ICM.com Expands Middle East Presence with New Dubai Licence

Global brokerage ICM.com has secured a new operational licence in Dubai, the company announced on Tuesday. The permit, issued by the Securities and Commodities Authority (SCA), will allow ICM MENA, a subsidiary of ICM.com, to provide promotional and introductory services within the United Arab Emirates.

This development marks the second licence obtained by the ICM.com brand in the UAE, complementing its existing regulatory approval from the Abu Dhabi Global Market (ADGM). According to Shoaib Abedi, CEO of ICM.com, this move aligns with the company's "global expansion strategy." He stated, "Dubai's financial ecosystem is one of the most attractive in the world, and this regulatory approval allows us to reach out to the vast client base within the UAE, backed by full compliance with UAE regulations."

The expansion in the UAE follows ICM.com's recent acquisition of a Seychelles licence in November, aimed at broadening its offshore operations. The broker is also regulated in Mauritius, South Africa, and Switzerland. Notably, ICM.com is in the process of relinquishing its authorisation from the United Kingdom's Financial Conduct Authority (FCA), having applied to cancel its licence, though the cancellation is yet to be finalized. While its UK unit still onboards new clients, this is currently limited to professional traders.

ICM.com joins a growing list of CFD brokers establishing a presence in Dubai, which has become an increasingly attractive destination for such firms. Recent entrants include Polish broker XTB and Plus500, both of which also obtained SCA licences.