Recently, EFG Hermes, an investment bank affiliated with EFG Holding Group, announced the successful completion of its advisory services in the division of Al-Arafa Investments and Consulting Company into two separate entities. The new companies are named “Concrete Fashion Group for Commercial and Industrial Investments” and “GITEX Commercial and Industrial Investments.” This strategic move allows Al-Arafa to focus on its core activity in the fashion field with Concrete Fashion Group, while also managing non-core strategic investments through GITEX.
According to Majed Al-Ayouti, co-head of the promotion and underwriting sector at EFG Hermes, this decision sets the stage for both Concrete and GITEX to excel operationally and increase shareholder value by concentrating on their main activities. Dr. Alaa Arafa, Vice Chairman and Managing Director of Concrete and GITEX, expressed how working closely with the EFG Hermes team was key in achieving this important milestone.
