FNG Exclusive… FNG has learned that UAE based Retail FX and CFDs brokerage Noor Capital is expanding to the UK, and has taken control of FCA licensed broker House of Borse Ltd.

Noor Capital is part of UAE based conglomerate Al Sayegh Brothers Group, headed by Abu Dhabi businessman Abdul Jabbar Al-Sayegh. The Al Sayegh’s main business is consumer electronics, importing LG and Hitachi products to the UAE. Noor Capital has been operating since 2005, offering online trading on MT4 to a mainly Arabic speaking client base. The company has been run since 2016 by CEO Mohammed Ghousheh – Mr. Ghousheh was CFO of Noor from 2007-2016.

House of Borse is a small FCA licensed broker, which did about £1 million in Revenue in 2022, turning a small profit. House of Borse also caters to a mainly Arabic speaking clientele. Prior to the acquisition by Noor, House of Borse was controlled by Saudi Arabian businessman Mohammad Alkahtani. House of Borse has been run since 2015 by CEO Wahb Ahmed, who previously spent six years at Saxo Bank UAE.

Once all regulatory approvals are received, the acquisition will give UAE-licensed Noor the opportunity to expand its business to the UK, alongside the prestige of having an FCA-licensed brand associated with its name. The company has already added Mr. Ghousheh, and his #2 at Noor Capital Muhammad Al Zou’bi (who has been General Manager of Noor since 2011), as Directors of the UK company.