NAGA Expands Middle East Market Access: Adds UAE and Saudi Stocks
NAGA Group AG, a globally recognized fintech company, has taken a significant step toward expanding its presence in the Middle East by offering stocks listed on the United Arab Emirates (UAE) and Saudi Arabian exchanges. Announced today (Wednesday), these new offerings are part of the company’s broader strategy to tap into emerging markets and are being made available under its Abu Dhabi-licensed entity.
Expanding Product Offerings in the Middle East
NAGA’s latest move is closely tied to its recent merger with CAPEX.com, a leading brokerage platform in the region. Together, the merged entities cater to approximately 1.5 million registered users and have set an ambitious target of growing their customer base to over 5 million by 2025 or 2026.
This merger has created a robust foundation for NAGA’s operations, and the company is optimistic about its performance in the years to come. The merger is expected to generate $250 million in revenue over the next three years, coupled with an estimated $10 million in annual cost savings.
With this expansion, NAGA is not only making the Middle Eastern financial markets more accessible but also reinforcing its position as a major player in the global trading landscape.
Opportunities in the Middle Eastern Market
While the Middle Eastern stock market is smaller than its counterparts in the US or UK, it houses some of the most recognizable brands and offers significant potential for growth. The demand for access to these financial markets has been increasing globally, and NAGA aims to meet this need through its expanded offerings.
Several other financial entities have also recognized the potential of the Middle Eastern market. For example, Scope Markets recently enabled access to Dubai and Abu Dhabi stock markets through new equity indices. Similarly, Centroid Solutions has facilitated trading in the region through strategic partnerships.
The UAE: A Growing Hub for Brokers
The United Arab Emirates is quickly becoming a hotspot for contracts for difference (CFD) brokers like NAGA. Many such firms have obtained nationwide licenses and set up local offices to cater to the region’s burgeoning demand for financial services.
CFI, a major CFD broker in the UAE, handled an astounding $1 trillion in trading volume during the third quarter of 2024, highlighting the region’s growing prominence in the financial sector.
NAGA, initially gaining popularity as a copy-trading platform, is now diversifying its offerings and marketing strategies to appeal to a broader audience. The firm recently signed boxing legend Mike Tyson as its brand ambassador, leveraging his global reach to enhance its visibility.
Pioneering Global Access to Middle Eastern Stocks
With this latest product expansion, NAGA is positioning itself as a gateway for global investors seeking access to Middle Eastern markets. The move underscores the company’s commitment to innovation, growth, and delivering value to its users.
This step marks a pivotal moment in NAGA’s journey, and its focus on emerging markets like the Middle East showcases its strategic vision. As the company continues to evolve, it is set to play a crucial role in shaping the future of trading in the region.