Within 18 months of leaving his trading job to open a lunchtime eatery at the Dubai financial centre in 2011, Nabil Al Rantisi was back: selling stocks and rebuilding one of the city’s largest brokerages.
'I saw my window of opportunity', Rantisi, Managing Director of Mena Corp Financial Services, said in a March 9th telephone interview from Dubai. 'Things started picking up in September 2012. By December, they were looking better, and then really started taking off in the second quarter of last year'.
Bloomberg reports that the world’s fourth-best performing stock market and a revival of public offerings are prompting banks and brokerages to renew growth plans in Dubai after many cut teams during the crisis. Goldman Sachs is restarting equity sales in the region, two people familiar with the matter said March 7th, while billionaire Mikhail Prokhorov’s Renaissance Capital is recruiting for a new Middle East equities business.
'We’ve definitely turned a corner from companies shrinking equity brokerages to hiring again', Mohammed Ali Yasin, who heads a team of brokers as managing director of NBAD Securities in Abu Dhabi, said in a March 10th telephone interview from the city. 'Our first choice is to find the talent which is still active in the market and didn’t leave during the crisis'.
To access the complete Bloomberg article hit the link below: