The investment bank is looking for more opportunities to grow investments in the Egyptian market RIYADH: Egyptian investment bank EFG Hermes said it expects more investments by the Saudi and UAE’s sovereign wealth funds in the Egyptian market. “The UAE sovereign fund is constantly looking at opportunities in the Egyptian market,” co-chair of promotion and IPO coverage sector at EFG Hermes earlier told Daily News Egypt. “There are direct cash flows from Gulf and foreign institutions, which would help Egypt face the challenges expected during 2022,” Mostafa Gad noted. Most recently, Saudi Public Investment Fund participated in the private placement of Cairo-based cosmeceutical Macro Capital, according to Asharq. After the government revived its IPO program, paving the way for more public offerings, the investment bank is looking for more opportunities to grow investments in the Egyptian market. The group is anticipated to complete the listing of Banque du Caire on the Egyptian stock exchange this year, according to Gad. He noted that they are also preparing two more companies for listing on the Egyptian blue-chip index, EGX30. “I expect an increase in the number of IPOs during the current year, especially after their numbers declined during the past two years due to the circumstances of the coronavirus pandemic,” he said. Separately, the UAE’s First Abu Dhabi Bank earlier announced that it plans to purchase EFG Hermes, which is worth more than $970 million, Reuters reported.