Flemings of the UK and Cairo-based Commercial International Investment Company (CIIC) are to form a joint venture in Egypt to promote primary and secondary market activity and fund management, it was announced on 3 March. The two partners are to merge their local investment banking operations.

The new company, to be known as Flemings CIIC, plans to create a banking operation to cover Egypt and the region. Flemings chief executive William Garrett says the venture is in a good position to play a key role in the development of regional capital markets and the asset management industry. 'We now have the opportunity to leverage our domestic advantage to create a powerful investment banking presence across the region,' says Yasser el-Mallawany, chief executive of CIIC. El-Mallawany is the chairman-designate of Flemings CIIC (see Egypt).