PM inaugurates EFG-Hermes UAE head office

Daily Star Egypt Staff
3 Min Read

Regional investment bank lauded for its expansion

DUBAI: Prime Minister Ahmed Nazif inaugurated the UAE Head Office of regional investment bank EFG-Hermes at the Dubai International Financial Center (DIFC) earlier this week during a visit to the UAE.

Ahmed Nazif met EFG-Hermes Chairman and CEO Yasser El-Mallawany and lauded the company for the success of its regional expansion model. “The Egyptian government is not only keenly supporting investment in Egypt, but also the positive expansion stories of companies like EFG-Hermes, who are taking a home-grown brand to regional markets and elsewhere overseas, said Nazif.

“As one of a number of Egyptian companies giving its clients a regional offering, we will continue to support EFG-Hermes and all Egyptian companies that, together, are making a contribution to economic development in the Arab world, he added. Since opening in the UAE in 2005, EFG-Hermes has successfully launched its full range of services, including brokerage, ranked 8th among some 90 brokers in the UAE; investment banking; and asset management.

The firm s expansion has been supported by the launch in recent months of progressive brokerage services such as a client contact center and online trading facility. “The development of a universal banking platform across regional markets remains at the heart of our strategy and we plan to emulate our success here in the DIFC and UAE, taking the model we developed in Egypt to other markets, said El-Mallawany.

“Saudi Arabia is the next step in this journey, followed by other markets which we are viewing seriously, he added.

On the occasion of Nazif s visit, Omar bin Suleiman, governor of the DIFC, said: We are honored to welcome Prime Minister Nazif to the Dubai International Financial Center. An experienced member of government who has served his country in a variety of roles – in both the public sector and academia – his achievements range from introducing major legislation to leading negotiations with the World Trade Organization (WTO), to establishing free Internet connections for all Egyptians . Nazif is truly a pillar of Egyptian society.

Nazif was accompanied by a high-level government delegation, which included the Egyptian Ministers of Finance, Investment, Transport and Tourism.

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