EFG-Hermes Holding (HRHO.CA), the leading investment bank in the Arab world, is cutting jobs as part of a plan to reduce costs after talks with Qatar’s QInvest to set up the biggest Arab investment bank failed, according to two people familiar with the matter.
The round of dismissals started yesterday, the people said, asking not to be identified because of the sensitivity of the matter. The plan may affect between 30 to 40 employees across the region, one person said.
EFG-Hermes declined to comment. The deal to sell key businesses to QInvest, a unit of Qatar Islamic Bank, collapsed after a delay in receiving Egyptian regulatory approval. EFG-Hermes operates in countries including the United Arab Emirates, Saudi Arabia and Kuwait.
Times of Oman