XS.com has expanded further into the Middle East by opening a new office in Kuwait—its first in the country. The broker will use the new location as a central base for customer support and market development.
Expansion through Local Partnership
Announced today (Thursday), the contracts for differences (CFDs) broker entered the Gulf country via a partnership with NVEST, a subsidiary of Construction Group and Al Wataniya Group.
A new entity, XS Online, has been formed in Kuwait.
“This partnership goes beyond an office opening; it’s a strategic step to strengthen our connection with the Arab region,” said Mohamad Ibrahim, Group CEO of XS.com.
“The Kuwaiti market is active, growing, and modern. Our presence here allows us to be closer to our clients, respond faster to market needs, and build our brand across the GCC.”
NVEST’s CEO, Jamal Al-Sabah, said the partnership would support XS’s operations in Kuwait. The broker also said the Kuwait office would help shape regional plans, build local partnerships, and boost its marketing and communication efforts.
Read more: XS.com Gains South Africa License by Acquiring a Local Firm
A Growing Market for Retail Trading
Kuwait has a population of 4.8 million but shows strong demand in retail trading. According to Boursa Kuwait, retail investors made up 38 per cent of the total traded value in 2024. The number of active trading accounts rose 19 per cent in the first half of 2024 to around 20,000.
Although many CFD brokers—including Exness, AvaTrade, XM, and IC Markets—onboard clients from Kuwait, the country’s financial regulator does not provide a specific licence for CFDs. Brokers typically operate on a cross-border basis, following the broader rules for securities.
There are also local Kuwaiti brokers, like NCM Invest, that offers CFDs and other instruments to retail traders. NCM gained a UK license last year.
Meanwhile, other CFD brokers are also expanding across the Gulf. Most are setting up offices and applying for licences in Dubai, while some are also moving into nearby countries.
This article was written by Arnab Shome at www.financemagnates.com.
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