EFG Hermes' joint venture deal with Qatar's QInvest is close to collapse, with less than a month to go to secure consent for the deal from Egyptian authorities before the deal expires.
The Egyptian Financial Supervisory Authority has not approved the deal, first announced almost a year ago, EFG said in a statement.
"If EFG does not receive a 'no objection' from the Egyptian Financial Supervisory Authority in the coming days, it will be difficult to implement the joint venture agreement," the statement added.
EFG Hermes, Egypt's biggest investment bank, was targeted by QInvest last year in a bid that would split its assets into a new company, EFG Hermes Qatar. The new entity would aim to position itself as a regional banking champion to chase deals across the Middle East. QInvest, which counts Qatar Islamic Bank as its biggest shareholder, had aimed to control 60 per cent of the newly created entity. QInvest said that it would invest US$250m (Dh918.2m) into the joint venture.
After QNB's $1.9bn takeover of the Egyptian operations of France's Société Générale, the deal was expected to be the biggest investment in Egypt by a Qatari company last year.
However, the deal has proven controversial from the start.
Last May, EFG Hermes fought off a legal challenge from Planet Investment Banking, which attempted to block QInvest from breaking up EFG's business. Planet's alternative deal, which would have involved submitting a full takeover bid to EFG's shareholders, ultimately fizzled out. EFG Hermes reported a net loss of 46.8m Egyptian pounds (Dh25.1m) for the fourth quarter of 2012, nearly triple its losses in the corresponding period a year earlier.
Meanwhile, Qatar National Bank reported an increase in net profits for the first quarter of this year as it grew its loan book throughout the Middle East. The region's biggest bank by assets, QNB reported net profits of 2.1 billion Qatari riyals (Dh2.1bn), a 6.7 per cent increase on the same period last year, but a miss on consensus estimates of 2.2bn riyals.
The bank has missed estimates for four out of the past six quarters.
Loans and advances increased 3.6 per cent during the quarter to 259bn riyals, while deposits grew by 3.6 per cent to 280bn riyals.
The results do not include QNB's recently concluded takeover of National Société Générale Bank Egypt.
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Tomorrow 2021
1,000 Books to Read Before You Die: A Life-Changing List
James Mustich, Workman
Fixtures (all times UAE)
Saturday
Brescia v Atalanta (6pm)
Genoa v Torino (9pm)
Fiorentina v Lecce (11.45pm)
Sunday
Juventus v Sassuolo (3.30pm)
Inter Milan v SPAL (6pm)
Lazio v Udinese (6pm)
Parma v AC Milan (6pm)
Napoli v Bologna (9pm)
Verona v AS Roma (11.45pm)
Monday
Cagliari v Sampdoria (11.45pm)
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Part three: an affection for classic cars lives on
Read part two: how climate change drove the race for an alternative
Read part one: how cars came to the UAE
Read more about the coronavirus
COMPANY%20PROFILE
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Killing of Qassem Suleimani
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Killing of Qassem Suleimani
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Zayed Sustainability Prize
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Transgender report
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LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
The specs: 2018 Audi RS5
Price, base: Dh359,200
Engine: 2.9L twin-turbo V6
Transmission: Eight-speed automatic
Power: 450hp at 5,700rpm
Torque: 600Nm at 1,900rpm
Fuel economy, combined: 8.7L / 100km
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The%20specs%3A%202024%20Mercedes%20E200
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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2019 Asian Cup final
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
Price, base / as tested From Dh173,775 (base model)
Engine 2.0-litre 4cyl turbo, AWD
Power 249hp at 5,500rpm
Torque 365Nm at 1,300-4,500rpm
Gearbox Nine-speed auto
Fuel economy, combined 7.9L/100km
Comment on Coronavirus
Saudi National Day
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Mohammed bin Zayed Majlis
Brief scoreline:
Burnley 3
Barnes 63', 70', Berg Gudmundsson 75'
Southampton 3
Man of the match
Ashley Barnes (Burnley)
The%20specs
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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Tomorrow 2021
MATCH INFO
Uefa Champions League, last-16 second leg
Paris Saint-Germain (1) v Borussia Dortmund (2)
Kick-off: Midnight, Thursday, March 12
Stadium: Parc des Princes
Live: On beIN Sports HD
COMPANY PROFILE
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The Kingfisher Secret
Anonymous, Penguin Books
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The specs
Engine: 4.0-litre, twin-turbocharged V8
Transmission: nine-speed automatic
Power: 630bhp
Torque: 900Nm
Price: Dh810,000
Manchester United v Liverpool
Premier League, kick off 7.30pm (UAE)
COMPANY%20PROFILE
The specs: 2018 Alfa Romeo Stelvio
Price, base: Dh198,300
Engine: 2.0L in-line four-cylinder
Transmission: Eight-speed automatic
Power: 280hp @ 5,250rpm
Torque: 400Nm @ 2,250rpm
Fuel economy, combined: 7L / 100km
Plastic tipping points
57%20Seconds
%E2%80%98FSO%20Safer%E2%80%99%20-%20a%20ticking%20bomb
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Book%20Details
On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
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'Project Power'
Stars: Jamie Foxx, Joseph Gordon-Levitt, Dominique Fishback
Director: Henry Joost and Ariel Schulman
Rating: 3.5/5
