Sheikh Maktoum Hasher Al Maktoum and Kamel S. Almunajjed
Shuaa Capital boosts Saudi operations
Dubai, April 7, 2013
Dubai-based investment bank Shuaa Capital has strengthened its Saudi operations with several key appointments including that of the new chairman for its Saudi board of directors and two non-executive directors to the board.
Kamel S. Almunajjed was appointed the new chairman of Shuaa's Saudi subsidiary, while Dr Sabah al-Binali and Colin Macdonald were appointed as the non-executive directors to the company board.
These appointments come following the successful completion of Shuaa’s restructuring and proposed plan to expand its credit division, including a new business initiative in Saudi Arabia to offer asset-based lending to the SME market through Gulf Installments Company.
A graduate of the American University of Beirut (BE Electrical Engineering), Almunajjed had earlier served as the president of the Saudi Arabia Insead Alumni Association for fourteen years until 2012.
He also chaired the Saudi French Business Council (2006-2012), and held senior roles at the Almunajem Group, Banque Saudi Fransi and IBM Saudi Arabia.
Dr Sabah al-Binali, who was recently appointed as the Shuaa Group’s chief investment officer and the CEO of Shuaa’s credit division, has been named the vice chairman, while Colin Macdonald is the chief executive officer of the Shuaa Group.
Sheikh Maktoum Hasher Al Maktoum, the executive chairman of Shuaa Capital said, “We are pleased to have someone with Almunajjed’s credentials and experience at the helm in this important market as we look to expand our credit business amongst the burgeoning SME sector."
"His experience in banking and insurance, but also in real estate should help guide our business in Saudi Arabia," he noted.
Almunajjed is the managing partner of Urjuan Real Estate Development Company since 2005, a leading residential real estate developer. He is also the chairman of the audit committee and a board member of AXA Co-operative Insurance Company.
Commenting on his appointment, Almunajjed said, "I am delighted to be chairing Shuaa Capital Saudi board of directors. “I believe that the new structure of the Board will help us to accelerate the execution of our business strategy and underscores our commitment to serve our clients in the Kingdom,” he added.
In addition to Almunajjed, the other board members are Dr Sabah al-Binali (Vice Chairman), Omar Al Jaroudi (executive director) and also the CEO of Shuaa Capital Saudi,Yousuf Albalkhail (a non-executive director) and Colin Macdonald.-TradeArabia News Service