Securities Brokerage has been ranked the number one Brokerage Firm in Egypt and Dubai and number two in Kuwait for the first quarter of 2011, despite significant dips in trading across all geographical markets EFG Hermes, the leading investment bank in the Arab world, announced today that it has appointed Seif Fikry, a 14-year veteran of the firm, as its new Chief Executive Officer for the Lower Gulf Cooperation Council countries As part of a strategy to make the organization leaner and with a target of cutting costs in 2011 by over 20%, the Firm has elected to be aggressive with cuts to its bonuses in 2010. EFG Hermes is fully aware of the possible implications of this stance on certain individuals. Fikry, who previously served as Managing Director and Head of Securities Brokerage in the UAE and Oman, has spearheaded the Firm’s brokerage business in the Lower GCC for the past five years, making it the number-one regional broker. He replaces Philip Southwell. “In this context, we are delighted that Seif Fikry is taking on the mantle of leadership for the Firm in the Lower GCC, taking responsibility for the entire platform after having grown Securities Brokerage into the dominant market player,” noted EFG Hermes CEO Hassan Heikal. News of Fikry’s appointment comes as EFG Hermes Securities Brokerage has again been ranked the number one broker in both Egypt (with 43 percent of market executions) and in the UAE based on first-quarter 2011 numbers. The Firm was ranked first in Dubai with 16 percent of market executions and third in Abu Dhabi with 14 percent. EFG Hermes Securities Brokerage also took second place in Kuwait with 28 percent of market executions. The Division moreover took third place in Oman with 22 percent of market executions, while registering strong performances in Bahrain (20 percent of executions) and on the NASDAQ Dubai (24 percent) In Kuwait, Securities Brokerage maintained its second place ranking in the first quarter of 2011 with a 28 percent share of market executions. In addition to attracting new clients and portfolio inflows during the first quarter of this year, EFG Hermes IFA Brokerage took very important steps with regards to the certification tests for the new KSE trading system. In addition to solidifying its market-leading positions in Egypt and the Gulf, EFG Hermes Securities Brokerage also made inroads in new markets, particularly Jordan, where the division climbed from fiftieth place to eighth place by the first quarter. These consistent achievements across a wide geographical and operational spectrum have earned the Division a number of industry accolades. In 2010, EFG Hermes Securities Brokerage was named Best Brokerage in the Middle East at the Banker Middle East Industry Awards in June, and won Best Broker in Egypt and Kuwait at the Global Investor Middle East 2010 awards in November.