Retail broker Daman Markets announced on Friday that it has partnered with the Dubai Racing Club (DRC) for the 2024 – 2025 season.
Daman Markets is the retail broker arm of UAE-based brokerage group Daman Securities. The broker is the first firm from the industry to sponsor the DRC.
“We are honored to be the first broker to sponsor this sport in the UAE,” said Daman Markets CEO Samer Mourched. “Horse racing is deeply rooted in the country’s cultural heritage, and at the same time, has marked Dubai as a global hub for the sport. With this partnership, we aim to reflect our strong ties to the region and look forward to connecting with people on a deeper level through this iconic sport.”
The DRC is a ‘higher brow’ sponsorship opportunity for brokers and the horse racing organisation does not offer many opportunities for partnerships.
This is likely an attempt by the broker to attract a higher end clientele and position itself as a top tier brand, relative to other peers in the region.
Daman Markets also said in a statement that there will be multiple brand and collaboration opportunities that stem from the partnership.
“Our partnership with Daman Markets represents a significant step forward,” said DRC CEO Ali Al Ali. “It marks a promising direction for our collaboration with a clear goal—to introduce something fresh and transformative to the market.”