EFG-Hermes, one of the biggest publicly traded investment banks in the Middle East and North Africa, is expected to benefit from increasing trading activity in its key markets: Egypt and Dubai.
"Beyond the turmoil of 2011, the firm is a direct play on recovery in its Egyptian brokerage business and successful utilisation of the commercial banking licence in penetrating value-accretive markets," said Hamza Al Assad, an analyst at Pharos Holding.
The powerhouse, based in Cairo, was hurt after Egypt's revolution caused its stock market to shut for close to seven weeks, while negative sentiment triggered by civil uprisings in parts of the Arab world caused a sell-off in Dubai equities.
Markets reversed their track this quarter, however.
Traded value has risen 126 per cent so far this year in Egypt to an average of 333 million Egyptian pounds a day. The North African country accounts for 61 to 87 per cent of total brokerage revenue for EFG-Hermes.
"The crash in market volumes post-revolution has intensified price competition against local brokers, but EFG-Hermes has managed to partially hedge via shifting to retail clients," Mr Al Assad said. "Institutional clients are charged commission rates that are almost half the rates charged to retail clients."
Traded value in Dubai has risen 400 per cent, with a daily average of Dh189m changing hands, reaching a high of Dh981m on March 5, after the number of brokerages in operation dropped to 55 from 110 at the beginning of last year.
"International names in the GCC, UAE specifically, have started to cut costs by closing shops," Mr Al Assad said. "EFG-Hermes could benefit from this situation in the long run as long as it solidifies its presence in GCC markets, while many other smaller local players and international names foreclose operations."
EFG-Hermes has always expressed interest in acquiring a commercial banking licence in Egypt. It has a 63.7 per cent stake in Credit Libanais Bank.
halsayegh@thenational.ae
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Australia 3 (0) Honduras 1 (0)
Australia: Jedinak (53', 72' pen, 85' pen)
Honduras: Elis (90 4)
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Guide to intelligent investing
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Honeymoonish
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
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Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
COMPANY%20PROFILE
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Kanye%20West
%3Cp%3EYe%20%E2%80%94%20the%20rapper%20formerly%20known%20as%20Kanye%20West%20%E2%80%94%20has%20seen%20his%20net%20worth%20fall%20to%20%24400%20million%20in%20recent%20weeks.%20That%E2%80%99s%20a%20precipitous%20drop%20from%20Bloomberg%E2%80%99s%20estimates%20of%20%246.8%20billion%20at%20the%20end%20of%202021.%3Cbr%3EYe%E2%80%99s%20wealth%20plunged%20after%20business%20partners%2C%20including%20Adidas%2C%20severed%20ties%20with%20him%20on%20the%20back%20of%20anti-Semitic%20remarks%20earlier%20this%20year.%3Cbr%3EWest%E2%80%99s%20present%20net%20worth%20derives%20from%20cash%2C%20his%20music%2C%20real%20estate%20and%20a%20stake%20in%20former%20wife%20Kim%20Kardashian%E2%80%99s%20shapewear%20firm%2C%20Skims.%3C%2Fp%3E%0A
The%20specs
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Scoreline:
Manchester City 1
Jesus 4'
Brighton 0
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
MO
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