EFG Hermes plans to hire more staff for Saudi deals

Egyptian investment bank EFG Hermes is planning to increase its staff strength by 20 percent as it expects the deals outlook to improve in Saudi Arabia by the second half of 2018, Reuters reported, citing Mohamed Fahmi, co-head of bank's investment banking division.

The bank is currently working on an initial public offering in Saudi Arabia and “angling” for a second deal, he said, without naming the companies.

“Maybe in total, we’ll add five to seven people across offices. If Saudi picks up, I think the bulk will be geared toward Saudi,” Fahmi added.

Several global and regional banks such as Citibank, JPMorgan and First Abu Dhabi Bank are increasingly looking to strengthen their presence in Saudi Arabia, as the Kingdom undertakes a series of reforms to diversify its economy and privatize state-owned assets.

A key factor driving the expansion is the proposed listing of a 5 percent stake in oil giant Saudi Aramco, expected to raise $100 billion in what could be the world’s largest initial public offering (IPO) this year.