ICM.com has successfully obtained its second licence in the United Arab Emirates (UAE), marking a significant step in the brokerage’s efforts to strengthen its foothold in the Middle East. The announcement was made today, revealing that ICM MENA, a subsidiary of ICM.com, received the Securities and Commodities Authority (SCA) licence from Dubai’s regulatory authorities. This new licence empowers ICM.com to offer promotional and introductory services throughout the UAE.

Shoaib Abedi, the CEO of ICM.com, emphasized the importance of this achievement, stating that Dubai’s financial ecosystem is among the most attractive globally. This regulatory approval facilitates access to a vast client base within the UAE while ensuring full compliance with local regulations. Abedi noted that the new licence aligns with the brokerage’s “global expansion strategy.”

In addition to the newly acquired Dubai licence, ICM.com is already regulated by the Abu Dhabi Global Market (ADGM). The brokerage also obtained a licence in Seychelles last November to enhance the scope of its offshore operations. ICM.com is regulated in other jurisdictions, including Mauritius, South Africa, and Switzerland.

Interestingly, ICM.com opted to relinquish its authorisation from the United Kingdom’s Financial Conduct Authority (FCA) last year and has submitted an application to cancel its licence with the regulator, which remains pending. Although the UK branch of ICM.com is still onboarding new clients, this service is currently limited to professional clients only.

Dubai is increasingly becoming a hotspot for CFD brokers. Recently, Finance Magnates reported on the opening of a new office by Polish broker XTB shortly after it secured an SCA licence in the city. Other brokerage firms, such as Plus500, have also entered the UAE market with SCA licences. This year, several other brokers, including CPT Markets, INGOT Brokers, STARTRADER, and Kama Capital, have also obtained SCA licences in Dubai.