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​The Team


Ahmad Shams El Din

Managing Director - Head of Research 

Ahmed Shams El Din is an Egyptian finance professional, finance professor, writer and speaker. Currently, Ahmad is a Managing Director, Global Head of Research and a member of the IB Management Committee at EFG Hermes. He is also an adjunct professor at the American University in Cairo’s (AUC) Faculty of Management, where he teaches finance and investments to undergraduates and to MBA and Master of Corporate Finance (MCF) students, including courses such as Value Creation and Corporate Valuation. In addition to his personal blog, Ahmad writes frequently on financial markets, politics and economic development affairs in local and regional newspapers and speaks regularly in regional economic conferences.

As an analyst, he led EFG Hermes’s research in different sectors (oil and gas, petrochemicals, fertilisers, building materials and construction), where he assessed and valued some of the largest listed companies in the MENA region (Saudi Arabia, Dubai, Abu Dhabi, Doha and Amman) and international markets (Euronext, LSE). He is a top-ranked analyst by international investors in global surveys: Euromoney Middle East Best Research Management (where he won several first-place rankings), Thomson Reuters Extel Survey and Institutional Investors (II) Magazine, in which he won the third place in Europe, the Middle East and North Africa (EMEA) in 2015.


Ahmad heads a team of highly-qualified emerging market analysts in Cairo, Dubai, Riyadh, Muscat, Karachi, Nairobi, London and Singapore, and expanded the group’s research coverage beyond the MENA region for the first time to include new emerging and frontier markets in Asia and Africa. He has led the team to become one of the best 10 research houses in EMEA and by far the best in the MENA region, according to the reputable Institutional Investors’ surveys and several polls in 2015 and 2016. 

Ahmad is a Global Executive MBA holder from INSEAD.


Elena Sanchez-Cabezudo, CFA

Managing Director - Head of Financials 

Elena Sanchez-Cabezudo serves as Head of Financials Equity Research at EFG Hermes and covers banks across different countries in the MENA region. She has 15 years of sell-side financial research experience, combining coverage of European and MENA financials. Prior to EFG Hermes, Elena was a banking analyst at HSBC, London, with a particular focus on Southern European banks. Previously, she worked as an analyst with the European Insurance Equity Research teams at HSBC and Societe Generale in London.

Elena holds dual degrees in Law and Business Administration from ICADE (Madrid) and has been a CFA Charterholder since 2003. 


Hatem Alaa, CFA

Managing Director - Head of Consumer and Healthcare 

Hatem Alaa is the Head of our Consumer and Healthcare team. Together with Nada Amin, Vice President – Consumer and Healthcare, they cover a diverse range of consumer-related (discretionary, retail and staples) and healthcare stocks in Egypt, Saudi Arabia, the UAE, Qatar and Kuwait. Hatem ranked among the top 10 analysts in the MENA on the 2016-17 and 18 Extel survey, and the team’s consumer team was runner-up in the Institutional Investor EMEA research survey for three consecutive years (2015-17). 

Hatem joined EFG Hermes in 2011 and has worked on four IPOs (Egyptian snack company Edita in 2015, Egyptian white cheese producer Domty in 2016, UAE fuel retailer ADNOC Distribution in 2017 and Egyptian garment exporter Dice in 2017) during that time. Prior to joining EFG Hermes, Hatem was a sell-side analyst at HC Securities and Investment for five years, where he led a team that covered a number of diversified sectors in the MENA region, including consumer, logistics, transportation, steel and oil and gas.

Hatem is a CFA Charterholder and holds a BA in Business Administration from the American University in Cairo (AUC). 


Kato Mukuru

Managing Director - Head of Frontier Markets Research 

Kato Arnold Mukuru joined EFG Hermes in mid-2017 as Head of Frontier Research to lead the expansion of our research offering across core frontier markets in Sub-Saharan African and Asia.  

Kato has 19 years of experience in investment banking in New York, London, Madrid, Lagos and Dubai, the first four years of which were in corporate finance and the last 15 in research, where he covered European, South Asian, African and Middle Eastern banks and insurance stocks. Research teams managed by Kato have been ranked 1st in Sub-Saharan Africa and among the top three across the frontier universe.

Kato holds a BA, summa cum laude, in Business Administration from Morehouse College in Atlanta, Georgia (USA).


Murad Ansari

Managing Director - Financials – Pakistan/Sri Lanka 

Murad Ansari joined EFG Hermes in 2007 as part of the MENA financials team. His specific coverage responsibilities include banks in Pakistan and Sri Lanka. Murad holds an MBA from Karachi’s Institute of Business Administration and has over 15 years of experience in equity research and sales marketing. Before joining EFG Hermes, Murad headed the research and institutional sales effort of one of the largest investment banks in Pakistan. 


Simon Kitchen

Managing Director - Head of Global Strategy 

Simon Kitchen leads our Macro-Strategy team — the top-ranked MENA Strategy team in the Institutional Investor 2015 survey — which includes strategy, economics and index-related research in MENA. In addition, Simon is in charge of our MENA Top 20 portfolio, which has outperformed the market since inception.

Simon has worked in Middle East financial markets for 16 years, joining the firm in 2007 to initially cover economies in North Africa and the Levant. Before EFG Hermes, he worked for political risk consultancy Eurasia Group in New York and Cairo, leading the firm’s coverage of Egypt, Iran and Israel.

Simon holds an MIA from Columbia University and an MA from Edinburgh University.


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Last updated on July 30, 2018