EFG-Hermes Qatar has been granted a license by the Qatar Financial Centre Authority (QFCA) for investment banking and asset management business.

This adds to the expansion of EFG-Hermes’s regional footprint, said an official spokesman.

EFG-Hermes Qatar is a joint venture owned 51 per cent by EFG-Hermes and has an initial capitalisation of $37 million. The Qatar operation will be led by CEO of EFG-Hermes Qatar Ahmed Waly.

Waly previously worked for EFG-Hermes as a senior member of the institutional sales team, before moving to Auerbach Grayson in New York as vice-president emerging markets and thereafter to NBK as head of brokerage.  He returns to EFG-Hermes with well-developed capacity and relationships on the ground region-wide. 

“Qatar has one of the world's fastest growing economies, based on its oil and gas wealth, and our presence there is integral to the continued growth of EFG-Hermes. I look forward to further building and contributing to our strength in the region,” said Waly.

EFG-Hermes has operations in Egypt, the UAE and Saudi Arabia. – TradeArabia News Service