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The Middle East is expected to be a major centre of 5.3 trillion dollar daily global forex market growing at CAGR of twelve percent since 2004, according to estimates of Fortress Prime Clearing, a leading clearing house in the Middle East and Asia and an international provider of institutional trading liquidity.

Fortress Prime further explained that 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 $23 billion per day against the daily global retail forex value of $288 billion.

“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. 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 Mitch Eaglstein, CEO of Fortress Prime.

Referring to his Company’s growth in the Middle East and North Africa (MENA) region, Eaglstein added: “We are extremely excited about our rapid growth in such a short period of time. Over the past several months, our team has worked diligently to achieve incredible results on all fronts. 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.”

Fortress Prime is a division of Fortress Capital Investments L.L.C. headquartered in Dubai, UAE with operations in New York, USA, to serve MENA, Asia and Latin America regions. The company delivers trading liquidity in FX, precious metals, commodities, global indices and CFD's. It utilizes advanced MT4 and FIX API trading technology solutions in addition to advisory and operational services to retail brokers, professional clients, financial institutions, and hedge fund managers globally. “We aim to create a one-stop forex supermarket for diversified forex market players to enhance the overall customer trading experience, aided by an extremely streamlined organization, operational excellence, a culture of highest ethical standards and a diversified offering,” said Eaglstein while elaborating on Company’s core competencies. Eaglstein further added: “We successfully launched our suite of product and services in September 2014 with the main focus on servicing forex market players in the MENA, Asia and Latin America regions. We have seen exponential growth in revenue and trading volumes since the launch and, as a result, we expect to be cash-flow positive by the fourth quarter of 2014.”

In addition to this organic growth, Fortress Prime is planning to supplement its expansion in multi-jurisdictions through accretive strategic acquisitions of qualified retail and forex prime brokers. Fortress Prime expects to fund these potential acquisitions in the near term through cash on hand from its highly capitalized parent company.

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3 yearss ago
Released:  11/11/20142014-11-11
Word count:  547

São Paulo – Libya wants to resume business and projects with Brazilian companies which operated in the country before the social conflicts that led to the ousting of the then president Muammar Gaddafi, in 2011.

The information comes from Khaled Dahan, ambassador of the Arab country, who had several meetings with Brazilian businessmen this week, in São Paulo, and also visited the Arab Brazilian Chamber of Commerce’s office this Thursday (6th).

Dahan had meetings with representatives of JBS (a food company), Queiroz Galvão (a construction company) and BRF (a food company). According to him, these companies had projects in Libya or conducted business with the country from Brazil.

“The projects stopped since the revolution of 2011, due to the war and conflicts with the previous regime. But now our country is free and we came here to see these companies, to know about their problems, if they had losses and what they need to carry out their projects there,” explained the diplomat to ANBA. Before the interview, Dahan was welcomed at the Arab Chamber by Marcelo Sallum, the organization’s president, and Michel Alaby, CEO.

Libya has been suffering with frequent conflicts in its territory and the country has not reached political stability or a safe environment to lure international companies yet.

According to Dahan, the Brazilian companies showed interest in resuming business with Libya as soon as the political and safety issues of the country are solved. “We promised the companies we have visited here in São Paulo that, as soon as it is convenient for them to return and carry out their projects, we will let them know. The companies said that as soon as we call them, they will go back,” he explained.

“We expect this to happen soon. We hope that, with the combined efforts of the Libyan people, of our neighbouring countries and of the United Nations, we will soon be able to see some stability and the companies will return,” the ambassador pointed out.

According to the diplomat, the lingering conflicts in the country are a consequence of several weapons being left behind by the previous regime, as they were picked up by rebel groups. He, however, denies the information published by international news agencies that, currently, there are two governments in Libya, the official one and a parallel government, comprised of militia groups. “Libya is a single country with a sole government, it does not have two governments nor is it two countries. But there are news and media centres which are trying to make the problem look bigger,” he said.

“We are optimistic that our country will soon be stabilized and better. That is why I am seeking to strengthen ties and see how we can benefit from the experience of Brazil and its companies in several different fields,” said Dahan, reinforcing his intention of creating closer ties with Brazil.

Dahan also said Libya is an oil exporting country and it is very rich in natural resources. “We came here to improve Libya’s image. I want to say to all Brazilian companies and businessmen that they do not need to worry, they just need to be a little patient because problems arise after changing any kind of regime, particularly after a revolution. As soon as possible, our country will be in a good situation, it will be safe and the environment will be favourable for foreign companies to come and do their business,” he concluded.

*Translated by Rodrigo Mendonça  
Released:  27/05/20142014-05-27
Word count:  300

The African Development Bank (AfDB) Group, on Wednesday, May 22, 2014 in Kigali, signed its first post-revolution grant agreement with the Libyan authorities, to assist with leadership capacity building and democratic transition in the country.

All Africa
The grant amounts to US $3.5 million to strengthen the efficiency and effectiveness of the Libyan institutions to deliver democratic governance and sustainable economic and social development.

The agreement was co-signed by AfDB Operations Vice-President, Zondo Sakala and Libya's Deputy Finance Minister, on behalf of the country's Finance Minister, El Kilani Abdulkarim El Kilani.

The signing of the agreement marks the official launch of an AfDB pilot project entitled: "Leading the Way: Developing Leadership Capacity to Support Libya's Transition".

The project will support the transitional government and prepare conditions for a successful handover to the new post-election government, while running a pilot leadership training program on leadership capacity and expertise among executive level officials within the public and private sectors as well as the civil society. The project, which will be implemented by the Bank, is financed through the Deauville Partnerships' Middle East and North Africa (MENA) Transition Fund with counterpart funding of US $2 million from the Libyan Ministry of Planning.

The signing of the agreement comes only a week after the Board's endorsement of the 2014-2016 Re-engagement Note for Libya, approved on May 15. The note highlights governance, through state institutional capacity building, improved service delivery and creation of an enabling environment for private sector development, as the main objectives of the Bank's operations in Libya over the next two years. Aligned with the note's objectives, the Leading the Way project aims at building the state's capacity which, in turn, improves long-term institutional efficiency and service delivery, while supporting the country's challenging process of democratic transition.

The Bank has expanded its activities in Libya since 2012. Institutional capacity building and structural reforms within line ministries, strategic assistance to the country's key sovereign wealth funds, and creation of an enabling environment for private sector activity are among the key Bank activities in Libya.

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Sorin Lassmann
4 yearss ago
Released:  11/04/20142014-04-11
Word count:  389



National Oil Corporation (NOC) announce that Sonatrach (SIPEX) Libya (Operator), Oil India, and Indian Oil being partners in an Exploration and Sharing agreement in area 95/96 signed in May 2008, report initial information concerning the exploration (New Field Wildcat) well C1-96/01 drilled in contract area 95/96 in Ghadames Basin. The well is located approximately 650 km Southwest of Tripoli and 70 km South of El-Wafa Field.

The initial production test result from the Tadrart, Ouan Kasa & Awaynat Wanin Formations is as follow:


Tested Interval


Choke Size


Gas Rate

(MM CF/d)






6,250 - 6,355





Ouan Kasa

6,110 - 6,153





Awaynat Wanin

5,704 – 5,921






The C1-96/01 well is the fourth discovery well in this contract area drilled by the company.

Released:  26/03/20142014-03-26
Word count:  124

EMC Satcom Technologies, a division of Emerging Markets Communications, announced today an agreement with Hatef Libya to provide a satellite network across the country to serve telecom backhaul, oil and gas, banking, and government.

IT Business net
The solution is built upon EMC Satcom Technologies' SatLink® product line to provide reliable satellite networking technologies utilizing trusted international open standards. With SatLink, Hatef will enable robust services across Libya while reducing overall operational expenses.

Hatef Libya, established in 2008, operates and maintains the Libyan State communications systems and is responsible for the development of a quality phone network across the country.

The company is a major contributor to the growth of the economy and improving the society in general.

"Our solution will provide a single, efficient and dynamic satellite backhaul network that will multiply the total available capacity to each site many fold, lower the cost per site, and improve link availability dramatically," said Payam Herischi, President and CCO of EMC Satcom Technologies.  
Released:  22/11/20132013-11-22
Word count:  467

Entrepreneurs and mentors are invited to join the Forsa mentoring programme in Libya.

Libya herald
Forsa, a flagship programme of the UK Presidency of the G8 -Deauville Partnership, aims to support economic transition in the Arab region by establishing mentoring relationships between at least 250 entrepreneurs and business people in Egypt, Tunisia, Morocco, Libya, Jordan and Yemen.

In Libya the Forsa mentoring programme, being organised by Consultants Alliance LLC and Adam Smith International, will establish and support 30 new relationships between mentors and entrepreneurs selected from across the country in a 3-day workshop in Rixos Hotel in Tripoli.

Entrepreneurs and experienced business owners are all encouraged to apply to join the Libya programme ( which will start in November.

Ahmed Elrayes, Managing Director of Consultants Alliance, believes “Forsa is an excellent opportunity to empower local knowledge transfer between existing businessmen, who now have the opportunity to assist in building Libya by sharing their experience and mentoring the new upcoming entrepreneurs on their journeys”

Applications are welcome from entrepreneurs with businesses in any sector that are seeking mentoring opportunities. According to Ayman M Bhih, Forsa entrepreneur, “It is a great opportunity for me as an entrepreneur to have a mentor that guides me through this decisive era of communication and business, I need a good experience and information as a new founder of my business and (Forsa) gives me that opportunity.”

Experienced business owners and experts who are willing and able to help young and female entrepreneurs succeed are also welcome. Ahmed Hnesh, a Forsa mentor thinks “Forsa is a fantastic initiative to productively engage and empower Libyan youth through entrepreneurship. Forsa’s mentorship program provides this critical population with access to seasoned professionals and entrepreneurs who can in turn help them navigate the challenges of starting and running successful businesses. By participating in this experience based approach, I hope to contribute to the continued development of this nation’s next generation of leadership.”

Forsa will be delivered using the expertise of the award-winning Mowgli Foundation, which has already benefited hundreds of entrepreneurs in the Middle East and North Africa. It will establish mentoring relationships between at least 250 entrepreneurs and business people in the six countries, with a particular focus on helping women and entrepreneurs under 35 to nurture their businesses. It will support Deauville Partnership objectives of triggering sustainable inclusive growth, creating jobs, enhancing competitiveness and reducing regional inequalities within the Arab region.

Successful applicants will be invited to participate in mentoring workshops in Tripoli at Rixos hotel during November, so applicants are requested to apply as early as possible.

Applications can be made on Forsa’s website: ' with more information available on and

Released:  05/11/20132013-11-05
Length:  1.33

Libya One TV will begin broadcasting the programs of in 2014. programs are aimed at Entrepreneurs and SMEs in Libya and will include news, training, interviews and much more


hoping that to be achieved soon.

2 yearss ago
Released:  02/07/20132013-07-02
Word count:  192

Waha Oil Company intends to execute a project of supply/ purchasing of (06) each Wheel Loader with fork logging clamp (pipe handler). Therefore, local and international companies who possess the potential, experience and capabilities to execute the project and are interested to participate in the prequalification of bidders, are requested to fill in the attached supplier registration questionnaire (hyperlink) and submit the complete file...

Technical specification

- Capacity (12 tons)

- Model year : 2013-2014

- Weights: Operating weight (General purpose)

- Forks : logging clamp (pipe handler)

- Operating Specifications: (General purpose)

• Application Requirements:

• Companies not registered or pre-qualified by Waha oil Company recently are requested to submit letter of intent to participate in the prequalification for this tender and Supplier registration questioner attached with the required documents for registration and prequalification purpose.

Registration questioners &contractor pre-qualification questioners both.

• Companies registered and qualified by WOC recently are required to submit the letter of intent indicating the registration №, financial status (balance sheet for the last two years) and contractor pre-qualification questionnaire.

• Registration in the country of origin

• Companies intend to participate in this project should provide Well defined specialty, previous experience and provide list of similar projects executed inside and outside Libya. .

• Deadline to submit your application: Four weeks from date of announcement (no later than July28 2013).

• Incomplete files will be rejected.

• The Invitation to Bid (ITB) will be sent only to the qualified companies based on the prequalification results.

• Documents to be submitted to Secretary, Tenders Committee of Waha Oil Company

. • For any query, please Phone- Fax - 21 4811852
Released:  29/03/20132013-03-29
Word count:  134

Build Expo Libya is the first building exhibition in Misurata and its neighbouring cities which is going to gain the full support of the Libyan Businessmen Council aims to rebuild the devastated Mesurata and its surrounding.

Mina Monir -
Date : 09 - 12 September

2013Organizer: Almasar International Company for Exhibitions & Events Management

The Representative Organizer From Turkey : Turkel Fair Organization Inc.

Phone: +90(212) 284 23 00

Fax: +90(212) 278 44 02

Product Groups: Building Equipments, Construction Materials, Building Chemicals, Window and Door Systems, Electric and Lighting Systems, Paints, Heating and Cooling Systems, Wall Coating Products, Floor Coating Systems, Office and Hotel Furniture, Indoor Panel Systems and other construction related products and services.

Visitor Groups: Contractor firms, Construction subcontractor firms, Construction Materials - Hardware and Tool Buyers, wholesalers , Related Associations, Government Bodies, Press, and the Public.

Exhibition Centre: Misurata Exhibition Ground, Misurata – Libya

Available Space1600 sqm net

To book as a visitor or exhibitor please visit:
Released:  19/03/20132013-03-19
Word count:  227

Following the success of the first New Libya Oil and Gas Summit 2012, the organisers are happy to announce the second annual edition this year, known as the Second New Libya Oil & Gas Forum 2013 to take place on the 23rd and 24th May in Istanbul, Turkey.

Mina Monir - Press Release
The event is once again, endorsed and supported by the National Oil Corporation (NOC) of Libya, welcoming a large senior-level delegation from leading figures of a country that has the largest oil reserves in Africa.

The first New Libya Oil & Gas Summit took place in March 2012 and was characterized by over 300 senior-level attendees. Attendees and notable speakers included senior figures such as Chairmen and CEOs of NOC Libyan Oil companies, International Oil Companies currently active in Libya and companies serving the industry.

This Forum is first and only event that takes place outside of Libya and endorsed by the NOC of Libya.

This year the forum will be taking place at a time when the Libyan Government is in search of new foreign investors in the natural wealth of the country, and maintain close relationships in order to further boost the economy after the successful transition. The event will provide a high-quality platform in which participants will receive all the required information to invest and meet the people that are influencing the hydrocarbon industry of the Libya in a 5* venue in Istanbul.

This project consists of a collaboration of the global summits organisers IRN and Oliver Kinross with Libyan company Barcah Group.

For more information and registration inquiries you get in contact with the companies at or visit the website (END)

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5 yearss ago
Released:  22/02/20132013-02-22
Word count:  480

Yemen and Libya have agreed to form a joint committee to develop procedures for the exchange of labour between the two countries, officials said.

Faisal Darem - al Shorfa
The agreement came during an early February meeting between Yemeni Minister of Expatriate Affairs Mujahid al-Qahali and Ramadan Bazama, chargé d'affaires at the Libyan embassy in Sanaa, who discussed ways to develop and strengthen relations between the two countries.

The two parties seek to appoint a Yemeni attaché for expatriates in Libya, and a Libyan labour attaché in Yemen.

The Yemeni Ministry of Expatriate Affairs is currently preparing a list to organise the dispatch of Yemeni workers who wish to work outside the country.

FACILITATING CO-OPERATION Abdul Qader Ayedh, assistant undersecretary at the Ministry of Expatriate Affairs, told Al-Shorfa the Libyan side was receptive to plans to boost bilateral relations, including the move to assist Yemenis who seek to work in Libya.

"Arranging the process of sending Yemeni labour to Libya in a systematic and organised manner that ensures the rights of both sides calls for developing a mechanism," he said.

This would specify desired fields of work, qualifications and skills, and protect the rights and duties of all parties, Ayedh added.

Libya is seeing an increase in construction and Yemeni workers are seeking employment opportunities, he said, so the move would "strengthen the bonds of co-operation and partnership between the two countries, since economic relations create broader areas for partnership that extend to the social, cultural and other arenas".

Ayedh said his ministry will prepare a strategy for supplying Yemeni labour to Libya and will submit it to the cabinet for approval.

A HISTORY OF CO-OPERATION "Yemeni-Libyan relations were excellent on the political level in the past and centred on joint Arab action," said Ali Abdul Qawi al-Ghaffari, former Yemeni ambassador to Libya. "Libya also provided generous assistance to Yemen after unification, including the construction of residential cities in Sanaa and the Libyan Trade Centre."

Libya could use Yemeni labour in reconstruction efforts following its recent revolution, al-Ghaffari said.

In addition to construction workers, Libya needs teachers in its many universities, as well as oil and aviation personnel, he said.

"There is a similarity between the political systems of the two countries, which facilitates the process of creating broader areas of co-operation," al-Ghaffari said.

It is important to appoint a new Yemeni ambassador to Libya as soon as possible, which could have a positive impact on improving relations and establishing areas of co-operation, he added.

POSITIVE IMPACT Economic affairs researcher Abdo al-Wajihi said the agreement would have a positive effect on Yemeni economy and lead to increased tourism between the two countries "as a natural result of the mixing between the two cultures".

At the same time, it is important to officially exchange experiences and expertise between the two countries, he said.

Al-Wajihi said a labour agreement should also include a study on the needs of the Libyan labour market and proper safeguards to guarantee the rights of both sides.


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