Hermes Official, Saudi Investors Freeze Businesses In Egypt Amid AWB Case

A wide number of Saudi and local businessmen decided on Sunday to freeze their direct and indirect investments in the Egypt following accusations by the Egyptian authorities to top tier regional and local investors for manipulating stock exchange regulations in Al Watany Bank’s (AWB) case.

Senior sources said the names of the local and the Saudi businessmen who decided to freeze their investments include prominent business figures; Hassan Heikal, Executive in EFG-Hermes (HRHO.CA); Abdul Rahman Al Sharbatly, Owner of City Stars Complex in Cairo; Hisham El-Sewedy, and some of the largest retail investors in the Egyptian Exchange (EGX).