​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.