Abu Dhabi’s EHI partners EFG Hermes ahead of ADX listing

EFG Hermes will act as a strategic partner during Ethmar International Holding’s private offering process

Ethmar International Holding (EIH) has partnered with EFG Hermes ahead of the investment firm’s listing in Abu Dhabi after it raised as much as $191 million (AED 700 million).

Under the agreement, EFG Hermes will act as a strategic partner during EIH’s private offering process. The partnership between EIH and EFG Hermes represents a new milestone in the track record and achievements of the two companies.

The partnership is expected to contribute to the expansion of local markets and the growth and development of the UAE economy, in line with the vision of the country’s leadership to create a clear path for sustainable economic growth.

“EFG Hermes provides safe opportunities for the buildup of wealth and savings, by identifying and capturing attractive investment opportunities around the world, as well as by providing asset management services, a brokerage in securities, direct investment, promotion services, and underwriting coverage, supported by a high-quality research ecosystem,” Moustafa El Chiati, CEO of EFG Hermes said in a statement.

EIH Abu Dhabi listing

EIH, an investment vehicle with dozens of subsidiaries in various commercial and industrial sectors, plans to offer investors a 13 to 15 per cent stake through a capital raise of $163 million (AED 600) to $191 million (AED 700 million), according to an investor presentation seen by Bloomberg News.

The investment firm, which would be valued at more than $1.1 billion (AED 4 billion), is planning a range of acquisitions including one of the top three financial services companies in the UAE, one of the largest tourism firms in Abu Dhabi, an engineering and construction company and one of the largest pharmacy chains in the capital.

The company’s assets ballooned to $21.3 billion (AED 78.1 million) last year from $4.3 million (AED 15.8 million) in 2021.