From order-takers to market makers: MENA brokers redefine regional capital markets

Through exclusive interviews with 13 leading brokerage firms across the region, Euromoney identifies five forces redefining the broker landscape across the Middle East and North Africa in 2025.

Illustration: iStock

Long seen as intermediaries in fragmented, low-liquidity markets, brokers in MENA are now stepping into more active roles – enhancing execution infrastructure, expanding product access, supporting investor education and driving cross-border connectivity. Significant investments in digital platforms, market infrastructure, research services and client engagement are underpinning this evolution.  

Whether it is Egypt’s retail revolution, Oman’s liquidity transformation or the UAE’s institutional-scale infrastructure, the brokerage story across the region is increasingly one of ambition, competition and reform-driven opportunity. 

Brokers take on key role in market making and liquidity provision

Across multiple MENA markets, regulatory efforts to enhance trading depth are gaining momentum, and brokers are emerging as the linchpins of liquidity.

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