Three Minute Interview with Abdulkader Daghestani

CMC Connect has now been operating in Dubai for six months. Can you explain how the product set is evolving to meet changing demand, both at a regional and international level? 

The launch of our cash equities offering has really helped drive momentum in the Dubai market since our arrival. Augmenting the polished FX, indices, treasuries and CFD products that CMC Connect has pioneered over the last three decades. Combining all this means we can offer counterparties a genuine one stop shop, so they can benefit from a single trading relationship rather than having to rely on different brokers for different asset classes or instruments. And beyond this, the underlying platform we operate on is held in very high regard, with clients seeing it as a genuine point of differentiation. The significant investments that have been made here means there’s a very smooth user experience, something that appears to be a welcome addition to the landscape. 

Dubai has evolved into a global financial hub. Can you give us an idea of who your counterparties are on a day to day basis?  

Some people still seem to work under misconception that global firms are flooding into Dubai only to work with GCC counterparties, but that’s not the case at all. It might sound clichéd, but the Emirate has become a true worldwide hub – some 260 hedge funds from across the globe have arrived in Dubai since the start of the year, along with international banks, brokers and other financial institutions, and we’re working with a growing number of this cohort every day. However, when compared to our global operations, we do see a disproportionate level of interest in both gold and oil. And again it’s the fact that we offer a range of ways of managing economic exposure to these assets from a single account that’s driving the popularity of the CMC Connect offering.  

Is there one key factor that is making Dubai so attractive as a hub right now? 

There’s a genuine “let’s get this done” attitude underpinning the entire economy. This is absolutely evident in our industry, but can also be seen in every facet of daily life, ranging from infrastructure planning to a progressive approach to regulation. If it makes commercial sense then stakeholders will find a way to facilitate the desired outcome. Put simply this place caters for success.  

You’re Syrian born, grew up in Qatar and studied & worked in London. Does that multi-cultural experience give you an advantage in this market?  

Yes, but I think it’s predominantly the experiences I had working and studying in London that give me the best advantage here. The financial arena in Dubai, much like London, exists as a truly international community with market participants from literally every corner of the globe. The familiarity of this operating environment really does give me – and my colleagues here in the Dubai office – a meaningful advantage.  

London, Singapore, Tokyo, New York and now Dubai – these are the foremost financial hubs on the planet. But this industry is evolving continuously. Where do you see the next phase of growth?  

Dubai’s location mid-way between the fast growing East Asian and African economies really does mean that we’ll likely see a lot more growth here in the years ahead. Closer collaboration between the GCC member states could also help grow the region as a financial hub, and looking beyond that Saudi Arabia holds some truly significant potential, too. Policymakers there have grand ambitions and the country is hugely wealthy. It may be a few years off, but that money will need to be managed and the opportunity this presents for the supporting services functions cannot be understated.