Originally launched with a cap of LE100m, the fund has been oversubscribed to the amount of LE152,835,800, taking advantage of EFG Hermes’ regional expertise in Fund management, along with the Principal Bank for Development and Agricultural Credit’s high level of distribution throughout Egypt.
Bank Audi SAL announces that it is holding exploratory discussions with EFG Hermes Holdings SAE regarding a possible combination of the two institutions which, if it takes place, may generate significant commercial and financial synergies.
EFG Hermes, today launched its latest product, the EFG Hermes Saudi Arabia Equity Fund, providing investors with an opportunity to access the Middle East’s largest market. Actively managed by EFG Hermes’ Riyadh-based Asset Management Team, the Saudi Arabia Equity Fund aims to replicate the success and track record of EFG Hermes’ other regional funds. This Fund has been launched with the authority of the Saudi Arabia Capital Markets Authority, and has an anticipated launch date of March 2008.
Building on EFG Hermes’s participation in regional arts initiatives at galleries that include The Townhouse Gallery in Cairo and The Third Line in Dubai, the firm will be sponsoring a landmark Art Project at the upcoming Art Dubai; an installation by Egyptian artist Tarek Zaki, presented by The Townhouse Gallery. Coming up from 19-22 March, Art Dubai gained international profile last year with a range of exhibitions, lectures and evening events that attracted the best of the region’s artists as well as artists and galleries from the international arts community
EFG Hermes has partnered with the Principal Bank for Development and Agricultural Credit to expand its reach and target a wider audience in Egypt through the Al Massy Fund. The Fund launched with an initial value of LE100 hundred million, taking advantage of the Bank’s high level of distribution throughout Egypt. The Al Massy Fund, an open-investment Fund, aims to maximize returns and reduce risk through a policy of investment diversification and fixed income. It is a balanced Fund – 40% equity and 60% fixed income – with a minimum subscription of five Investment Certificates (IC) at an initial cost of LE100 per IC.
EFG Hermes Brokerage took the number one position on the Dubai Financial Market (DFM) in 2007 with 14.69 per cent of daily trades – an increase from 3.59 per cent from 2005 when the company launched its operations in the UAE and a ranking of 19. The company replicated this success on the Abu Dhabi Securities Market (ADSM). Overall in 2007 it ranked second, with 13.10 per cent of daily trades – marking an increase from 4.16 per cent and a ranking of 14 in 2005. This achievement reached its pinnacle in December 2007 when the company closed the year being ranked first, clearly ahead of all its competitors. 'Since our launch two years ago we have firmly cemented our position as the leading broker in the UAE – and with our number one ranking on the Cairo and Alexandria Exchange (CASE) we go in to 2008 firmly focused on replicating our success across the region' commented Seif Fikry, Head of EFG Hermes Brokerage UAE. 'Western institutions have been instrumental in driving the markets in 2007. Foreign investor participation as well as new listings and rising earnings growth lie behind a remarkable year in 2007 for the UAE markets,' continued Mr. Fikry. 'The significance of foreign and specifically Western investors to market activity will continue to grow in 2008. The inclusion of the UAE and GCC within international indices will increase international awareness of the region and this in turn will mark an increase in retail investor activity on the markets. EFG Hermes Brokerage is strongly positioned to support this increase in participation with the resources; regulatory requirements and expertise to provide investors with access to this increasingly exciting region.'
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