Investment Bank EFG-Hermes Sees Expansion of Dubai IPOs - Bloomberg

Investment Bank EFG-Hermes Sees Expansion of Dubai IPOs - Bloomberg:



"EFG-Hermes Holding SAE, the largest independent Arab investment bank, said it’s working on several mandates for initial public offerings in the United Arab Emirates next year as share sales increase in the country.



Certain sales will probably raise more than $750 million, Karim Awad, EFG’s chief executive officer, said in an interview yesterday in Dubai, declining to name the companies. The bank has worked on three public offerings this year in the U.A.E., including the $1.6 billion raised by Emaar Malls Group (EMAARMLS), he said.



EFG reported a 57 percent increase in third-quarter profit to 100 million pounds ($14 million) as investment banking returned to profitability after costs savings and job cuts. The bank said its fee and commission earnings rose 52 percent, driven by higher brokerage income, as trading improved in many of its markets, while the shares more than doubled this year.

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