Fortress Prime applies for UAE and CySEC licenses, adds Swissquote's Nidal Abdelhadi

LeapRate has learned that Dubai-based FX liquidity and white label solutions provider Fortress Prime has hired Nidal Abdelhadi as its new Senior Executive Manager, essentially akin to the position of CEO.

Mr. Abdelhadi joins Fortress Prime from Swissquote Group Holding SA (SWX:SQN), the largest online trading and eFX broker in Switzerland. At Swissquote Mr. Abdelhadi was Head of Institutional Sales.

Nidal Abdelhadi came over to Swissquote in early 2014 as part of Swissquote’s acquisition of Swiss rival MIG Bank. At MIG Bank Mr. Abdelhadi served as Head of Institutional Sales from 2007-2014, successfully launching MIG Bank’s offering for institutional partners in the United States, UK, Turkey and numerous countries in the Middle East, Eastern Europe and Far East.

Fortress PrimeMr. Abdelhadi will certainly have his work cut out for him, working with Fortress Prime shareholders and the board to rebuild and restructure Fortress Prime, following the issues which occurred at the company under Fortress Prime’s former management team.

In addition to Mr. Abdelhadi’s hiring, Fortress Prime is working with its controlling shareholder, Emirati royal family owned Fortress Investment Group, to build a new advisory board team.

We also understand that the company is in the preparatory stages to apply for and receive both UAE and Cyprus (CySEC) regulatory licenses.

Stay tuned to LeapRate as we continue to cover this developing story.

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