The largest investment bank in Egypt strengthens its presence in Saudi Arabia

Egypt’s largest investment bank plans to increase the number of its employees in Saudi Arabia by a third this year, joining other financial institutions that have strengthened their operations in the Kingdom amid a flurry of deal-making activity.

Karim Awad, CEO of EFG Holding, said in an interview that the group transferred a number of its high-level cadres to the Kingdom, and allocated a budget to increase the number of employees by 30%, to 47 people.

He added: “We hope to implement our big plans to increase our market share, whether in the field of financial brokerage or investment banking services, through more deals. “We need more focus there.”

EFG, which advised on the IPOs of Addis Holding and Aramco in recent years, believes that Riyadh is a “very important” market, not only because of the available liquidity and investor base, but also because of the range of industries available. (Bloomberg)