The majority-owned UK institutional brokerage House Of Borse Ltd. has been acquired by the Abu Dhabi investment firm Noor Capital.
The CEO and General Manager of Noor Capital are now Directors at House of Borse.
Since 2016, House of Borse has provided services to business clients.
According to House of Borse’s UK Companies House statement, Noor Capital, an FX and CFDs broker based in Dubai, has purchased “directly or indirectly” 75% or more shareholdings in the latter. Another file reveals that Mohammad Alkahtani, who formerly had major power over House of Borse, no longer does.
Due to Noor Capital’s 100% ownership of House of Borse, a traditional prime broker that has been in business since 2016, the 18-year-old brokerage company is preparing to expand into the UK. The company, which has a strong regional presence, has investors from the UAE, Kuwait, Saudi Arabia, Qatar, and Bahrain.
House of Borse, which is overseen by the UK Financial Conduct Authority and unlike Noor Capital, solely caters to professional clients. House of Borse acts as an intermediary and aggregator in the market, giving customers access to a variety of bank and non-bank liquidity sources as well as online communication networks.
Despite being a small company, House of Borse recorded an almost 1,400% increase in net profit from the previous year for the fiscal year 2022 that concluded on July 31. Also, the brokerage firm made £1.02 million in income during the time period, an increase of 71% from the previous year.
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Leading Leaders from Noor Capital Become Directors at House of Borse
Mohammad Ghousheh and Muhammad Al Zou’bi of Noor Capital have been named as Directors at the House of Borse, according to other UK Companies House papers obtained by Finance Magnates. Since November 2016, Ghousheh, who joined Noor Capital in April 2006 as a Financial Controller, has served as the brokerage company’s Chief Executive Officer. He took on the role of CEO first in an acting capacity before accepting it permanently in 2018.
Al Zou’bi, on the other hand, has been General Manager of Noor Capital since January 2011. Since August 2015, Wahb Ahmed, a former official at Saxo Bank, has served as the CEO of House of Borse.
The Abu Dhabi Department of Economic Development has Noor Capital on file. The company offers investment management and financial counselling services in addition to internet trading.