"A joint venture agreement between EFG-Hermes, the leading Middle East investment bank, and QInvest of Qatar has collapsed because the regulator in Egypt did not give its approval in time.
Under the terms of the deal, QInvest would have injected $250m into a joint venture banking business, and owned 60 per cent.
Wednesday that “the long-stop date” for all conditions to be met to enable the deal to proceed had been reached without the Egyptian Financial Supervisory Authority granting the necessary regulatory approvals.
According to a person familiar with the deal: “It fell through because no one in Egypt now wants to make a decision or affix their signatures to a piece of paper.”
Businessmen in Egypt have complained that, since the 2011 revolution which ousted Hosni Mubarak as president, officials have shied away from making big decisions because of fears over possible allegations of corruption."