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Emaar Financial Services launches online trading
- June 26, 2005, 4:07 amDubai-based Emaar Financial Services launched the UAE’s first online real-time e-trading yesterday, and it will be followed within weeks by a mobile phone-based trading service.
The slew of initiatives announced by the company includes the opening of its new head office in the Gulf Towers on Oud Metha Road.
It has a separate VIP lounge dedicated to female investors, who will be served by trained female brokers, its chairman said.
Emaar FS is a joint venture between Emaar Properties PJSC (public joint stock company) and Amlak Finance PJSC, both Dubai-based companies.
“Etrading will revolutionise the market and attract more small investors who may have been reluctant to participate either because they had difficulties in accessing a broker or Dubai’s stock exchange,” said Hussain Al Meeza, chairman of Emaar FS, as he inaugurated its head office yesterday.
“We believe it will increase trading volumes and also attract international investors to invest in Dubai,” he said.
“Investors here and worldwide will now be able to buy and sell shares traded on the Dubai Financial Market swiftly and easily through the internet wherever they are, monitor their portfolios and track their investments,” said Al Meeza.
Etrading, patterned after similar online investor services available in the United States and the United Kingdom, was launched after months of careful preparation and is a very secure system, said Emaar FS officials yesterday.
Investors can open etrading accounts by visiting the Emaar FS office or they can apply online.
However the online application has to be printed, signed and sent to Emaar FS since the law recognises only hard copies of the application form and not electronic forms, said officials.
Funds have to be deposited to establish the trading facility with Emaar FS by cheque, bank transfer or cash in local currency.
Once the account is opened, the investor can log on to the Emaar FS site, click on internet trading services and sign on with his/her ID and password. Transactions can be executed instantly and on real time.
Within a month a mobile phone based service will be introduced allowing investors to SMS (short message system) their trading requirements to the Emaar system, which will send an acknowledgement.
The head office is equipped with customer service positions, trading desks, a large display board showing market data, and private VIP lounges where investors can trade in privacy and comfort.
Features
* Set price to either buy or sell shares
* Check the status of transaction
* Check the balance of your trading account
* Instant statements
* Secured environment
* Access 24 hours a day globally
* Speedy execution of transactions
Source - Gulf News
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