Regional investment bank EFG-Hermes has announced that it has entered into a joint venture agreement to establish EFG-Hermes Qatar Limited in the Qatar Financial Centre for the purposes of providing investment banking and asset management services from the Qatar Financial Centre. EFG-Hermes Qatar Limited is also looking to expand into the Qatar brokerage market. The joint venture will be owned 51% by EFG-Hermes and 49% by a local Qatar company, and the initial capitalization of EFG-Hermes Qatar Limited will be approximately US $37 million. EFG-Hermes intends to commence its Qatar Financial Centre application and licensing process as soon as practicable.
“Qatar is a key market for EFG-Hermes as we move forward with our regional expansion plans. The QFC offers an excellent regulatory and business environment in a burgeoning economy and rapidly developing capital market operations”, said Hassan Heikal, Co-Chairman and Chief Executive Officer of EFG-Hermes.
Established in 1984 in Egypt, EFG-Hermes is a market leader across the breadth of its business lines, being Brokerage, Asset Management and Investment Banking, and has since established a presence in regional markets, in the UAE in 2005 and more recently in the Kingdom of Saudi Arabia.
About EFG-Hermes
Established in 1984, EFG-Hermes is the leading full-service investment bank in the Arab world. The firm specializes in Investment Banking, Asset Management, Private Equity, Brokerage and Research. With listings on both the London and Cairo stock exchanges, EFG-Hermes boasts a market capitalization in excess of US$2.5 billion.
Through its offices in Egypt, the UAE, and KSA, and with more than 600 people from 18 Nationalities, EFG-Hermes serves a diverse client base from the Middle East and North Africa to Europe and the United States. Clients include governments, corporations, financial institutions, high net worth individuals and retail customers.
As part of its commitment to the communities in which it operates the Firm launched the EFG-Hermes Foundation in 2006. This social responsibility programme aims to assist individuals and institutions in overcoming financial, educational and health related challenges.
