EFG Hermes recently inaugurated the 19th Annual EFG Hermes One-on-One Conference on April 7, 2025. The event, which this year is hosting 220 companies from 12 countries and welcoming 675 institutional investors and fund managers representing 252 global institutions, stands as the world’s largest investment forum dedicated to MENA.
The EFG Hermes conference serves as a pivotal platform for supporting the future of investment in the region, providing investors with a unique opportunity to gain firsthand insights into the investment landscape and connect with key decision-makers in the region.
U.S. tariff to create new opportunities
During his keynote speech, EFG Holding’s group CEO Mr. Karim Awad, noted that global events in the past few days have dampened investor sentiment and significantly impacted markets both globally and regionally. The current environment of uncertainty doesn’t help companies or investors and necessitates transparent dialogue in order to quantify impact and support falling market capitalizations.
“As the first forum of its kind to be held since the newly imposed U.S. tariff regime…I believe this is the ideal forum to identify new opportunities in the wake of this latest storm,” he stated.
Egypt’s evolving investment landscape
Awad moved on to spotlight Valu, a company that has transformed the BNPL space in Egypt and built itself into one of the country’s most recognizable and respected brands. Today, Valu boasts 750,000 active users, has posted over $8 million in profits for 2024, and continues to grow at impressive rates. According to an independent advisor, the company’s valuation currently stands at $300 million.
Expanding further on Egypt’s investment landscape, Awad explained that one of the key reasons EFG Holding and many other Egyptian companies continue to trade below their true intrinsic value is the sustained absence of foreign institutional equity investors amidst ongoing concerns about the macro picture. However, recent positive changes warrant a fresh look and a deeper analysis from the global investor base.
“Our markets have not experienced the bull run that others in the region or the U.S. have enjoyed, and many of our strongest companies — operationally sound and growth-oriented — are still trading at unjustifiably low multiples that don’t reflect the growth prospects of these blue chips that have operationally done well despite all the challenges,” he added.
Egypt to focus on domestic readiness in light of U.S. tariffs
Speaking about Egypt’s economic reset at the EFG Hermes conference, Mr. Rami Aboulnaga, Deputy Governor of the Central Bank of Egypt, noted how Egypt has prioritized building economic buffers to shield itself from external shocks—recognizing that while crises can’t always be avoided, their impact can be minimized with the right tools and preparation.
Aboulnaga added that at the crossroads of regional instability, Egypt remains in a constant state of vigilance. Policymakers are leaning toward resilience-driven policies to stay ahead of geopolitical fallout.
While the impact of tariffs on Egypt is still being diligently assessed, Aboulnaga stated that there is no doubt that this is a transformational global moment, echoing the volatility of the pandemic. The depth and complexity of the current crisis were impossible to forecast, but Egypt’s focus is on domestic readiness.
While tariff exposure is limited, with only 7 percent of Egypt’s total foreign trade being with the U.S., Egypt continues to pursue diversification across regional and global economic blocs to reduce dependency on any single trade partner. From a macro perspective, what is needed is to continue to press with integration with more trading blocs.
“Global ambiguity is not within Egypt’s control. The focus is on what can be controlled: maintaining buffers, enacting sustainable reforms, and pressing forward—unshaken by noise,” added Aboulnaga.
DFM leads region for second consecutive year
The EFG Hermes conference also hosted a session titled “The Role of Capital Markets in Advancing the UAE’s Long-Term Vision: Opportunities and Challenges.”
During the session, Hamed Ali, CEO of Dubai Financial Market, noted that DFM outperformed the region with a 1 percent index gain, maintaining its lead for the second consecutive year. Dubai also hosted the region’s largest tech IPO and raised AED45 billion from 10 IPOs over the past two years, with an oversubscription demand of AED1.2 trillion.
The session also highlighted that EFG Hermes won the top broker spot in terms of volume.
Ali also revealed that 85 percent of new investors in DFM last year were from outside the UAE, with international investors contributing 50 percent of traded volume. The demand for IPOs has also been soaring, often fully subscribed within seconds, indicating a critical need for more allocation and diversified listing options.
The UAE’s market approach now focuses on balancing growth capital needs with investor appetite and offering multiple market entry routes — from IPOs to private and growth.
Region’s largest live research poll unveils key insights
The EFG Hermes conference’s opening session culminated with the EFG Hermes Live Research Poll being recognized as the region’s largest live research poll. This dynamic and interactive segment allowed attendees to participate actively through real-time voting. Their contributions played a pivotal role in gauging the sentiment of both the global and regional investment landscapes, offering valuable insights and fostering meaningful engagement among participants.
Key findings from the poll reveal that 46 percent of participants expect the Fed to cut rates twice by 25bps in 2025, with 26 percent expecting one cut—signaling a strong market consensus around a more accommodative Fed next year.
In addition, 83 percent expect 2025 to be a correction year for the S&P 500, reflecting continued confidence in the U.S. equity market. Meanwhile, a slight majority believe the U.S.-led trade war will escalate further, though a sizable 42 percent remain cautious.
On oil market moves, 48 percent forecast oil prices to average around $70/barrel in 2025, while 38 percent see it closer to $60 or less. Only 6 percent expect it to be as high as $90. Meanwhile, a strong majority believed that gold prices will continue rising in 2025.
Regarding Dubai’s real estate sector, 40 percent believe prices will be higher, while 34 percent expect them to be unchanged. Notably, the UAE narrowly led Saudi Arabia as the market expected to deliver the best long-term property returns.
When asked about the best-performing MENA market in USD terms, Saudi Arabia led the pack with 39 percent, followed by Dubai and Egypt. Regarding the best-performing sector, banks and financials are favored, followed by real estate, with healthcare and utilities tied at 12 percent.
