Broker XS launched its office in Kuwait this week, as part of a wider plan to expand in the Middle East region.
The company launched the new office in partnership with locally regulated broker NVEST.
“Thank God we’ve started in Kuwait and, God willing, we’ll expand across several Arab countries in the Middle East,” said an NVEST representative, speaking to local TV station Al-Sabah. “We’ve set our goals for this and we believe in the importance of Kuwait Vision 2035 within the financial sector.”
As that implies, it seems that XS will use its office in the region as part of a wider expansion plan to tap into the Middle East markets.
Currently XS has a physical presence in Lebanon, the UAE, and – now – Kuwait. However, it does not have licenses in any of those places and its expansion into Kuwait is based on using NVEST’s regulatory approvals.
“We are keen to establish multiple offices across the Middle East, starting with Kuwait – which has been a financial hub since the 1970s,” the broker’s CEO, Mohamad Ibrahim told an Al-Sabah reporter. “Kuwait has always been a pioneer in financial and banking services, and the Kuwaiti trader is well-known for their professionalism and expertise in this field.”
