NAGA Group AG has expanded its offerings in the Middle East by recently adding stocks listed on the exchanges of the United Arab Emirates and Saudi Arabia. According to today’s announcement (Wednesday), the newly added stocks are being offered under the company’s Abu Dhabi license.
Part of the Merger
The Germany-listed broker highlighted that the new offerings are part of its merger with CAPEX.com, one of the region’s leading brokerage platforms. The merged entities have approximately 1.5 million registered users combined and aim to surpass 5 million by 2025 or 2026.
Additionally, they are optimistic about their business performance and expect to generate $250 million in revenue over the next three years, alongside approximately $10 million in annual savings.
With the latest product expansion, NAGA believes it will make the Middle Eastern markets more accessible to investors globally.
Growing Middle East
Although the Middle Eastern stock market is relatively smaller than other financial hubs like the US or the UK, the region is home to some of the most recognisable brands. Interestingly, the demand for access to the Middle Eastern financial markets is growing.
Earlier, Scope Markets enabled access to the stock markets of Dubai and Abu Dhabi through two new equity indices. Centroid Solutions, a technology provider in the trading industry, also facilitated access to the region’s markets through local partnerships.
Additionally, the UAE is becoming a hotspot for CFD brokers like NAGA, as many have obtained nationwide licences and established offices. CFI, one of the largest CFD brokers in the region, handled $1 trillion in trading volume in the third quarter of 2024.
NAGA, which gained popularity as a copy-trading platform, is also focusing on its marketing efforts. It recently onboarded boxing legend Mike Tyson as its brand ambassador. The timing coincided with a highly publicised boxing match between Tyson and YouTuber-turned-boxer Jake Paul. However, the fight received significant backlash from fans and other professional fighters, with allegations that it had been staged.
This article was written by Arnab Shome at www.financemagnates.com.
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