Dubai – Mubasher: Emirates NBD on Wednesday announced signing a deal to provide clearing services to UAE-based Al Fajer Securities.

“The bank is the first UAE-based financial services entity to be approved by SCA - Securities and Commodities Authority as a ‘General Clearing Member’ providing clearing and settlement services to trading participants of the UAE’s equity markets,” Emirates NBD revealed in a statement.

Senior officials from the Securities and Commodities Authority (SCA), the Dubai Financial Market (DFM), the Abu Dhabi Securities Exchange (ADX), Emirates NBD, and Al Fajer Securities, attended the signing of the agreement.

“With the signing of Al Fajer Securities, Emirates NBD continues to enhance its proposition to the UAE’s equity markets,” said Emirates NBD Group’s executive vice president and head of products and advisory Tariq Bin Hendi.

He added that the Dubai-based lender offers UAE brokerage firms various tools and products as well as credit facilities to “enhance their operational and cost efficiencies.”

Meanwhile, Al Fajer Securities chairman Ali Mohammed Saeed Al Badi Al Dhaheri noted that his company has been working with Emirates NBD for over 10 years in the financial services sector, highlighting that the new deal would deepen their partnership and allow Al Fajer Securities to offer better services to its clients.