Buoyed by Damas Exit, EFG Hermes Plans New Private-Equity Funds - Middle East Real Time - WSJ:
"Egyptian investment bank EFG Hermes is planning to raise money for new private equity funds later this year, betting that investor appetite for Middle Eastern assets is coming back after a long lull.
The sunny disposition stems in part from EFG’s sale this week of a 19% stake in Damas, a Dubai-based gold and jewelry retailer that has stores across the region. EFG sold it for $150 million, having bought it for only $84.5 million less than two years ago. The buyer, the Qatari conglomerate Mannai Corporation, has been consolidating its control over Damas and now fully owns the company.
“I think private equity has been hit over the last two or three years, which is understandable,” said Karim Moussa, the co-head of EFG’s private equity division. “The situation was not great to invest in private companies when every country was blowing up in the Middle East every couple of years. With the currency devaluation in Egypt, it wasn’t a good environment. However, it is still a key corporate finance funding element for growth.”"
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