A new Amman-based brokerage house, Al-Mal Securities Jordan, has been formed with a capital of JD 60 million ($84.7 million) out of the merger of two of Jordan's largest brokerage houses - Aman Securities and Osool Securities.

The combined capital of Osool and Aman, which is a subsidiary of United Arab Investors Company, account for JD 40 million ($56 million) of the capital. Of the remainder, Al-Mal Securities, a subsidiary of Dubai-based Al-Mal Capital, will have a JD 10 million ($14 million) stake, an unidentified UAE strategic investor will hold JD 8 million ($11 million) and JD 2 million ($2.8 million) will be in the form of stock options.

The new company will offer financial services, research, and investment funds as well as assist Jordanian companies seeking dual listings in Dubai.

'Our strategy is to expand our brokerage activities outside the UAE,' says Al-Mal Capital executive chairman Naser Nabulsi. 'Our main focus is Saudi Arabia.'

Al-Mal Securities has applied for a brokerage licence from the kingdom's Capital Market Authority and is also looking at opportunities in the Occupied Territories, Iraq and Syria.