At a time that Gulf retail investors often have little more than chat-room gossip to advise them on which stocks to pick, the research and analysis put out by EFG Hermes has stood out for its breadth as well as its willingness at times to offend the sensibilities of powerful business interests. In markets that still lack transparency, this sophisticated touch has given the investment bank, born of the 1996 merger between the Egyptian Financial Group and Hermes Financial, the edge as it has spread out from its core Egyptian business to ride the surge in liquidity resulting from the oil boom in the Gulf.

The bank has spread its footprint across the Middle East, opening offices in the Dubai International Financial Centre and most recently Saudi Arabia. It has also acquired a 25 per cent stake in Bank Audi, the Lebanese bank, and has plans to expand further through the region. Its emergence as a regional leader on the growing investment banking scene, is a measure of the confidence with which a number of Egyptian companies are now establishing themselves as Arab, and in some cases global brands.