Broker OneRoyal has opened a new office in Oman.
The new entity – One Royal International SPC – is based in Muscat, the Gulf state’s capital.
“We’re excited to announce the launch of One Royal International SPC, our newly registered office in Muscat,” the broker wrote in a statement on social media. “This marks a major step in our MENA growth journey.”
The likelihood is that the company will act as a marketing agent for the broker in the country.
This is a common practice in some MENA countries, like Egypt. Brokers will go there, set up a marketing company locally, and use it to operate in the country.
However, Oman does also have a license that brokers can get. Currently the only major player with a license in the country is CFI Financial.
Gulf expansion for OneRoyal
Whatever the case, the goal of the new office is obviously to attract countries in the Gulf state.
Although Dubai has become something like a focal point for brokers in region, the surrounding countries also offer attractive opportunities for brokers.
Kuwait, Bahrain, Qatar, and Oman all have relatively high levels of per capita income, with large numbers of high net worth clients.
Saudi is another market that brokers are tapping into. For example, iFOREX documents show the country is a top 5 market for the broker.
However, payments tend to be a problem for brokers operating in the country, with local authorities often blocking payments to brokers.
