GCEX Group’s Dubai-based branch, GC Exchange FZE, has appointed Sayeed Al-Darmaki as a non-executive director to drive growth in the UAE region.
Strengthening presence in the UAE
The focus for Al-Darmaki, announced today (Thursday), will be to drive the growth of the company, which operates in Dubai and has obtained a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Asset Regulatory Authority (VARA).
GCEX opened its Dubai office in mid-2022 and subsequently obtained the local license. The company, headquartered in London, has physical offices in Copenhagen, Glasgow, Zug Crypto Valley, and Kuala Lumpur.
Mehtap Önder, Managing Director of GCEX Dubai, commented on the new appointment: “With his extensive network, industry expertise, and regional experience, he will be a huge asset to GCEX, allowing us to maximize growth opportunities and realize our potential in the region.”
Local industry expert
Al-Darmaki has extensive experience in the cryptocurrency and blockchain industry in the region. He is currently the CEO of Sheesha Finance and a co-founder of Alphabit investment fund. He also serves as an advisor to several other companies in China.
His career began in traditional finance, working for nine years at the Abu Dhabi Investment Authority.
Al-Darmaki stated, “I have known GCEX’s team and their investors True Global Ventures for some time now.”
Last month, GCEX also appointed Jonathan Brewer, co-founder of IS Prime, as Chief Revenue Officer, focusing on driving growth for all physical and institutional clients. The entity based in the UAE also hired a new Sales Director, Katina Messinis, earlier this year.
Meanwhile, the revenue for GCEX’s UK entity halved in 2023 to £2.3 million, causing the company to incur losses. The company attributed the economic slowdown to the prolonged “cryptocurrency winter.”