EFG Hermes opens new Syrian office

Mar 5, 2010

EFG Hermes could be set to step up its private equity recruitment after announcing the opening of a new office in Syria.

The firm has already promoted Hazem Badran, former managing director of its investment banking division, to chief executive officer of EFG Hermes Syria.

The new office is part of a joint partnership between EFG Hermes and Syrian businessman Firas Tlass, who will act as chairman of the company.

EFG Hermes also announced the launch of a private equity fund that will target investments in the Middle Eastern country, providing growth capital for local firms.

Chief executive officer Hassan Heikal said the formation of a direct presence in Syria will help the firm take advantage of growing opportunities in the country.

"The recent reforms undertaken by the Syrian government to liberalise the economy and facilitate the business environment have made Syria a compelling investment opportunity," he commented.

EFG Hermes already operates 13 offices across the Middle East and employs almost 900 people.

The firm's private equity arm has raised some $1.2 billion over nine separate funds and invested in more than 30 companies in the region.

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