mask PRESS RELEASE - Insider takes the helm at Delma Exchange as foreign exchange growth accelerates

12/ 02/ 2018

PRESS RELEASE - Insider takes the helm at Delma Exchange as foreign exchange growth accelerates

ABU DHABI, UAE, February 12

Delma Exchange, the leading foreign exchange provider in the UAE, announced the appointment of Zahir Moghal as Chief Executive Officer.

Mr. Moghal was previously Managing Partner at Delma Exchange and replaces Stewart Blake, who was appointed Vice Chairman and remains on the Board of Directors.

Chairman Abdul Jabbar Al Sayegh said: “Zahir from the beginning has had a clear vision for Delma Exchange and drives the company to be a global institution recognised for its expertise in delivering world class solutions for our clients in every aspect of foreign exchange.”

Mr. Moghal joined Delma in 2011 and has contributed to a dramatic increase in transacted and remitted funds to a value of more than 5 billion dirhams in 2017. From a base of retail clients, Mr. Moghal introduced and developed the corporate division with the support of his partners. It now accounts for a majority of the company’s turnover and began handling institutional foreign exchange in 2018.

The corporate division is backed up by six retail branches across the UAE that service the labour force with quick and competitive transactions and salary payments.

It has hundreds of clients operating in all sectors of the economy, from food and drinks to aviation, predominately in the SME space.

“I am very proud of the Delma team and how far we have all come with Delma Exchange. I enjoy building and maintaining relationships while adding value to our clients in order to grow their businesses,” said Mr. Moghal.

As CEO, Mr. Moghal will maintain his seat on the Board of Directors and continues to manage the daily operations of Delma Exchange. He has more than 25 years’ experience in international trading and first entered the foreign exchange industry in 1999.He has strong connections internationally and having been born in Uganda recently started operating in East Africa.

“We are so proud of the way Zahir has developed and grown over his time at Delma Exchange.  We feel he is absolutely right for the job of CEO,” said Stewart Blake, Vice Chairman of Delma Exchange.


About Delma Exchange

Delma Exchange is regulated by the United Arab Emirates Central Bank and is one of the leading foreign exchange providers. It delivers international trading companies in the Gulf region with comprehensive foreign exchange management and international payment services. More information


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