A prominent retail Forex and CFDs broker has recently appointed an adept industry professional, Omar Qumuq, to the role of Managing Director. This new leadership transition is part of the company’s strategy to enhance its operations in the Middle East and North Africa (MENA) region.
Qumuq’s arrival marks a significant step for the firm, as he comes from his previous position leading the MENA division at another financial services group over the past two years. His career journey also includes valuable experience at STARTRADER and MultiBank, which adds to his expertise in the field.
Alongside Qumuq, Rohan Kumar will also join the management team as he transitions from his previous role as Sales Director at the same financial services firm. Kumar has a history of collaboration with Qumuq, having worked together at STARTRADER before their time at the prior company. His previous experience also includes stints at Exante, further enriching the experience of the team.
The context of these appointments comes amid notable shifts within the Doo Group, where Qumuq and Kumar previously served. The firm has faced challenges recently, particularly following a police raid on its call center operations in Malaysia in August, which was part of a broader effort to combat financial scams. Furthermore, the company has undergone staff reductions, notably in its Cyprus marketing department, among various restructuring activities.
The newly appointed Managing Director will be strategically positioned in Dubai, where the broker has ambitions to expand its influence in this vibrant financial hub. The organization operates licensed subsidiaries across several jurisdictions, including the UK, Australia, South Africa, and the UAE, as well as offshore entities. This multi-jurisdictional presence allows it to cater to a diverse client base and strengthen its regulatory compliance.
In conclusion, the appointments of Omar Qumuq and Rohan Kumar signify a time of renewed energy and direction for the broker, as it looks to strategically position itself for growth in the competitive realm of Forex and CFDs trading. With their combined industry experience, the firm is poised to refine its services and enhance its market presence in the MENA region.