UAE’s Noor Capital Acquires Majority Stake in House of Borse of UK

UAE’s Noor Capital

The Chief Executive Officer and Manager of Noor Capital have been named Directors at House of Borse.

UAE’s Noor Capital
Noor Capital

Mohammad Ghousheh and Muhammad Al Zou’bi of Noor Capital have been chosen to serve as Directors for House of Borse.

Ghousheh has held the position of Chief Executive Officer at Noor Capital since November 2016, having initially taken on the role in a temporary capacity. He joined the firm as Financial Controller in April 2006.

Al Zou’bi, the General Manager of Noor Capital since January 2011, will join him. Wahb Ahmed, a former Saxo Bank executive, has been the CEO of House of Borse since August 2015.

Noor Capital, a Dubai-based forex and CFDs broker, has gained a large share of House of Borse through either a direct or indirect acquisition. This has been documented in the UK Companies House filing. Mohammad Alkahtani, who formerly held a large percentage of the company, is no longer in a position of significant control, according to another filing.

Noor Capital’s majority stake in House of Borse, which has been running since 2016 as a customary prime dealer, indicates that the 18-year-old brokerage firm is plotting an expansion into the United Kingdom. The firm, which has set up a foothold in the Middle East, has shareholders from the UAE, Kuwait, Saudi Arabia, Qatar, and Bahrain.

Contrasting with Noor Capital, House of Boorse, which is regulated by the UK Financial Conduct Authority, only serves professional customers. House of Bourse serves as an intermediary and aggregator, giving customers direct access to a variety of bank and non-bank liquidity providers, as well as electronic communication networks.

Despite being relatively young, House of Bourse reported almost 1,400% year-over-year growth in net income for the fiscal year 2022 which finished on July 31. The brokerage firm also generated revenue of £1.02 million during the period, which is a 71% increase from the previous year.

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