EFG Hermes, an Egypt-based investment bank, has opened a newt office in Jeddah, Saudi Arabia, as part of its plan to expand and diversify operations in the Kingdom.

The new Jeddah headquarters, EFG Hermes’ second Saudi Arabia office, will serve the western region of the country.

EFG Hermes received its investment banking license in Saudi Arabia in 2006, after the establishment of the Saudi Arabian Capital Market Authority and the separation of commercial banking activities from investment banking services.

Hossam Radwan, CEO of EFG Hermes KSA, said: “The financial sector has focused almost exclusively on Riyadh, and we felt that it was imperative to have a presence throughout the kingdom.

“Top priority for the Jeddah office will be the development of new business and client relationships across all of EFG Hermes’ lines of business, from investment banking to asset management, brokerage, research and private equity.

“The move to expand beyond Riyadh, the Kingdom’s financial hub, is taking place at a critical juncture. As Saudi Arabia continues to liberalize its business sector and diversify its economy beyond oil, opportunities for lines of business such as private equity and investment banking are expected to increase significantly.”