(Alliance News) - Plus500 Ltd on Monday said it has obtained a licence from the Dubai Financial Services Authority to trade in the United Arab Emirates.

The London-based contracts-for-difference trading platform said the new licence is effectively immediately and is part of its global expansion plans.

The approval in the "significant and high growth market" of the UAE offers a major opportunity for Plus 500, it said.

"We are delighted to have received licence authorisation from the DFSA in the UAE and we are excited to bring our market-leading technology capabilities to customers in the region," said Chief Executive Officer David Zruia. "This is the latest realisation of our strategy to enter new markets, develop new products, and deepen engagement with our customers."

Since 2020, Plus500 has obtained licences in the US, Japan, Estonia and the Seychelles, alongside Monday's announced approval in the UAE.

Plus 500 said some of these were acquired via acquisitions.

Shares in Plus500 were up 2.3% to 1,939.00 pence each in London on Monday morning.

By Greg Rosenvinge, Alliance News reporter

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