Fortress Prime appoints new CEO as UAE Royal Family kicks in another $200 million

We’ve seen a lot of press releases in our time from large companies and financial institutions, but this one is one of the strangest.

A company describing itself in its own press release using terms such as ‘Despite having taken a beating in recent months‘, ‘and There has been a great deal of speculation on [Company Name’s] current state of economic health and stability‘, is just not something you see every day, even from a company seeking to recover from a financial setback.

But they appear in the latest PR from embattled FX liquidity provider Fortress Prime.

The Dubai based company issued a press release late Tuesday indicating that it secured an additional investment of $200 million from its shareholders – read: the UAE Royal Family. The press release on the one hand called the investment as ‘executed’, although elsewhere the press release referred to an ‘expected’ $200 million capital injection. So it is a little unclear as to what has really happened here.

The press release also indicated that Fortress Prime now has a new senior executive, in the person of Moustafa Gamaledine. Mr. Gamaledine is an unknown in the Forex world, and it is unclear where he came from. However a good bet is from another role in the Abu Dhabi ruling family’s business empire.

Fortress Prime’s full press release can be seen here.

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