Efg-hold.gdr S Regulatory News (EFGD)

23 May 2007 09:37

EFG-Hermes Holdings SAE23 May 2007 EFG-Hermes Signs Qatari joint venture Agreement signals the expansion of EFG-Hermes' operations into Qatar Regional investment bank EFG-Hermes has announced that it has entered into ajoint venture agreement to establish EFG-Hermes Qatar Limited in the QatarFinancial Centre for the purposes of providing investment banking and assetmanagement services from the Qatar Financial Centre. EFG-Hermes Qatar Limited isalso looking to expand into the Qatar brokerage market. The joint venture willbe owned 51% by EFG-Hermes and 49% by a local Qatar company, and the initialcapitalization of EFG-Hermes Qatar Limited will be approximately US $37 million.EFG-Hermes intends to commence its Qatar Financial Centre application andlicensing process as soon as practicable. "Qatar is a key market for EFG-Hermes as we move forward with our regionalexpansion plans. The QFC offers an excellent regulatory and business environmentin a burgeoning economy and rapidly developing capital market operations", saidHassan Heikal, Co-Chairman and Chief Executive Officer of EFG-Hermes. Established in 1984 in Egypt, EFG-Hermes is a market leader across the breadthof its business lines, being Brokerage, Asset Management and Investment Banking,and has since established a presence in regional markets, in the UAE in 2005 andmore recently in the Kingdom of Saudi Arabia. - ENDS - About EFG-Hermes Established in 1984, EFG-Hermes is the leading full-service investment bank inthe Arab world. The firm specializes in Investment Banking, Asset Management,Private Equity, Brokerage and Research. With listings on both the London andCairo stock exchanges, EFG-Hermes boasts a market capitalization in excess ofUS$2.5 billion. Through its offices in Egypt, the UAE, and KSA, and with more than 600 peoplefrom 18 Nationalities, EFG-Hermes serves a diverse client base from the MiddleEast and North Africa to Europe and the United States. Clients includegovernments, corporations, financial institutions, high net worth individualsand retail customers. As part of its commitment to the communities in which it operates the Firmlaunched the EFG-Hermes Foundation in 2006. This social responsibility programmeaims to assist individuals and institutions in overcoming financial, educationaland health related challenges. For more information on EFG-Hermes please visit www.efg-hermes.com, or contact: Stefan Batory Shams PringleHill and Knowlton Hill and Knowlton EgyptStefan.Batory@hillandknowlton.com shams.pringle@hillandknowlton.comTel: +971 4 3344930 Tel: +202 7353228Mobile: +971 50 553 3409 Mobile: +2010 3434784 Dina Al-Sonbaty Katherine GreenHead of Corporate Strategy Chief Operating Officer, UAE& Investor Relations kgreen@efg-hermes.comdsonbaty@efg-hermes.com Tel: +9714 3634051Tel: +202 3318202 This information is provided by RNS The company news service from the London Stock Exchange