EFG-Hermes Holding has chosen Dubai to hold its negotiations with Qatar’s QInvest about one of the largest acquisitions in the region.
Multiple questions have been raised about the reason behind not choosing Cairo, where EFG-Hermes’ main headquarters locate.
From legal perspective, It is quite normal to see EFG-Hermes’ board holds its meetings outside its main headquarters in case of making deals with foreign countries like QInvest. Yet, the company has made its meeting to discuss its deal with QInvest this time in Dubai not Qatar amid imposing travel banl against Yasser El-Mallawany, EFG-Hermes CEO.
EFG-Hermes board went to Dubai to attend the meeting except for El-Mallawany who had joined over the phone from Cairo.
This has made us wonder about Mallawany’s case which caused the travel ban as up till now the indictment bill has not been issued and it is not quite known if this bill would include any further officials.
Rumours go around that the travel ban is due to one the Egyptian banks’ selling deals with its Gulf counterparts.
If that story is true, why Mallawany is the only one to be mentioned in this case? The Egyptian market has the right to raise these questions as the real reasons for imposing travel ban against Yasser El-Mallawany for over three months remain unrevealed.
EFG-Hermes’ deal with Qatari QInvest can be the optimal method so as to close down all Hermes’ thorny issues as remaining silent would be the Egyptian regulatory authorities’ practical alternative so as to maintain the Qatari investments in Egypt. The Egyptian market needs those foreign investments to stimulate its weakened economy
Speeding up the deal completion may be on purpose and planned while the country is witnessing political chaos so that no one would pay attention to that plot to sell one of the biggest investment bank in the region.
In conclusion, this move reflects a remarkable success made by one of the biggest investment banks in the Arab region so as to get through the horns of a possible dilemma.
