First Abu Dhabi Bank withdraws offer for Egypt’s EFG Hermes

FAB already owns banking licenses in Egypt — its own subsidiary and the Egyptian unit of Lebanon’s Bank Audi , which it acquired last year
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Updated 14 April 2022
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First Abu Dhabi Bank withdraws offer for Egypt’s EFG Hermes

DUBAI : First Abu Dhabi Bank (FAB) , the UAE’s biggest lender, has withdrawn its offer to buy a controlling stake in Egyptian investment bank EFG Hermes, it said on Thursday.


“After careful consideration and in the context of ongoing global market uncertainty and volatile macroeconomic conditions, First Abu Dhabi Bank has decided to withdraw its non-binding offer submitted on 9 February 2022,” FAB said in a statement.


FAB in February made a non-binding offer to buy at least 51 percent of EFG Hermes for 19 Egyptian pounds ($1.21) per share, valuing Egypt’s biggest investment bank at nearly $1.2 billion.


Egypt has been on the hunt for foreign exchange since Russia’s invasion of Ukraine prompted investors to pull billions of dollars out of its treasury markets, leading the central bank to devalue the currency by 14 percent on March 21.


FAB already owns banking licenses in Egypt — its own subsidiary and the Egyptian unit of Lebanon’s Bank Audi , which it acquired last year.


The deal with EFG Hermes would have given the UAE’s biggest lender access to the Egyptian investment bank’s strong franchise in the Middle East and North Africa region.


The Family Office to host global investment summit in Saudi Arabia

Updated 18 January 2026
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The Family Office to host global investment summit in Saudi Arabia

RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.

The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.

The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.

Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.

Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.

The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.

The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.

With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.

The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.