Arafa Investment establishes company in Dubai with capital of AED 50K

CAIRO – 31 August 2020: Arafa Investment and Consulting’s board of directors approved Sunday to set up a company in the Dubai Multi Commodities Center (DMCC) entitled, FC Trading DMCC.

The company clarified in a filing to the Egyptian Stock Exchange (EGX) Monday, that the company's capital is AED 50,000, distributed over 50 shares, each share value of AED 1,000.

It added that the company is 100 percent owned by Al Arafa Investment and Consulting, while adhering to the legal, engineering, environmental, security, health and safety standards followed at the Dubai Multiple Markets Center.

During the first quarter of the fiscal year 2020/2021, the company achieved losses of $ 144,000, compared to profits of $ 1.635 million during the comparative period of prior fiscal year.

The company explained that the revenues declined during the same period to record $40.27 million, compared to $49.268 million compared to the same period in 2019/2020.

Arafa operates within the diversified financials sector focusing on investment banking & brokerage. It has subsidiaries operating across Northern Africa, British Islands, Southern Europe, Nordic Countries and Middle East.