Doha, 23 May 2007

Regional investment bank EFG-Hermes has announced that it has entered into a joint venture agreement to establish EFG-Hermes Qatar Limited in the Qatar Financial Centre for the purposes of providing investment banking and asset management services from the Qatar Financial Centre.

EFG-Hermes Qatar Limited is also looking to expand into the Qatar brokerage market. The joint venture will be owned 51% by EFG-Hermes and 49% by a local Qatar company, and the initial capitalization of EFG-Hermes Qatar Limited will be approximately US $37 million. EFG-Hermes intends to commence its Qatar Financial Centre application and licensing process as soon as practicable.

'Qatar is a key market for EFG-Hermes as we move forward with our regional expansion plans. The QFC offers an excellent regulatory and business environment in a burgeoning economy and rapidly developing capital market operations,'
said Hassan Heikal, Co-Chairman and Chief Executive Officer of EFG-Hermes.

Established in 1984 in Egypt, EFG-Hermes is a market leader across the breadth of its business lines, being Brokerage, Asset Management and Investment Banking, and has since established a presence in regional markets, in the UAE in 2005 and more recently in the Kingdom of Saudi Arabia.