Broker Kama Capital announced on Wednesday that it has received approval for a Category 1 license from the United Arab Emirates’ (UAE) Securities and Commodities Authority (SCA).
The broker, which has its headquarters and main base of operations in Dubai, was previously registered with a Category 5 license.
That has been a popular route for many brokers to set up shop in the UAE. The Category 5 license is a bit like having introducer or appointed representative permissions.
It gives the holder the right to promote products in the UAE, but the actual business is conducted with another entity.
Kama Capital has an entity in St Vincent and the Grenadines, as well as a license in Mauritius.
However, the new SCA license it has received approval for means it can do business in the UAE and book that business there as well, rather than having to introduce clients to one of its other entities.
The broker is a relative newcomer to the market, having launched in 2022.
It has some local ties as its Chairman is Sheikh Sultan Bin Rashed Bin Humaid Al-Nuaimi, a member of the royal family in Ajman – one of the emirates that makes up the UAE. He is also the brother of the current ruler of Ajman.
