of driving global expansion and has long embedded a culture of close and constructive engagement with regulators. The SCA Class 1 license enables the commencement of regulated operations in the UAE, which is a key strategic step and supports the Group in orienting and accelerating its global growth ambitions by expanding its geographical footprint in regulated jurisdictions.
NCM already operates in Kuwait, Jordan, Turkey and Malaysia.
Commenting on the award of the licence, NCM Co-Founder and Vice Chairman Naser Al Marri said:
“The granting of the SCA Category 1 licence, which marks NCM’s expansion in the UAE, and the opening of our new offices in Dubai, are proof of our commitment to the region. We focus on delivering the highest industry standards and are committed to providing safe and regulated access to international financial markets. This license allows NCM to expand its range of investment opportunities, underscoring its commitment to promoting an environment of full trust and transparency. We remain committed to our mission of empowering the trading community with innovative and reliable solutions while unlocking new opportunities in the financial markets.”
NCM Co-Founder and Group CEO Khurram Sayeed commented:
“The SCA Category 1 license is recognition of NCM’s strong track record and significant achievements over the years. The license represents an important milestone in our growth journey and aligns with our focus on expanding investment horizons and providing excellent customer service. NCM’s commitment to innovative product development, combined with its competitive pricing and trusted market reputation are key contributors to our success story. We are extremely proud of this achievement and remain focused on strengthening and diversifying our services in key markets, most of which represent significant future growth opportunities as we provide customers with a dynamic, secure and transparent platform.”
About NCM
Founded in Kuwait in 2009, NCM Group is regulated in 5 jurisdictions (Kuwait, UAE, Jordan, Turkey, Malaysia) with 7 global offices and a diverse workforce of over 200 employees representing over 25 nationalities. NCM offers international scale through local services, empowering its geographically diverse client base with the tools to navigate the financial markets with confidence and success.
NCM’s global multi-asset online trading platform provides clients with reliable and intuitive access to international financial markets and a diverse product offering, including CFDs on forex, metals, actions, commodities and indices. NCM offers clients competitive spreads, fast execution, attractive margin requirements and 24/7 customer support. NoorCM Academy, the educational arm of NCM, is dedicated to providing industry leadership, education and training through a series of seminars, webinars and workshops.
NCM Group benefits from a broader partnership with leading UAE investment firm Goldilocks Investment Company, owned by ADX-listed Eshraq Investments PJSC, and leading DFM-listed asset management and investment banking platform SHUAA Capital PSC.