“Resilience” remained the keyword with Dubai-based financial services companies even after the city endured three weeks of bombings by Iran. Month into the war, Almost a dozen companies in the space told Finance Magnates that their day-to-day operations were not disrupted in the ongoing conflict.
Singapore Summit: Meet the largest APAC brokers you know (and those you still don’t!)
“Businesses Operating as Usual”
Damian Hitchen, Regional Head of APAC and MENA at Saxo Bank
“At Saxo, our operating model is built around resilience, digital continuity, and multi-jurisdictional redundancy,” said Damian Hitchen, Regional Head of APAC and MENA at Saxo Bank, “so the current environment has not disrupted our ability to serve clients or markets.”
Axi’s MENA Regional Head, Rabi Al Yassin, also stressed that “daily life across the country remains steady, with businesses operating as usual and no material disruption across key sectors. This reflects the UAE’s strong economic fundamentals and well-established regulatory environment.”
Rabi Al Yassin, Axi’s MENA Regional Head
However, the city’s resilience did not come overnight. It has been a collective effort by the government and the business community.
“What has stood out through this period is Dubai’s ability to maintain momentum,” said Zack Hashemi, Leverate’s Regional Manager in the UAE.
“There is a steady confidence across the business community here that speaks to the strength of this city. The fintech sector in Dubai is built on solid foundations, and that shows in how companies have responded.”
The UAE, particularly Dubai, has attracted dozens of contracts for differences (CFDs) brokers over the years due to its clear regulations and business-friendly environment. Although foreign firms initially preferred to establish their Dubai base within the DIFC, many have, over the past few years, begun entering the mainland by obtaining local licences.
Read more: XTB MENA Chief Says Dubai Bet Survived Its First Real Stress Test
Another reason they set up shop in Dubai is its security.
However, was this security factor just an illusion that was broken by the war with the US and Israel on one side and Iran on the other? It does not appear so.
US military installations around Dubai and Abu Dhabi have been targets of Iranian missiles since day one of the war. Several drones and missiles, despite the majority being intercepted, landed in civilian infrastructure. Debris from intercepted missiles and drones also landed near the DIFC and the central Dubai area.
Sharaz Hussain, Senior Executive Officer at IG UAE
“Periods of uncertainty tend to reveal what really matters,” said Sharaz Hussain, Senior Executive Officer, IG UAE. “For us at IG, that’s been the strength of our people, our culture, and the trust of our clients. We’ve focused on maintaining stability not just operationally, but culturally, ensuring our teams stay supported, informed, and connected.”
“On the client side, expectations rise in moments like these. We’re seeing greater demand for transparency, disciplined risk management, and timely insight, and that’s exactly where we’re focused, through real-time engagement and robust platforms.”
“Offices, Especially in Areas Like DIFC, Are Still Open and Active”
The COVID-19 disruption in 2020 also prepared the brokers for the current situation. All the companies Finance Magnates spoke with are either working remotely or have a hybrid setup, with critical employees visiting the office.
Vijay Valecha, CIO at Century Financial
“Some employees are working from home during periods of higher uncertainty, but offices, especially in areas like DIFC, are still open and active,” said Vijay Valecha, CIO at Century Financial. “Companies are using the systems they built during COVID, which allows them to quickly switch between remote and office work.”
Daniel Takieddine, Co-founder and CEO at Sky Links Capital Group
“From an operational standpoint, it is largely business as usual,” said Daniel Takieddine, Sky Links Capital Group’s co-founder and CEO. “Teams are functioning efficiently under a hybrid approach that ensures continuity while maintaining productivity.”
“Day-to-day activity has, if anything, become more dynamic.”
Capital.com, which has the UAE as one of its top markets now in terms of trading volume, is operating on a fully remote basis, although all of its services remain fully operational.
“At the onset of the escalation, we moved immediately to remote working and introduced a daily check-in process to confirm colleagues’ safety and well-being,” said Tarik Chebib, Capital.com’s Middle East CEO.
Tarik Chebib, CEO Capital.com MENA
“We established a dedicated risk and emergency management team, which meets daily to assess developments and provide recommendations to senior management. We also ensured operational continuity by arranging equipment for new joiners and colleagues who required it to work remotely without disruption.”
Read more: CFD Brokers Flock to Dubai, but Few Go All In
“Client Activity Has Increased”
Although geopolitical conflicts disrupt most industries, retail trading brokers are the ones who benefit from them. The market volatility caused by these clashes encourages traders to ramp up their activity to profit from the swings. This means brokers, who make money through spreads and commissions, earn more.
Almost all the brokers Finance Magnates approached confirmed the increased trading volume on their platforms.
“Client activity has increased in this environment,” said Valecha. “Investors are more engaged and are looking for guidance, hedging strategies, and new opportunities.”
Konstantinos Chrysikos, Head of Customer Relationship Management at Kudotrade
Another broker to confirm the increased client trading activity is MH Markets, as its MENA CEO, Chokri Houimli, said: “While the current situation brings its share of uncertainty, it also fuels an abundance of trading opportunities and risks, and a surge in market participation and client activity.”
Konstantinos Chrysikos, Head of Customer Relationship Management at Kudotrade, added: “Elevated uncertainty has placed a premium on risk management, and we have responded with a strong focus on stability and execution. Our clients are becoming more selective investors and traders; they are more risk-aware and increasingly focused on capital preservation alongside capitalising on opportunities.”
Abdelaziz Albogdady Market Research & Fintech Strategy Manager at FXEM
FXEM also confirmed that the increased demand for market exposure, risk management tools, and faster execution is required amid the opportunities and risks generated by the current volatility.
“We similarly remain forward-looking as the local market remains promising over the long term, while there is no doubt that the country will continue to surprise in terms of initiatives, reforms, and innovation for our sector and for the economy at large,” added FXEM’s Market Research & Fintech Strategy Manager Abdelaziz Albogdady.
All the executives also unanimously agree on the future opportunities in Dubai despite the recent setback.
“While this is a significant challenge for everyone, we strive to improve and grow stronger with every obstacle, and this is also made possible by the structural strengths of the UAE,” Houimli added. “Its regulatory clarity, digital strength, and overall resilience continue to provide a solid foundation for fintech firms to operate efficiently. In this regard, the long-term outlook remains positive due to the strong positioning of the country.”
Leverate’s Hashemi also added that the company sees “real opportunity; the talent, the infrastructure, and the drive to grow are very much present.”
The IG executive believes that “this period will leave us stronger”, adding: “It’s reinforcing our infrastructure, deepening client relationships, and positioning us well for growth in the UAE, a market that continues to benefit from strong regulation, world-class infrastructure, and a highly supportive business environment.”
“Resilience” remained the keyword with Dubai-based financial services companies even after the city endured three weeks of bombings by Iran. Month into the war, Almost a dozen companies in the space told Finance Magnates that their day-to-day operations were not disrupted in the ongoing conflict.
Singapore Summit: Meet the largest APAC brokers you know (and those you still don’t!)
“Businesses Operating as Usual”
Damian Hitchen, Regional Head of APAC and MENA at Saxo Bank
“At Saxo, our operating model is built around resilience, digital continuity, and multi-jurisdictional redundancy,” said Damian Hitchen, Regional Head of APAC and MENA at Saxo Bank, “so the current environment has not disrupted our ability to serve clients or markets.”
Axi’s MENA Regional Head, Rabi Al Yassin, also stressed that “daily life across the country remains steady, with businesses operating as usual and no material disruption across key sectors. This reflects the UAE’s strong economic fundamentals and well-established regulatory environment.”
Rabi Al Yassin, Axi’s MENA Regional Head
However, the city’s resilience did not come overnight. It has been a collective effort by the government and the business community.
“What has stood out through this period is Dubai’s ability to maintain momentum,” said Zack Hashemi, Leverate’s Regional Manager in the UAE.
“There is a steady confidence across the business community here that speaks to the strength of this city. The fintech sector in Dubai is built on solid foundations, and that shows in how companies have responded.”
The UAE, particularly Dubai, has attracted dozens of contracts for differences (CFDs) brokers over the years due to its clear regulations and business-friendly environment. Although foreign firms initially preferred to establish their Dubai base within the DIFC, many have, over the past few years, begun entering the mainland by obtaining local licences.
Read more: XTB MENA Chief Says Dubai Bet Survived Its First Real Stress Test
Another reason they set up shop in Dubai is its security.
However, was this security factor just an illusion that was broken by the war with the US and Israel on one side and Iran on the other? It does not appear so.
US military installations around Dubai and Abu Dhabi have been targets of Iranian missiles since day one of the war. Several drones and missiles, despite the majority being intercepted, landed in civilian infrastructure. Debris from intercepted missiles and drones also landed near the DIFC and the central Dubai area.
Sharaz Hussain, Senior Executive Officer at IG UAE
“Periods of uncertainty tend to reveal what really matters,” said Sharaz Hussain, Senior Executive Officer, IG UAE. “For us at IG, that’s been the strength of our people, our culture, and the trust of our clients. We’ve focused on maintaining stability not just operationally, but culturally, ensuring our teams stay supported, informed, and connected.”
“On the client side, expectations rise in moments like these. We’re seeing greater demand for transparency, disciplined risk management, and timely insight, and that’s exactly where we’re focused, through real-time engagement and robust platforms.”
“Offices, Especially in Areas Like DIFC, Are Still Open and Active”
The COVID-19 disruption in 2020 also prepared the brokers for the current situation. All the companies Finance Magnates spoke with are either working remotely or have a hybrid setup, with critical employees visiting the office.
Vijay Valecha, CIO at Century Financial
“Some employees are working from home during periods of higher uncertainty, but offices, especially in areas like DIFC, are still open and active,” said Vijay Valecha, CIO at Century Financial. “Companies are using the systems they built during COVID, which allows them to quickly switch between remote and office work.”
Daniel Takieddine, Co-founder and CEO at Sky Links Capital Group
“From an operational standpoint, it is largely business as usual,” said Daniel Takieddine, Sky Links Capital Group’s co-founder and CEO. “Teams are functioning efficiently under a hybrid approach that ensures continuity while maintaining productivity.”
“Day-to-day activity has, if anything, become more dynamic.”
Capital.com, which has the UAE as one of its top markets now in terms of trading volume, is operating on a fully remote basis, although all of its services remain fully operational.
“At the onset of the escalation, we moved immediately to remote working and introduced a daily check-in process to confirm colleagues’ safety and well-being,” said Tarik Chebib, Capital.com’s Middle East CEO.
Tarik Chebib, CEO Capital.com MENA
“We established a dedicated risk and emergency management team, which meets daily to assess developments and provide recommendations to senior management. We also ensured operational continuity by arranging equipment for new joiners and colleagues who required it to work remotely without disruption.”
Read more: CFD Brokers Flock to Dubai, but Few Go All In
“Client Activity Has Increased”
Although geopolitical conflicts disrupt most industries, retail trading brokers are the ones who benefit from them. The market volatility caused by these clashes encourages traders to ramp up their activity to profit from the swings. This means brokers, who make money through spreads and commissions, earn more.
Almost all the brokers Finance Magnates approached confirmed the increased trading volume on their platforms.
“Client activity has increased in this environment,” said Valecha. “Investors are more engaged and are looking for guidance, hedging strategies, and new opportunities.”
Konstantinos Chrysikos, Head of Customer Relationship Management at Kudotrade
Another broker to confirm the increased client trading activity is MH Markets, as its MENA CEO, Chokri Houimli, said: “While the current situation brings its share of uncertainty, it also fuels an abundance of trading opportunities and risks, and a surge in market participation and client activity.”
Konstantinos Chrysikos, Head of Customer Relationship Management at Kudotrade, added: “Elevated uncertainty has placed a premium on risk management, and we have responded with a strong focus on stability and execution. Our clients are becoming more selective investors and traders; they are more risk-aware and increasingly focused on capital preservation alongside capitalising on opportunities.”
Abdelaziz Albogdady Market Research & Fintech Strategy Manager at FXEM
FXEM also confirmed that the increased demand for market exposure, risk management tools, and faster execution is required amid the opportunities and risks generated by the current volatility.
“We similarly remain forward-looking as the local market remains promising over the long term, while there is no doubt that the country will continue to surprise in terms of initiatives, reforms, and innovation for our sector and for the economy at large,” added FXEM’s Market Research & Fintech Strategy Manager Abdelaziz Albogdady.
All the executives also unanimously agree on the future opportunities in Dubai despite the recent setback.
“While this is a significant challenge for everyone, we strive to improve and grow stronger with every obstacle, and this is also made possible by the structural strengths of the UAE,” Houimli added. “Its regulatory clarity, digital strength, and overall resilience continue to provide a solid foundation for fintech firms to operate efficiently. In this regard, the long-term outlook remains positive due to the strong positioning of the country.”
Leverate’s Hashemi also added that the company sees “real opportunity; the talent, the infrastructure, and the drive to grow are very much present.”
The IG executive believes that “this period will leave us stronger”, adding: “It’s reinforcing our infrastructure, deepening client relationships, and positioning us well for growth in the UAE, a market that continues to benefit from strong regulation, world-class infrastructure, and a highly supportive business environment.”
