amana, a leading neobroker based in Dubai, has successfully launched a groundbreaking strategy to widen access to the MENA stock markets for its customers, resulting in an impressive surge in trading activities and customer engagement.
In February, amana introduced an initiative allowing customers to trade MENA stocks without incurring any commissions, exchange fees, or clearing fees on their first $100,000 of investment. This bold move was designed to encourage investment in the MENA region and has delivered remarkable results:
- The number of amana customers trading MENA shares rose by nearly 70% in the first month.
- Traded volumes of MENA stocks increased by 190% in the first month, followed by an additional 200% in the second month.
- Deposits saw a growth of 37% in the first month, with a further 72% increase in the following month.
Muhammad Rasoul, CEO of amana, said: “Our mission at amana has always been to break down barriers to financial markets, ensuring that everyone, regardless of their background or level of experience, has the opportunity to participate in and benefit from the region’s economic growth. The success of this strategy affirms our commitment and we are thrilled to see such a positive response from our customers.”
Over 1,000 companies are listed in MENA, with an estimated capitalization of $4 trillion. Popular stocks among amana’s traders and investors include regional heavyweights such as SALIK, FAB Bank, ADCB, PARKIN, ARAMCO, and RAK Ceramics. These stocks, among others, are readily available on the amana platform, which provides users with seamless access to investment and trading opportunities.
Customers will also be able to benefit from trading and investing in shares of the eagerly anticipated IPOs of companies, like supermarket chains Spinneys and Lulu. Once their shares are in public trading, amana’s customers will be able to trade them at ZERO cost, as well.
Beyond local and regional stocks, amana offers customers commission-free trading on all asset classes, including US stocks, indices, commodities, gold, currencies, crypto and more. amana is also the first MENA broker to offer all assets from a single account.