According to Reuters, Abu Dhabi-based forex and commodities broker ADS has applied for a FSA license to provide its services in United Kingdom next year. The broker seeks international recognition and expansion in UK, by opening a subsidiary in early 2014.
Philippe Ghanem, managing director and vice chairman, says: "We at ADS are looking at launching an asset management and wealth management business next year. We now have a fixed-income trading and capital markets brokerage business."
ADS already owns subsidiaries in Hong Kong and Singapore and has impressive daily trading volumes of $5 billion in forex, precious metals and CFDs.
"We at ADS have started pricing the Chinese currency out of Abu Dhabi. We see a lot of demand and saw more than 300 percent growth in trades over the past few months," Ghanem said.
"This currency will be in everybody's basket. The RMB will be currencies of reference that will help us fix the overall imbalance of currencies," he said, referring to the volatility of the US dollar and the euro in recent years.
Annual trade between China and the United Arab Emirates has risen 16-fold since 2002 to $40.4 billion, according to Chinese official data.
"We see a determination in Abu Dhabi to win a large share of the potentially massive Chinese market," Ghanem said, adding that regulations at the recently launched financial free zone in Abu Dhabi, the Abu Dhabi Global Market, are in place for such a development.