Real estate related economic and financial news covering the MENA region.
EFG Hermes says QInvest deal legally binding
Jun 13, 2012
Egyptian investment bank EFG Hermes has said its tie-up with Qatar's QInvest, which was approved by EFG shareholders on June 2, is legally binding and can only be reversed through legal action, Reuters has reported. "With the approval of the company's general assembly of the agreement signed with QInvest, the agreements have become binding on the two parties," EFG said. Backing out of the QInvest deal would amount to a breach of contract, it said.