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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COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Confirmed%20bouts%20(more%20to%20be%20added)
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Killing of Qassem Suleimani
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Company%20Profile
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What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
The%20specs%3A%20Panamera%20Turbo%20E-Hybrid
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The%20specs%3A%202024%20Panamera
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MEDIEVIL%20(1998)
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
RESULTS
Catchweight 82kg
Piotr Kuberski (POL) beat Ahmed Saeb (IRQ) by decision.
Women’s bantamweight
Corinne Laframboise (CAN) beat Cornelia Holm (SWE) by unanimous decision.
Welterweight
Omar Hussein (PAL) beat Vitalii Stoian (UKR) by unanimous decision.
Welterweight
Josh Togo (LEB) beat Ali Dyusenov (UZB) by unanimous decision.
Flyweight
Isaac Pimentel (BRA) beat Delfin Nawen (PHI) TKO round-3.
Catchweight 80kg
Seb Eubank (GBR) beat Emad Hanbali (SYR) KO round 1.
Lightweight
Mohammad Yahya (UAE) beat Ramadan Noaman (EGY) TKO round 2.
Lightweight
Alan Omer (GER) beat Reydon Romero (PHI) submission 1.
Welterweight
Juho Valamaa (FIN) beat Ahmed Labban (LEB) by unanimous decision.
Featherweight
Elias Boudegzdame (ALG) beat Austin Arnett (USA) by unanimous decision.
Super heavyweight
Maciej Sosnowski (POL) beat Ibrahim El Sawi (EGY) by submission round 1.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
COMPANY%20PROFILE
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Top goalscorers in Europe
34 goals - Robert Lewandowski (68 points)
34 - Ciro Immobile (68)
31 - Cristiano Ronaldo (62)
28 - Timo Werner (56)
25 - Lionel Messi (50)
*29 - Erling Haaland (50)
23 - Romelu Lukaku (46)
23 - Jamie Vardy (46)
*NOTE: Haaland's goals for Salzburg count for 1.5 points per goal. Goals for Dortmund count for two points per goal.
COMPANY%20PROFILE
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
UAE%20SQUAD
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Hamilton’s 2017
Australia - 2nd; China - 1st; Bahrain - 2nd; Russia - 4th; Spain - 1st; Monaco - 7th; Canada - 1st; Azerbaijan - 5th; Austria - 4th; Britain - 1st; Hungary - 4th; Belgium - 1st; Italy - 1st; Singapore - 1st; Malaysia - 2nd; Japan - 1st; United States - 1st; Mexico - 9th
COMPANY%20PROFILE%20
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Company%20profile
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KILLING OF QASSEM SULEIMANI
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