In other EFG Hermes news, the investment bank will begin offering factoring services in 1Q2018, CEO Karim Awad said, according to Reuters. “We see that the Egyptian market is the biggest one that investors can make profit in throughout the coming period,” Awad said. EFG Hermes expects non-financial services to account for more than 10% of its profits in 2017 and for this percentage to grow to 50% by 2020-2021. Awad also said EFG Hermes will continue to focus on increasing its merchant banking operations and continuing its expansion into frontier markets, according to Al Mal.

EFG Hermes also has plans to manage renewable energy projects producing 400-500 MW of electricity in Egypt in the next three years, energy head Bakr Abdel Wahab told Reuters. The projects targeted are worth at least USD 250 mn, he said. “We are thinking of establishing a holding company to manage energy projects, like Vortex, but in Egypt,” said Abdel Wahab. EFG Hermes is looking to expand production to 1,000 MW by 2020 with USD 500 mn in capital. Abdel Wahab added that the stations EFG Hermes is investing in will be built in 1Q2018 and are set to begin operations in 2019.