Dec. 6 (Bloomberg) -- ADS Securities LLC, the biggest foreign-exchange trader in the United Arab Emirates, plans to start offering investment-banking services and more than double foreign exchange trading volume to $12 billion by the end of 2013.
“Our volume on forex ranges between $4 billion to $5 billion per day,” Philippe Ghanem, managing director of ADS Securities, said in an interview in Abu Dhabi yesterday. “With the new technology, we’re expecting to double that by the fourth quarter of next year.”
The firm is seeking customers seeking to trade between the closing of markets in Europe and the opening of markets in Asia, Mahmood Ebraheem Al Mahmood, Chairman of ADS Securities, said in an interview. About half its clients are in Africa and the Middle East, he said.
ADS will hire 50 people in the next 12 months, Mahmood said. The firm employs 140 people, 120 of whom are in Abu Dhabi and 20 in Singapore, he said.
ADS is ready to trade equities and expects to be able to underwrite products next year, Mahmood said.
“We see the market here as being under-served,” Mahmood said.
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