Skip to content Skip to Search
Skip navigation

London finance firm sees GCC as Europe-Asia bridge

Dominic Duru, co-founder of DKK Partners

London-based DKK Partners, an emerging markets foreign exchange liquidity provider, has announced a major expansion into the Middle East.

Four new offices will open in the MENA region as it sees the GCC developing into a “financial hub that bridges Europe with Asia”.

The company, which has its headquarters in Mayfair, has seen its revenues exceed £63 million, up from £3 million the previous year.

It said the record growth has been fuelled by high demand for its services, including FX risk management, access to deep liquidity pools and local collections.

Dominic Duru, co-founder of DKK Partners, told AGBI: “We see the GCC region more and more becoming the financial hub that bridges Europe with Asia.

“Led by technological fintech innovation as well as progressive regulators, the region has seized the opportunity to position itself in this way.   

“More and more businesses are taking advantage of the fast paced commerce environment.

With the ability to access 70 percent of the global market within seven hours, it makes it ideal for us as an organisation to set up and support these agile companies.” 

The DKK team has increased its headcount from five to 15 full-time staff, with plans for further senior hires and local country managers in the coming months.

DKK, founded in 2020 by capital markets specialist Khalid Talukder, previously of UBS, Citi and Deutsche Bank, and Duru, of RBS and Citi, enables businesses to manage currency risk in frontier markets.

Key services include offering virtual IBAN accounts, allowing customers to unlock access to new territories and currencies, as well as emerging markets liquidity, giving direct access to real-time pricing and execution across market currencies.

Duru said: “GCC currencies are pegged to the US dollar (apart from Kuwait which has a basket but a major weighting given to USD). Companies are looking to hedge their exposure with Euro and Asian currencies.”

He added that currencies that appeal to Gulf investors that differ from the global picture include a “strong move” into the Australian dollar, the New Zealand dollar and the Swedish krona which are “giving good value”.

So what impact are the current global challenges, including rising inflation and interest rates and the ongoing conflict in Ukraine, having on FX trading? 

Duru said the FX industry faces challenges ahead in the absence of historical events that can help model the current climate, which raises difficulties when managing risk.

“With the levels of volatility we are only able to forecast a few days out,” he said. “We anticipate that things will settle down in the fourth quarter of this year, making FX risk management more manageable.”

Latest articles

Adnoc sought advice from investment banks on buying a significant stake in BP, a media report said

UAE’s Adnoc explored acquiring BP

Abu Dhabi National Oil Company (Adnoc) explored the possibility of acquiring British oil major BP but abandoned the plan as it did not fit into its strategic growth objectives, a media report said.  The talks did not advance beyond the initial stages, Reuters reported, citing informed sources.  The UAE state oil company also sought advice […]

Nature, Undersea cables account for as much as 90 percent of Europe-Asia telecommunications, Water

Iraq and Kuwait team up for European telecom corridor

Iraq’s Informatics and Telecommunication Public Company, a division of the Ministry of Communications, has signed an agreement with Kuwait’s Zajil Telecom to create a telecommunications corridor from the Gulf region to Europe, transiting through Iraq and Turkey. The new route will pass through Iraqi sea and land ports. Iraq’s minister of communications Hayam Al-Yasiri said […]

An artist's impression of part of the Diriyah Square development

Diriyah Square planned for historic Riyadh district

A public space featuring 400 retail outlets and 100 restaurants and cafes is planned for the historic Riyadh district of Diriyah. Diriyah Square will be announced next week at the World Retail Congress in Paris and aims to attract a combination of international retail brands and local artisans.  Diriyah Gate Development Authority group CEO Jerry […]

Turkish crude steel output rose 25% year on year to 3.2 million tonnes in January

Turkish steel in the black but EU rules rankle

Turkey’s steel industry has rebounded strongly from a weak 2023, despite facing new emissions standards and competition for important markets.  Crude steel output rose 25 percent year on year to 3.2 million tonnes in January, with domestic consumption of finished steel reaching 3.5 million tonnes, a 20 percent increase.  Exports were also up, increasing 23 […]