UAE-based Noor Capital secures 75% shareholding in House of Borse

Noor Capital, a forex and contract for difference (CFD) brokerage company based in Dubai, has announced the acquisition of House of Borse. Noor Capital has “directly or indirectly” acquired at least 75% of the shareholding of the House of Borse.

Noor Capital acquires 75% shareholding of House of Borse

The details on acquiring these shares have been highlighted in the UK Companies House filing for House of Borse. The filing shows that Mohammad Alkahtani, who previously held a controlling stake in the company, no longer has significant control.

Noor Capital is now the majority shareholder at House of Borse. The transaction shows that the 18-year-old Dubai brokerage firm wants to expand its operations in the United Kingdom. Noor Capital has a solid presence in the Middle East, with its shareholders coming from Bahrain, Kuwait, Qatar, Saudi Arabia, and the UAE.

Nevertheless, Noor Capital and House of Borse have different types of the target clientele. House of Borse is regulated by the UK financial market regulator, the Financial Conduct Authority, and targets professional clients.

On the other hand, House of Borse is also a market facilitator and aggregator that offers clients direct market access to various bank and non-bank liquidity providers and electronic communication networks. The institution mainly targets professional clients in its offerings, and this could play an important role in helping Noor Capital diversify its offerings.

House of Borse is still a young financial institution that commenced operations in 2016. However, its few years in the market have not prevented the institution from achieving significant financial growth.

House of Borse reported a nearly 1400% year-over-year increase in net profit in the 2022 fiscal year that ended on July 31, 2022. Moreover, the brokerage company reported revenues of £1.02 million during the fiscal year, a 71% growth compared to the previous year.

Noor Capital executives join House of Borse

The other filings that have been made by House of Borse regarding this share purchase by Noor Capital show that two executives from House of Borse, Mohammad Ghousheh and Muhammad Al Zou’bi, will be the Directors at the House of Borse.

Ghousheh served as the Financial Controller at Noor Capital when he joined the firm in April 2006. However, since November 2016, he has been serving as the Chief Executive Officer at the company. He initially served as the acting CEO before taking the role permanently in 2018.

The other executive joining House of Borse is Al Zou’bi, who has served as General Manager at Noor Capital since January 2011. On the other hand, Wahb Ahmed, a former Saxo Bank executive, has been House of Borse’s CEO since August 2015.

Noor Capital is one of the leading financial institutions in the UAE. The brokerage platform is registered with the Abu Dhabi Department of Economic Development. Besides offering online trading, the platform offers other services, such as investment management and financial advisory.