Mideast to be next frontier of forex market

The Middle East would be the next frontier of forex, a global decentralised market for the trading of currencies that deals with USD 5.3 trillion daily, according to a new report by a financial institution.
The forex market in the Middle East is growing at Compound Annual Growth Rate of 12 per cent since 2004, Fortress Prime Clearing reported.
The Middle East commands a significant increasing market share in the retail forex market with approximately 8 per cent of the retail forex market at an average traded value of USD 23 billion per day against the daily global retail forex value of USD 288 billion, the report said.

"By definition, forex is where the buying and selling of different currencies takes place at a price of one currency in terms of another, also known as the exchange rate. Overall forex market is the largest financial market in the world - it is about 27 times the size of daily trading volume on all world's stock markets combined," said Mitch Eaglstein, CEO of Fortress Prime.
"The Arab traders' base in retail forex is rapidly expanding due to the growing awareness among investors on opportunities provided by this dynamic market, including the availability of Islamic forex trading products," said Eaglstein.

Referring to his Company's growth in the Middle East and North Africa (MENA) region, Eaglstein said: "The forex landscape is changing rapidly with the recent increase in volatility and changing clients' expectations."
"However, we are in a unique position to expand our market share driven by planned execution of a meticulous operational strategy and an aggressive acquisition program, in addition to our strong balance sheet," said Eaglstein.
Fortress Prime is a division of Fortress Capital Investments LLC, headquartered in Dubai.