After quietly launching in September, Middle Eastern prime brokerage, Fortress Prime, has announced that it aims to get regulated by the UK Financial Conduct Authority (FCA). The company is a division of Fortress Investments LLC which is 100% owned by Fortress Capital Investments PJSC.
Fortress Investments is privately owned with a key share held by the Abu Dhabi royal family, providing the company with substantial financial and political strength. The prime brokerage division, Fortress Prime, is run by Mitch Eaglstein, while the company’s board benefits from the presence of His Highness Sheikh Mohammed Bin Sultan Bin Hamdan Al Nehayan as Honorary Chairman and Partner.
Based in Dubai, Fortress Prime is regulated by the United Arab Emirates Central Bank, with Fortress Investment LLC being regulated as a private bank. Since launching in September, Fortress Prime has been delivering liquidity in FX and precious metals, and is working on delivering CFDs on global indices and commodities.
Forex Magnates’ reporters reached out to the company’s CEO, Mitch Eaglstein, to enquire about the future plans of the company and he shared that Fortress Prime is already looking to open an office in London and to obtain an FCA license.
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Coinciding with the immense growth in volatility on the foreign exchange market, the company is expected to be cashflow positive in the fourth quarter of this year and has been focusing exclusively on the Middle East and North Africa (MENA) region, with Asia and Latin America being the other target areas for further growth.
The company’s CEO, Mitch Eaglstein outlined, “We are extremely excited to achieve sustainable growth in such a short period of time. During the past several months, our team has worked diligently in order to realize these incredibly positive results on all fronts. The forex landscape is changing rapidly with recent increase in volatility and constant evolution in clients’ expectations.”
According to Mr. Eaglstein, the company is seeing substantial demand for gold and silver with major currency pairs following suit. Having Sharia accounts offerings is also essential in MENA and when asked by Forex Magnates what it takes to conduct business successfully in the region, Fortress Prime’s CEO shared that having a physical presence in the region is crucial.
“Introducing your team and showing your prospective customers how do you do business are key aspects when doing business in the Middle East. It also takes a lot of time to develop relationships and add value in different ways – you can’t just provide FX execution, it would help to be able to provide wealth management services or risk management advise. Your customers need to see you as a true partner,” he added.