Middle East investment bank EFG-Hermes has announced that it has entered into a joint venture agreement to establish EFG-Hermes Qatar. The new operation will based in the Qatar Financial Centre and will be active in investment banking and asset management. EFG-Hermes Qatar is also looking to expand into the Qatar brokerage market. The joint venture will be owned 51 per cent by EFG-Hermes and 49 per cent by a local Qatar company, and the initial capitalisation of the joint venture will be approximately $37 million. "Qatar is a key market for EFG-Hermes as we move forward with our regional expansion plans. The QFC offers an excellent regulatory and business environment in a burgeoning economy and rapidly developing capital market operations", said Hassan Heikal, chief executive of EFG-Hermes. Established in 1984 in Egypt, EFG-Hermes is a market leader in brokerage, asset management and investment banking, and has since established a presence in regional markets, in the UAE in 2005 and more recently in the Kingdom of Saudi Arabia.