In the past week, what was the most interesting news in the foreign exchange market? For example, DKK Partners opened an office in Dubai, Equiti Group opened its 10th global office in the UAE, and Admirals Group announced 2022 figures showing a 40% drop in revenue and a net loss in the second half of 2022. The specific news is as follows:

1. DKK Partners opens Dubai office

London-based DKK Partners recently announced that it has launched operations in Dubai as part of its efforts to grow its Middle East business. As a forex trading startup, DKK Partners' main business is focused on emerging markets and forex liquidity.

The announcement comes after the company said its 2022 revenue rose 60 percent to more than £100 million, up from £63 million the previous year. However, the company appears to include pass-through activities in its revenue, so DKK's "revenue" was £63.9 million, cost of goods sold was £63.1 million, and net profit was 36. Ten thousand pounds. The company continues to file financial statements under the small company audit exemption. As of January 31, 2022, DKK had cash of £516,999 and shareholders' equity of £355,199.

The office, located in the Dubai World Trade Centre, will serve as DKK's central hub in the region, giving it greater access to the Middle East, Africa and Asian trade corridors. The expansion will be led by senior associates in the region, primarily due to their Tier 1 banking experience in foreign exchange, trade finance and structured products.

Currently, DKK's Dubai operations have received a World Trade Center Free Zone license and plans to obtain a virtual asset license through VARA (Virtual Asset Regulator) in the near future. Asia Salvatore, DK's head of sales in Dubai, said that by opening a new office in Dubai, it hopes to support businesses and financial institutions that were previously unable to access high-quality solutions.

2. Equiti Group opens its tenth office in the world in the UAE

Online broker Equiti Group has announced the opening of its 10th global office at Etihad Towers in ABU Dhabi following approval, becoming the first global fintech broker to have a physical presence in the UAE capital. The ABU Dhabi office will provide personalised and state-of-the-art investment solutions and serve as ABU Dhabi's education and knowledge sharing hub.

For now, the Equiti Group office in ABU Dhabi will serve as a trusted interactive service unit, offering face-to-face personalised services in prime locations and offering low spreads and STP (Straight through Processing) products on multi-asset and multi-currency platforms, i.e. instant execution and zero withdrawal fees.

Equiti Group said it is also planning to hold a series of educational seminars and workshops in the UAE capital to further support building awareness of financial services and investment solutions. It will work with a range of local entities, government authorities and universities to support the cause and share best practices on security and diversified investment approaches.