Last Update 15:5
Tuesday, 20 March 2018

Egypt's EFG Hermes weighs hiring more bankers for Saudi deals

Reuters , Tuesday 6 Mar 2018
File Photo: The building of EFG-Hermes, also known as Egyptian Financial Group Hermes Holding Co SAE, is seen at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015. (Photo: Reuters)
Views: 840
Views: 840

Egypt's EFG Hermes <HRHO.CA> is considering adding 20 percent more staff as one of the region's biggest investment banks expects an improved deals outlook in Saudi Arabia by the second half of the year, a senior executive told Reuters on Monday.

But for sentiment to improve the kingdom must first overcome the "vagueness" stemming from its anti-corruption campaign against prominent businessmen and royals, said Mohamed Fahmi, co-head of EFG Hermes Investment Banking, in an interview in Dubai.

"There is massive interest in Saudi, but you will find that a lot of people are looking at it and thinking: who should we partner with?" said Fahmi.

Concerns about business relationships in the kingdom should ease by the end of the year, he said, and IPO plans for businessmen who were not detained in Riyadh's Ritz-Carlton hotel are expected to push through with their share-sale plans.

The bank is currently working on an initial public offering in Saudi Arabia and "angling" for a second deal, said Fahmi, although he declined to name the companies.

"Maybe in total we'll add five to seven people across offices. If Saudi picks up, I think the bulk will be geared toward Saudi," he said.

Opportunities for investment banks have increased tremendously due to Vision 2030, the reform programme launched by Crown Prince Mohammed bin Salman to diversify the economy and end its reliance on oil exports.

Riyadh has ambitious privatisation plans, including to raise $100 billion through the listing of five percent of state oil firm Saudi Aramco at home and on one or more overseas markets.

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.