Dubai, Dec. 12
THE JRG group has got into a joint venture with the UAE Group, headed by Mr Hazza Bib Mohammed, to set up a 60:40 partnership company, JRG Middle East Securities LLC. The new company will undertake stock and commodity broking operations in Dubai and other Gulf countries.
The new company has sought the UAE Central Bank licence with full fledged operations from January next year, Mr Reji Jacob, Managing Director of the JRG Middle East Securities LLC, said at a press conference. It has plans to extent operations into the neighbouring GEC countries.
Mr Hazza Bin Mohammed signed an agreement with JRG during the inaugural ceremony of JRG's operations held at Hotel Emirates Towers in Dubai.
The Director of the new company, Mr Hazza Bin Mohammad Al Dhaheri, said that a large number of Indian expatriates and the UAE nationals were seeking avenues to invest in Indian stock and commodity markets, as well as in Dubai Gold and Commodity Exchange (DGCX).
The biggest stumbling block for the NRIs for investing in Indian stock and commodity had been the absence of advice, access to brokers and trading facilities in Dubai. "The setting up of the new company will help to bridge this gap and enable NRIs to invest both in Indian stock and commodity markets, as well as DGCX," Mr Giby Mathew, Director of the company said.
JRG has already taken membership in the DGCX for trading in commodities.
DGCX is a joint venture between the Dubai Metals and Commodities Centre (DMCC), Government of Dubai, Financial Technologies (India) Ltd and the Multi Commodity Exchange of India Ltd (MCX). The exchange will open with gold futures. Silver futures will open in the first quarter of 2006, followed by steel, freight, cotton and fuel oil contracts.